What is EcoVadis & How to improve your rating?
The EcoVadis score (0-100) reflects the quality of a company’s sustainability management system at the time of the assessment. EcoVadis Medals and Badges recognize eligible companies that have completed the EcoVadis assessment process and demonstrated a relatively strong management system that addresses sustainability criteria, as outlined in the EcoVadis methodology. The eligibility criteria for medals and badges are reviewed periodically.
The percentile rank of a company is calculated at the time of scorecard publication and appears at the top of the scorecard. It compares a company’s performance with all rated companies in EcoVadis database over the previous 12 months. The percentile rank is calculated across all companies in all industries, not per industry.
The EcoVadis Scorecard is valid for 12 months after the publication date. Sustainability best practices are constantly evolving, and an annual assessment provides you and your trading partners with insights into the improvements you implemented within the previous year. Expired scorecards cannot be shared with new requesting companies. After 12 months from your last assessment, new sharing requests your company receives will trigger a reassessment process.
Features & Benefits:
The benefits of registering with EcoVadis include:
Enhanced Visibility: Being part of the EcoVadis network increases your visibility among potential clients, partners, and investors who prioritize sustainability.
Benchmarking: The assessment provides a benchmark against industry peers, helping you understand your performance and identify areas for improvement.
Risk Mitigation: By addressing sustainability risks, you can reduce reputational and operational risks associated with environmental, social, and ethical issues.
Supplier Collaboration: Registration allows you to engage with your suppliers and encourage them to participate in sustainability initiatives.
Access to Reports: Registered companies receive an EcoVadis Scorecard, which provides a detailed analysis of their sustainability performance.
Remember that sustainability is not only about compliance but also about creating long-term value for your business and the planet.
Process:
To be assessed by EcoVadis, companies need to follow a simple four-step process.
1.EcoVadis Registration: Signing up through the registration page starts the process. To begin with, companies will be expected to share information about their company size, name, industry, and geography.
2.EcoVadis Questionnaire: Once the registration has been received and processed, companies will be notified, and they can begin filling out their customized questionnaire.
3.Evidence-based: the rated company must provide evidence and supporting documents and is responsible for them (strategic notes, certificates, reports).
4.Industry, location, and size matter: the assessment takes into account specific issues related to the sector, presence in risky countries, size, and geographic scope. EcoVadis has defined sustainability criteria based on international Sustainable Development standards. Among these criteria, EcoVadis selects the relevant ones for your company. This is based on your activity’s specific challenges and your geographical location.
Criteria for assessment:
The duration of the EcoVadis assessment process can vary depending on several factors. However, here are some general guidelines:
Initial Registration and Questionnaire: The first step involves registering with EcoVadis and filling out a customized questionnaire. This process typically takes a few hours to a day, depending on the complexity of your company’s operations and the availability of relevant information.
Evidence Submission: After completing the questionnaire, you’ll need to provide evidence and supporting documents. This step may take additional time, especially if you need to gather specific reports, certificates, or other documentation.
Assessment Review: Once all required information is submitted, EcoVadis assessors review your responses and evidence. The assessment team evaluates your company’s sustainability performance based on the selected criteria. The review process can take several weeks, depending on the workload and the number of companies being assessed.
Scoring and Report: After the review, you’ll receive an EcoVadis scorecard that provides a detailed assessment of your company’s sustainability practices. The scoring and report generation process typically takes a few more weeks.
Final Results: Overall, the entire assessment process—from registration to receiving the final score—can take anywhere from 4 to 8 weeks. However, this timeline may vary based on individual circumstances and the responsiveness of the company being assessed.
Pricing:
The cost of an EcoVadis assessment depends on the size of your company. Here are the annual subscription fees based on company size:
- XS (up to 25 employees): €350
- S (26-99 employees): €500
- M (100-999 employees): €1,000
- L (1000+ employees): €6,5001.
This subscription covers the EcoVadis assessment, access to the EcoVadis platform and resources, and the ability to share your company’s sustainability performance. Keep in mind that EcoVadis scorecards are valid for 12 months after publication, allowing you to access and review your results during that period.
Documentation:
Supporting documentation is a vital part of EcoVadis assessment and is critical to ensure that your company has an accurate assessment of your sustainability practices and performance.
Addressing gaps identified in your EcoVadis assessment is crucial for improving your sustainability performance.
Our expert team shall provide you the following services:
- Consultancy services to understand the scorecard and Corrective Action Plan. Supporting with implementing sustainability improvements when requested
- Independent GAP assessment by IRCA certificated Lead Auditor regarding sustainability issues and report regarding sustainability issues
- Remedial measures for the identified gaps
If you have any specific requirements or need further details, please contact info@fwqrc.com, +91 9489358902
