The GIF assurance process aims to provide Stakeholders with confidence of accuracy, reliability and credibility of verified sustainability information.
Accredited validation bodies are requested to perform the assurance process in compliance with ISO 17029 requirements integrated with the additional requirements of the standard IAASB ISSA 5000.
The assurance process applies to both:
- ESG Rating validation
- sustainability reporting verification
Initial Engagement
Particularly the Validation Body shall complete the following activities during the initial Due Diligence:
- Application
- Pre-Engagement
- Engagement
- Planning
- Assessment
- Review
- Decision and issue of the validation statement
Periodic assessment
Without a periodical assessment no interested party can be confident that the organization maintains the level of exposure to ESG risks. In fact, the initial engagement represents a snapshot of the situation at a specific time.
Therefore, the GIF ESG Rating and assurance scheme includes a cycle of periodic assessment aiming to confirm whether the organization maintains or improve its scoring. This is very important for Stakeholders (e.g. banks) interested to monitor the exposure level to risks.
In the event of new facts or information that could affect the assurance (validation and/or verification) statement are discovered after the issuance, the AVB shall:
- communicate the matter as soon as possible to the organization
- take appropriate action including discuss the matter with the organization and consider if the validation statement requires revision or withdrawal.