Latest news with #OneAdvanced
Scoop
26-05-2025
- Business
- Scoop
Why New Zealand Businesses Must Keep Abreast Of Evolving Environmental And Social Responsibility Regulations
Opinion – OneAdvanced Businesses in NZ now face increasing scrutiny from regulators, customers, investors and the wider community to demonstrate accountability and transparency regarding their ESG impact. Failure to comply can result in substantial reputational damage, … Environmental, Social and Governance (ESG) considerations have rapidly evolved from optional corporate strategies into mandatory components of responsible business practice, particularly in New Zealand. In this region, we have witnessed significant shifts in the regulatory landscape, driven by rising societal expectations and international commitments. Businesses in New Zealand now face increasing scrutiny from regulators, customers, investors and the wider community to demonstrate accountability and transparency regarding their ESG impact. Failure to comply can result in substantial reputational damage, loss of business opportunities and hefty penalties. Unfortunately, the ESG regulatory environment is in a state of flux internationally. In Europe, businesses are grappling with proposed simplification reforms of the European Union's sustainability regulations. Meanwhile, federal support for ESG initiatives has significantly diminished in the United States since the Trump administration was re-elected. Navigating the ESG regulatory landscape in New Zealand In New Zealand, ESG-related regulations have intensified significantly with the introduction of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021, which mandates climate-related disclosures (CRD) for significant financial institutions. New Zealand is among the first nations globally to implement mandatory climate reporting, further solidifying its commitment to transparency and accountability. The first climate statements were filed in the first quarter of 2024. Importance of proactive ESG management To mitigate potential compliance breaches and operational disruptions, New Zealand businesses must proactively manage ESG risks, particularly in supply chain operations. Modern supply chains, often complex and spanning multiple jurisdictions, pose substantial ESG risks, making proactive management and thorough due diligence critical. Robust Source-to-Contract (S2C) solutions play a pivotal role in ESG compliance. They enable companies to systematically incorporate sustainability criteria into supplier evaluation, contract negotiations and ongoing supplier management. These solutions facilitate comprehensive visibility into supply chains, allowing companies to assess and mitigate risks more effectively, enhance transparency and maintain regulatory compliance. Organisations can enforce ESG standards for procurement through a strategic Source-to-Contract approach, embedding sustainable and ethical considerations into contractual obligations. This proactive stance ensures regulatory compliance, strengthens stakeholder trust and enhances corporate reputation, aligning operational practices with broader organisational values and public expectations. Strategic benefits of ESG compliance Businesses proactively addressing ESG regulations enjoy tangible strategic advantages beyond mere regulatory compliance. These include enhanced brand loyalty, stronger market positioning and improved risk management. Customers and investors increasingly demand proof of responsible ESG practices, rewarding companies that demonstrate robust compliance and penalising those that are behind. Additionally, proactive ESG management provides valuable opportunities for innovation and efficiency improvements. Implementing ESG-compliant practices frequently results in resource optimisation, cost reductions and improved operational efficiencies. Such practices drive competitive differentiation, helping businesses establish clear market leadership. Staying ahead of the curve Given the rapid pace of ESG regulatory developments, New Zealand businesses must remain agile and proactive in their compliance approach. Staying informed about legislative changes and evolving best practices is crucial. Companies should regularly engage with regulators, industry groups and ESG solutions providers to ensure their practices are current and comprehensive. For New Zealand businesses, recognising and effectively managing the four primary drivers of ESG-related legal risks, domestic regulations, international rules, litigation motivated by ESG issues, and external stakeholder pressures, is crucial. Companies strategically managing these elements will be better equipped to handle the fast-evolving ESG landscape and gain competitive advantages over organisations adopting fragmented or reactive approaches to ongoing regulatory changes. Businesses also need to anticipate future regulatory trends. Emerging issues such as biodiversity conservation, human rights due diligence and circular economy principles will likely feature prominently in future regulatory frameworks. Businesses should consider pre-emptively aligning their practices with these potential regulations to avoid reactive compliance efforts and gain first-mover advantages. Conclusion As regulatory frameworks around ESG continue to evolve, New Zealand businesses face both a responsibility and an opportunity to engage proactively. Understanding and anticipating regulatory shifts, implementing robust ESG practices and leveraging strategic sourcing solutions are crucial. By embracing these steps, New Zealand businesses can safeguard compliance, reinforce their market positions, enhance resilience and deliver enduring value to all stakeholders. The accelerated pace and complexity of ESG regulations across Australia and New Zealand present both a formidable challenge and a valuable opportunity. Businesses that proactively integrate ESG considerations into their core strategies and operational frameworks will meet compliance demands and significantly enhance their resilience, competitive edge and reputation in the market.
Scoop
26-05-2025
- Business
- Scoop
Why New Zealand Businesses Must Keep Abreast Of Evolving Environmental And Social Responsibility Regulations
Opinion – OneAdvanced Businesses in NZ now face increasing scrutiny from regulators, customers, investors and the wider community to demonstrate accountability and transparency regarding their ESG impact. Failure to comply can result in substantial reputational damage, … Environmental, Social and Governance (ESG) considerations have rapidly evolved from optional corporate strategies into mandatory components of responsible business practice, particularly in New Zealand. In this region, we have witnessed significant shifts in the regulatory landscape, driven by rising societal expectations and international commitments. Businesses in New Zealand now face increasing scrutiny from regulators, customers, investors and the wider community to demonstrate accountability and transparency regarding their ESG impact. Failure to comply can result in substantial reputational damage, loss of business opportunities and hefty penalties. Unfortunately, the ESG regulatory environment is in a state of flux internationally. In Europe, businesses are grappling with proposed simplification reforms of the European Union's sustainability regulations. Meanwhile, federal support for ESG initiatives has significantly diminished in the United States since the Trump administration was re-elected. Navigating the ESG regulatory landscape in New Zealand In New Zealand, ESG-related regulations have intensified significantly with the introduction of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021, which mandates climate-related disclosures (CRD) for significant financial institutions. New Zealand is among the first nations globally to implement mandatory climate reporting, further solidifying its commitment to transparency and accountability. The first climate statements were filed in the first quarter of 2024. Importance of proactive ESG management To mitigate potential compliance breaches and operational disruptions, New Zealand businesses must proactively manage ESG risks, particularly in supply chain operations. Modern supply chains, often complex and spanning multiple jurisdictions, pose substantial ESG risks, making proactive management and thorough due diligence critical. Robust Source-to-Contract (S2C) solutions play a pivotal role in ESG compliance. They enable companies to systematically incorporate sustainability criteria into supplier evaluation, contract negotiations and ongoing supplier management. These solutions facilitate comprehensive visibility into supply chains, allowing companies to assess and mitigate risks more effectively, enhance transparency and maintain regulatory compliance. Organisations can enforce ESG standards for procurement through a strategic Source-to-Contract approach, embedding sustainable and ethical considerations into contractual obligations. This proactive stance ensures regulatory compliance, strengthens stakeholder trust and enhances corporate reputation, aligning operational practices with broader organisational values and public expectations. Strategic benefits of ESG compliance Businesses proactively addressing ESG regulations enjoy tangible strategic advantages beyond mere regulatory compliance. These include enhanced brand loyalty, stronger market positioning and improved risk management. Customers and investors increasingly demand proof of responsible ESG practices, rewarding companies that demonstrate robust compliance and penalising those that are behind. Additionally, proactive ESG management provides valuable opportunities for innovation and efficiency improvements. Implementing ESG-compliant practices frequently results in resource optimisation, cost reductions and improved operational efficiencies. Such practices drive competitive differentiation, helping businesses establish clear market leadership. Staying ahead of the curve Given the rapid pace of ESG regulatory developments, New Zealand businesses must remain agile and proactive in their compliance approach. Staying informed about legislative changes and evolving best practices is crucial. Companies should regularly engage with regulators, industry groups and ESG solutions providers to ensure their practices are current and comprehensive. For New Zealand businesses, recognising and effectively managing the four primary drivers of ESG-related legal risks, domestic regulations, international rules, litigation motivated by ESG issues, and external stakeholder pressures, is crucial. Companies strategically managing these elements will be better equipped to handle the fast-evolving ESG landscape and gain competitive advantages over organisations adopting fragmented or reactive approaches to ongoing regulatory changes. Businesses also need to anticipate future regulatory trends. Emerging issues such as biodiversity conservation, human rights due diligence and circular economy principles will likely feature prominently in future regulatory frameworks. Businesses should consider pre-emptively aligning their practices with these potential regulations to avoid reactive compliance efforts and gain first-mover advantages. Conclusion As regulatory frameworks around ESG continue to evolve, New Zealand businesses face both a responsibility and an opportunity to engage proactively. Understanding and anticipating regulatory shifts, implementing robust ESG practices and leveraging strategic sourcing solutions are crucial. By embracing these steps, New Zealand businesses can safeguard compliance, reinforce their market positions, enhance resilience and deliver enduring value to all stakeholders. The accelerated pace and complexity of ESG regulations across Australia and New Zealand present both a formidable challenge and a valuable opportunity. Businesses that proactively integrate ESG considerations into their core strategies and operational frameworks will meet compliance demands and significantly enhance their resilience, competitive edge and reputation in the market.
Associated Press
16-03-2025
- Business
- Associated Press
BREAKING: OneAdvanced and Mondial Announce Partnership For Global Financial Reporting & Consolidations
This strategic collaboration integrates Mondial's cutting-edge financial reporting software into OneAdvanced's suite of financial applications. 'This partnership will significantly speed up the financial close process while increasing management visibility.' — Mark Richardson @Mondial ENGLAND, BIRMINGHAM, UNITED KINGDOM, March 16, 2025 / / -- Birmingham, 24th February 2025: OneAdvanced, a leading provider of sector-focused software, today announced a strategic partnership with Mondial, bringing advanced financial reporting and consolidation capabilities to organisations worldwide. OneAdvanced will integrate and rebrand Mondial's cutting-edge financial reporting software into its own suite of solutions, enabling companies to seamlessly consolidate multi-ERP financial data. Customers will benefit from enhanced financial visibility, streamlined compliance with multi-GAAP and IFRS standards, and support of multi-currency transactions, delivering a powerful, centralised hub for financial management. Mondial offers a cloud-based financial accounting hub that creates its reports using transaction-level data from distributed group companies, even when they use different accounting systems or different versions of the same system. The collaboration will significantly benefit organisations managing complex financial structures by simplifying multi-entity reporting and improving accuracy in financial statements. By automating data consolidation across subsidiaries and integrating transaction-level data from multiple accounting systems, organisations can accelerate financial close cycles, reduce errors and enhance decision-making. Matthew Muldoon, Vice President, OneAdvanced said: 'As part of our evolution we are always looking for key relationships through which to offer our customers the best in terms of productivity and decision-support. Mondial offers us the opportunity to do that for all our customers, including those that operate different versions of our software, and even those using other systems in parts of their organisation'. 'This partnership will make it easier for OneAdvanced customers to consolidate distributed data from every company within their organization in a fully automated manner. That speeds the financial close and reporting processes considerably, eliminates many common sources of error, increases management visibility, and aids companies in meeting increasingly complex compliance standards.' said Mark Richardson, CEO of Mondial. About OneAdvanced OneAdvanced is a leading provider of sector-focused software, headquartered in Birmingham, UK. The company's mission is to power the world of work through software that effortlessly gets the job done for its customers giving them the freedom to focus on thriving for their customers and people. About Mondial Mondial is a global provider of cloud-based solutions for multi-ERP financial reporting, consolidations and compliance, headquartered in New Hampshire, USA. Founded by a team of experienced accounting professionals whose career tenure includes leading positions at many major ERP companies, Mondial serves customers throughout the world. George Ramos Legal Disclaimer:
