ASRS Gap Assessment and Roadmap

Preparing for ASRS Reporting

The introduction of the Australian Sustainability Reporting Standards (ASRS), including AASB S2, is creating new reporting obligations for many organisations. Beyond compliance, the standards require organisations to demonstrate how climate-related risks and opportunities are identified, assessed and incorporated into governance, strategy, risk management and decision-making processes.

For many organisations, preparing for ASRS reporting involves bringing together information, processes and responsibilities that have historically been managed across different functions. Finance, Risk and Sustainability teams are increasingly required to work together to support consistent disclosures and a shared understanding of climate-related impacts. An ASRS Gap Assessment provides a structured way to understand current readiness, identify areas requiring further development and establish a practical pathway towards compliance.

Getting Ready

Every organisation operates in a different context and at a different stage of readiness. Our approach is flexible and scalable, ranging from high-level diagnostic assessments through to more detailed, evidence-based reviews and implementation planning, depending on organisational needs, timelines and complexity.

We combine structured analysis with proactive stakeholder engagement to ensure alignment, capability uplift and ownership across the business. The process not only assesses compliance readiness but also builds internal understanding and momentum for change.

Our ASRS readiness service is delivered in two phases:

1. Conducting the Gap Assessment

The assessment process is tailored to organisational size, complexity and reporting obligations but typically includes:

• Mobilisation and scoping: Establishing assessment objectives, confirming scope and identifying key stakeholders across Finance, Risk, Sustainability and other relevant business functions.‍
• Information gathering: Reviewing existing policies, frameworks, governance structures, risk processes, reporting documentation and available climate-related data.‍
• Assessment and analysis: Evaluating current practices against ASRS requirements to identify areas of alignment, gaps and potential implementation challenges.‍
• Stakeholder engagement: Conducting workshops and interviews to validate findings, understand current practices and identify opportunities for improvement.‍
• Gap assessment report: Documenting findings, observations and recommendations to provide a clear view of current readiness and areas requiring further attention.

2. Developing an Implementation Roadmap

Following the assessment, findings are translated into a practical roadmap that supports a structured approach to implementation. The roadmap helps organisations prioritise activities, sequence actions and identify dependencies across governance, risk management, data, reporting and capability development initiatives. This process provides greater clarity around the resources, systems and organisational changes required to achieve compliance.

• Roadmap development: Roadmap development typically includes:‍
• Action planning workshops: Working with stakeholders to define priorities, required actions and implementation sequencing.‍
• Implementation planning: Developing workstreams, timelines, milestones and governance arrangements to support delivery.‍
• Capability and resourcing assessment: Identifying capability requirements, resource needs and key considerations for implementation planning.
• ‍Roadmap report: Preparing a practical implementation roadmap that outlines the activities required to progress towards ASRS readiness.

Supporting Long-Term Reporting Capability

While compliance is often the initial driver, the process of preparing for ASRS reporting can also improve organisational understanding of climate-related risks and opportunities. By establishing clearer governance structures, strengthening risk management processes and improving access to climate-related information, organisations can create a stronger foundation for ongoing reporting and decision-making as regulatory expectations continue to evolve.