International Currency Association
A global environmental and sustainability reporting assessment for the International Currency Association (ICA)
The International Currency Association (ICA) was founded in 2016 to create a single, cohesive voice for the currency industry. The ICA covers design, production, manufacturing, and distribution of currency. It is the first industry body of its kind with a membership made up of businesses that span the sector.
What did the client need?
ICA required a comprehensive, yet concise, assessment of relevant legislation and practical disclosure requirements that are currently affecting their member organisations (or will in the coming years).
The work was required to bridge the high-level context of disclosures with practical reporting requirements while at the same time gaining an overview of all reporting requirements in the different countries of ICA members.
It was important for ICA to engage the senior management and practitioners to help them understand the key steps needed to meet the obligations. The work was required to highlight key milestones, reporting requirements and opportunities to reduce effort.
The information needed to be accessible to those with a basic level of understanding of environmental matters. Organisations need to be able to quickly assess the frameworks and implications relevant to them.
How did Verco/BIP support the client?
We reviewed and assessed relevant existing legislation including newly adopted, newly published and/or announced legislation (e.g. CSRD, EU Taxonomy Regulations, TCFD/IFRS adopted framework) in areas of application.
We then critically reviewed the frameworks to which the organisations need to comply and specifically what ICA members will need to report based on:
- the breadth and depth of information (scope and coverage of environmental reporting aspects);
- the jurisdictions (e.g. Europe, USA, …etc.);
- the size of organisation (e.g. large, medium, SME); and
- potential overlap between disclosures.
What was the result?
ICA member organisations are now able to:
- understand applicable sustainability reporting laws and directives in different countries;
- rapidly review relevant frameworks to their operations worldwide and respond to upcoming reporting requirements;
- use a practical guide to identify their reporting priorities and start disclosing;
- reduce effort in reporting by identifying synergies and overlaps; and
- prepare their organisational stakeholders for the impacts of upcoming disclosure requirements.
The work completed was very informative and helped our organisation get a good overview of all sustainability reporting directives that are out in our member countries. The output was a very detailed guide for practical application, and we received positive feedback from our Sustainability Committee and member organisations.