Business Situation
The client sought to establish a more robust and structured materiality assessment framework to identify and prioritize key ESG topics. While initial ESG themes had been identified, there was a need to strengthen stakeholder alignment, improve defensibility of topic prioritization, and enhance linkage between ESG risks, business strategy, and disclosures.
In addition, the client aimed to strengthen its perspective by integrating financial risk considerations with the broader environmental and social impacts of its operations. This led to the incorporation of a double materiality lens within the assessment approach, enabling a more combined view of impact and risk in ESG decision-making.
SGA Approach
Engagement Objective
Supported the client in strengthening ESG prioritization through a structured materiality assessment incorporating a double materiality lens, enabling better alignment with strategy, risk management, and reporting.
Key Activities
- Identified and defined a comprehensive set of ESG topics aligned with global frameworks (GRI, IFRS S1/S2, QCB Principles, UN SDGs)
- Mapped ESG topics across the insurance value chain, including underwriting, investment, and operations
- Conducted stakeholder engagement to assess relevance and impact of ESG topics
- Identified and prioritized material ESG topics and developed a visual materiality matrix
- Updated and aligned ESG KPIs with prioritized topics
- Applied a double materiality lens incorporating impact and financial risk perspectives
Execution Approach
- Developed a comprehensive universe of ESG topics aligned with global standards and regulatory expectations
- Conducted stakeholder engagement to evaluate ESG topics based on business impact and stakeholder importance
- Built a structured materiality matrix to support ESG prioritization and disclosures
Refined KPIs and strengthened linkage between material topics, strategy, and disclosures
Key Takeaways
- Identified and prioritized key ESG topics aligned with business strategy and stakeholder expectations
- Developed a visual materiality matrix enabling structured and defensible prioritization
- Strengthened foundation for ESG strategy, risk management, and sustainability reporting
- Enhanced materiality framework through KPI updates and application of a double materiality lens
- Improved alignment with regulatory expectations and global frameworks
- Established a clear basis for integrating ESG priorities into business operations and disclosures
- Enabled integration of financial risk and impact perspectives through double materiality
- Strengthened defensibility of ESG prioritization beyond traditional approaches
- Improved visibility of ESG risks and external impacts
- Enhanced integration of ESG into risk management and strategic decision-making
