Page 21 - CRISIL ESG Report 2023

Materiality assessment and business strategy
In keeping with CRISIL’s commitment to enhance ESG performance, and pinpoint and refine the key focus areas that need action, we conducted a materiality re-assessment in 2023.
Materiality assessment
This update to our initial materiality analysis is one step ahead in dynamically building our ESG strategy. Facilitated by an external consultancy, this exercise identifies material topics that are critical to our business success.
Based on the exercise, we identified 15 material topics that will drive our sustainability strategy going forward. The exercise
Our approach
STEP 1
Identification of material topics
STEP 2
Defining stakeholder groups
We began with revisiting our previously identified, 10 material topics, and added further dimensions for consideration, benchmarked through peer assessment, relevant industry standards, global standards such as GRI and SASB, and themes generated through existing internal processes around strategy, planning, risk assessment, voice of stakeholder surveys and policy governance.
Defining stakeholder groups was another important step of the materiality exercise. Based on our stakeholder engagement policy, we identified the stakeholder groups for consultation. Key internal stakeholders included the CRISIL leadership, Board and employees. Key external stakeholders included clients, supply chain partners, shareholders and beneficiaries of our community outreach programmes. This comprehensive consultation exercise involved a cross-section of the aforesaid stakeholders belonging to various businesses, geographies
also helped us identify risks and opportunities pertaining to each of these areas.
We recognise that materiality is a dynamic process, and we shall continue to monitor the evolution of global issues and needs, stakeholder expectations and changes within our company.
STEP 3 STEP 5
Engagement with stakeholders Analyse implications
STEP 4
Prioritising material topics
and levels of criticality in terms of proximity, dependency and influence. A survey (conducted online) was then extended to those stakeholders, and facilitated by a third party.
The survey responses were sought on the dual criteria of relevance of the material topic to each stakeholder, as well as its importance to CRISIL. The responses were then analysed to prioritise topics as depicted in the materiality matrix below.
234 Internal Stakeholders
Survey Respondents
81 External Stakeholders
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