Business Situation
The client, a prominent insurance provider in the Middle East regulated by the national financial authority, had initiated ESG disclosures aligned with globally recognized sustainability frameworks and the UN SDGs. However, disclosures remained largely compliance-driven, with limited integration of ESG risks into financial decision-making and core business processes.
With increasing regulatory expectations and evolving mandates under the IFRS Sustainability Disclosure Standards, the client aimed to transition from GRI-based reporting to a risk-integrated and IFRS-aligned sustainability reporting framework. This transition required addressing key gaps in governance, data quality, and linkage between ESG and financial performance. The client therefore sought support in identifying disclosure gaps, strengthening ESG governance, improving data reliability, and developing a phase-wise and practical roadmap towards IFRS S1 and S2 transition, recognizing that full adoption would be achieved progressively over time.
SGA Approach
Engagement Objective
Enhancement of the client’s sustainability reporting framework and enabling a phase-wise transition towards IFRS-aligned disclosures, with a focus on strengthening ESG governance, addressing disclosure gaps, and improving the quality and consistency of sustainability data.
Key Activities
- Assessed ESG maturity, risks, and opportunities across underwriting, investment, and operational functions
- Conducted gap assessment of existing disclosures against IFRS S1/S2 and global benchmarks
- Developed ESG risk registers and integrated ESG considerations into core business processes
- Designed a phase-wise ESG strategy aligned with regulatory expectations and global frameworks (GRI, IFRS S1/S2, QCB Principles, UN SDGs)
- Developed enterprise-level ESG policies across underwriting, BCM, investment, marketing & communication, data & reporting, and governance
- Established a structured approach for transition towards IFRS-aligned sustainability reporting
- Developed ESG data collection, validation, and reporting templates
Execution Approach
- Conducted comprehensive ESG maturity and gap assessment to evaluate current disclosures and IFRS alignment
- Identified gaps between GRI-based reporting and IFRS S1/S2 expectations, especially in governance, risk integration, and metrics
- Embedded ESG considerations into underwriting and investment decision-making
- Designed a structured ESG governance framework with defined roles and oversight mechanisms
- Developed ESG data management systems for improved consistency, traceability, and audit readiness
Delivered a 3-year transition roadmap from GRI-based to IFRS-aligned disclosures
