To help achieve its sustainability objectives, Retal is using a sustainability risk assessment software, The Seven Toolkit, and is collaborating with a leading CSR consultancy, the CSR Company International, specializing on strategic CSR, Business Ethics, Sustainability and Stakeholder Engagement.
The Seven Toolkit is a one-stop-shop solution in sustainability risk assessment that can help organisations, their supply chains and subsidiaries of any size, sector and industry evaluate and improve their performance on sustainability and corporate responsibility and manage associated risks.
The pioneering software offers many functionalities including performance evaluation, materiality assessment and stakeholder engagement, strategy drafting and setting actions & KPIs, supplier and subsidiary dashboards for managing group sustainability performance, and acts as a secure database for storing an organisation’s sustainability related data and documentation with on-demand access and performance comparison over time. The Seven Toolkit is easy to use, transparent, produces results of high quality and follows the structure of the ISO 26000 standard (the international standard on social responsibility). It is also compliant with numerous other international standards on sustainability e.g. United Nations (UN) Sustainable Development Goals (SDGs), UN Global Compact, Global Reporting Initiative (GRI), German Sustainability Codex, Environmental Social Governance (ESG), among others. Adding to its unique characteristics, the Seven Toolkit has predictive capabilities based on historic and industry data in regard to an organisation’s sustainability performance and a worldwide sustainability index based on its thorough sustainability evaluation parameters (over 330), developed through algorithmic processing and machine learning. Currently it is unique in that it carries out a materiality process which allows for an organisation’s stakeholders’ views and opinions to be obtained for developing a custom set of priorities that reflect a company’s individuality and corresponding impact. Moreover, the Seven Toolkit aims to be the first solution to facilitate the verification of beneficiaries on ISO26000 using remote audit processes.
Placing the ISO2600 at its very core, the Seven Toolkit addresses seven core subjects: Organisational Governance, Human Rights (including gender equality, discrimination, harassment), Labour Practices, The Environment (including climate change mitigation and adaptation), Fair Operating Practices (including anti-corruption, anti-bribery), Consumer Issues and Community Involvement and Development (including social development). The all-inclusive functionalities of the Seven Toolkit and the thorough list of over 330 evaluation parameters are considered current state-of-the-art. These functionalities are: (i) Organisations are assessed as part of the gap analysis process, on 41 issues of interest and over 330 parameters (key considerations) that cover these seven core subjects, to identify current gaps on corporate responsibility and sustainability. Users are asked to input two scores for their organisation; a performance score based on the organisation’s current performance against those seven core subjects, 41 issues of interest and 330+ key considerations; and a relevance & significance score, or weight, based on how relevant each of the 330 parameters is to the organisation’s core business. Users also upload a series of documentation and other material (total of 60) as evidence, that are then audited by the Seven Toolkit team to justify the performance and relevance & significance scores appointed. (ii) The software then enables organisations to actively engage their stakeholders (internal and external) via the materiality assessment process, to identify material areas. Stakeholder engagement is done via a web-based customizable survey functionality that is in-built into the Seven Toolkit and which is circulated to stakeholders. The results are analysed on the toolkit and are used to determine the material issues that the organisation should prioritise in its sustainability strategy. (iii) Extensive guidance and suggestions are then given on Actions and Key Performance Indicators (KPIs) to be set to address and improve the organisation’s performance on those material areas. These actions and KPIs form the organisation’s sustainability strategy and the basis of the sustainability report, if one will be published. ESG-specific reporting will also be an option whereby interested parties, e.g. listed companies, will be able to select the required datasets to include in their report. (iv) Furthermore, organisations can assess their subsidiaries and supply chain on corporate responsibility and sustainability via the same process. By using the Seven Toolkit as a risk management tool, subsidiaries and suppliers can be ranked and screened based on their performance score and any other bespoke criteria set by the client. (v) The Seven Toolkit is also a database of historic data, whereby organisations can securely store their sustainability related data and information, compare themselves over time and identify and visually compare progress.