Can I apply for the risk Assessment service only?2020-12-10T19:05:47+01:00

Yes, you can. The Programme offers 2 levels of service. The first is the ESG Risk Assessment providing organizations with a Final Assessment Report.

It must be highlighted that without surveillance neither the “GIF Responsible Organization” validated claim nor the ethical label can be issued.

What happens if a surveillance is missed?2020-12-10T18:59:42+01:00

The CVB has the right to suspend the Validation, with a maximum of 3 months to resolve the issue.

Are the surveillances planned in advance according to a fixed frequency?2020-12-10T18:57:54+01:00

No. Surveillance includes a combination of “planned” and “short notice” assessments.

Number and frequency of surveillance depend on the initial score:

  • score between 40 and 60: two surveillances per year, one of which short notice
  • between 65 and 80: annual surveillance, one short notice assessment in two years
  • between 85 and 100: annual surveillance, one short notice assessment in three years
Are the surveillances mandatory?2020-12-10T18:45:58+01:00

Yes, they are. The programme requires surveillance to provide Stakeholders with confidence that the initial assessment score leading to get the “GIF Responsible Organization” validated claim is maintained.


How is the Assessment time calculated?2020-12-10T18:41:53+01:00

The Assessment time depends on the size, complexity, location of the organization.

The number of man-days is calculated according to the IAF (International Accreditation Forum) tables applied to management system audits. In addition, the number of man-days includes sufficient time to conduct interviews with a sample of employees and workers.

Criteria for reduction and augmentation are established taking into consideration specific factors.

Is the Due Diligence process based on the publicly available documents and information only?2020-12-10T18:11:43+01:00

No. The risk of future adverse impacts due to social, environmental and health and safety aspects needs a combination of documentation review and site activities.

Documentation review aims to evaluate the Governance and management system as well as the materiality analysis.

Site assessment focuses on specific risk areas related to social, environmental, health and safety risks. In this phase the materiality assessment results can be validated. Interviews with employees and workers are conducted to verify their perception regarding social and safety aspects.

How much a GIF Assessment cost?2020-12-10T18:02:03+01:00

The Fee structure of the Programm includes:

  • Application Fee
  • Assessment Fee (on the basis of mandays)
  • Publication Fee
  • Non-Financial Report (on demand)
  • Ethical Label (on demand)
  • Surveillance Audits (on the basis of mandays)

Specific reduction and augmentation in the mandays calculation may be considered depending on several factors.

All details regarding the fee structure are publicly available in the WEB site.

How can I use the assessment results?2020-12-10T17:55:38+01:00

The results of the Assessment can be used for:

  1. Internal Purpose: enabling  management to identify and reduce the risks of adverse impacts due to Non-Financial issues
  2. External Purpose: supporting the issuance of the GIF Responsible Organization validated claim, the issuance of an ethical label and the preparation of the Non-Financial Report.
How competence, independence and impartiality of Assessors is assured?2020-12-10T17:40:46+01:00

GIF AP are qualified according to stringent competence criteria and training. According to ISO 17011 requirements, they must get the knowledge and skills of an auditor. They are supposed to sign with the CVB a non-conflict of interest and a confidentiality agreement. Their activity is monitored and reviewed by the CVB.

Who performs a GIF Assessment?2020-12-10T17:36:49+01:00

The GIF Assessment is performed by qualified GIF AP (Accredited Professionals) appointed by the CVB. The CVB selects its assessors from the official list of GIF AP accredited by the Stay Woke community.

How the Governance risk is evaluated? When?2020-12-10T17:08:34+01:00

The exposure level to Governance risk is mainly evaluated by remote during the pre-engagement phase. This part of the Assessment is based on information and documentation provided by the organization and verified by a GIF Assessor with specific competence.

The reference document is the Code of Conduct issued by the Italian Stock Exchange. The assessment takes into consideration the size and complexity of the Organization’s governance body.

Is the materiality assessment mandatory?2020-12-10T17:01:10+01:00

Yes, it is. The applicant is requested to prepare and submit the Materiality Matrix form received by the VB even in case of a proper materiality matrix. The same will be validate by the Assessment Team at the end of the assessment.

What does Materiality mean?2020-12-10T16:56:48+01:00

The non-financial statement is expected to reflect a company’s fair view of the information needed by relevant stakeholders. Material information must be assessed in a context. Information that may be material in one context may not be in another.

Issues to be considered for inclusion in the non-financial statement are specific to the company’s circumstances, taking into account concrete situations and sectoral considerations.

Companies within an industry are likely to share similar environmental, social and governance challenges, for instance because of the resources they may rely upon to produce goods and services, or the effects they may have on people, society and the environment. It may therefore be appropriate to directly compare relevant non-financial disclosures among companies in the same sector.

Companies may report on a wide range of potential issues. A company assesses which information is material based on its analysis of how important that information is in understanding its development, performance, position and impact. This materiality assessment should take into account internal and external factors.

How can I check if an organization has completed the Due Diligence?2020-12-10T16:21:06+01:00

The list of the organizations claiming to be “GIF Responsible Organization” is publicly available on GIF official website along with the status of validity.

It is possible to trace also a company who has applied and has been registered but has not completed the Due Diligence process.

How can I check if an organization has completed the Due Diligence?2020-12-10T15:21:23+01:00

The list of the organizations claiming to be “GIF Responsible Organization” is publicly available on GIF official website along with the status of validity. It is possible to trace also an organization company who has applied but has not completed the due diligence process.

How long does it take to complete the Due Diligence?2020-12-10T16:14:37+01:00

The whole Due Diligence must be completed within 6 months from the Application Date

How does the GIF Due Diligence process work?2020-12-10T15:09:59+01:00

The GIF Due Diligence Process is conducted according to the following process:

  1. application
  2. pre-engagement (documentation review)
  3. engagement
  4. planning
  5. assessment (site visit and reporting),
  6. review and
  7. decision.

The process is conducted according to ISO 17029 standard.

What is GIF Framework?2020-12-09T20:30:19+01:00
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