GIF Validation process
The GIF validation process refers to ISO 17029 standard to provide Stakeholders with confidence for the competence, consistent operation and impartiality of bodies performing validation.
International accreditation bodies use ISO 17029 standard for accreditation of validation bodies. Therefore the accreditation according to ISO 17029 is a fundamental requirements for Validation Bodies authorized to conduct the assessments.
The GIF ESG Rating programme consists of:
- An initial Due Diligence
- A cycle of periodical validations
Initial Due Diligence
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 assessment 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 banks interested to monitor the exposure level to risks of a loan.
In the event of new facts or information that could affect the validation statement are discovered after the issue date, the validation body 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.