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Cognizant + Workiva


BRINGING THE RIGOR OF FINANCIAL REPORTING TO ESG REPORTS

Download case study



DISCONNECTED CHALLENGES



 * Manual data collection from multiple sources
 * Risk of leaked information when emailing drafts



CONNECTED RESULTS

 * One platform for ESG data collection, framework mapping, and reporting
 * Data security
 * Stronger ESG program

WHY THEY CHOSE WORKIVA

Workiva provided an end-to-end solution for managing the entire ESG reporting
process.



WORKIVA SOLUTIONS

 * ESG Reporting

Before Cognizant published its first environmental, social, and governance (ESG)
report in 2020, the investment community was putting more pressure on companies’
ESG performance. Investors had been building more sustainable portfolios and
shifting how they cast shareholder votes at other companies to support their
values. As an IT leader, Cognizant wanted to stay at the forefront on ESG
performance. Stakeholders were seeking disclosures that weren’t required at the
time, but ESG reporting was still important to executives at Cognizant and its
newly hired chief sustainability officer. 

“Our leadership really demonstrated that ESG is a top-level priority and
something that they're keeping an eye on,” said Aya Kiy, Associate Director,
ESG—Legal, at Cognizant. “Having our leadership behind us was very helpful in
communicating the importance of this to the different stakeholders internally.”

While the company had published corporate social responsibility (CSR) reports
before, its 2020 ESG report was the first to utilize the Sustainability
Accounting Standards Board (SASB) framework and Task Force on Climate‑Related
Financial Disclosures (TCFD) recommendations. Cognizant also aligns with the
Global Reporting Initiative (GRI), discloses to CDP, and has signed on to the
United Nations Sustainable Development Goals (UNSDGs).

Aya, who leads the governance pillar of ESG at Cognizant, said compiling the
first report was a tough lift. For example, in verifying documentation of data
and sources, Aya and her colleagues found instances where they felt there was a
risk of human error in capturing or transferring data. 

Within the first week after Cognizant published its first ESG report, Aya knew
she wanted to use technology to improve the reporting process. 

“We were looking for a partner to help us house ESG information in one secure
ecosystem that can help us not only keep track of all these internal subject
matter experts and stakeholders but also keep track of our communications,” Aya
said. 

 


USING WORKIVA FOR MORE THAN SEC REPORTING

Cognizant was already using the Workiva platform to prepare its SEC filings and
for controls management. When reviewing vendors for ESG reporting, Aya also
chose Workiva.

“It’s an end-to-end solution,” she said, with the ability to help with data
collection, mapping data to different ESG frameworks, and streamlining
reporting. “I didn't see anyone who came close.”

She also knew that Cognizant’s legal and finance departments trust the Workiva
platform to prepare its 10-K and proxy. In addition, permissions within the
platform restrict who can access reports before they’re publicly released.

For Cognizant’s future ESG reports, Aya’s team plans to send requests for data
directly to internal stakeholders through the platform, where stakeholders can
enter data, review it, and sign off on it, thanks to a customized process Aya
and Workiva developed for subject matter expert attestations. Aya’s team can
automatically flow that data into reports where the information needs to go. 

Aya is taking advantage of governance features within the Workiva platform to
maintain control over the ESG report. “We can track within Workiva who logged in
last, who has access, who changed something. When did they change something?
What did they change it from? The ability to track the draft as it evolves will
be extremely helpful to me, particularly when we hit the audit stage,” Aya said.

Cognizant has added vendors to collect different types of ESG data. “What's
amazing about Workiva is that they're able to write APIs to basically link these
systems that we have or are implementing,” Aya said. “Our hope is by our second
annual ESG report, we will be reporting our ESG metrics in a manner similar to
how companies report their financial metrics—so just really upping our game.”

An outside partner is helping Cognizant on a project to assess data controls
before information enters the Workiva platform. The company also works with an
agency to craft the narrative of the ESG report. 

“When we started a year ago, we sort of built the airplane as we were flying
it,” Aya said. “Now I can really say we have an ESG program that we can be proud
of. We know where we are, we know where we're going, we know how to get there.
And I know we have the right partners in place to help us do that.”

 

Download case study


RELATED RESOURCES

Product Resource
ESG Reporting


DRIVE TRUST WITH CONNECTED ESG REPORTING

March 3, 2022

<p>Effective ESG reporting programs drive change and strengthen stakeholder
trust. KPMG has teamed with Workiva to address ESG data collection, aggregation,
data management controls, and reporting challenges. This partnership delivers
deep industry knowledge and a platform to help you mature your ESG reporting
program.&nbsp;</p>

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