SOCIAL VALUE GAP ASSESSMENTS

Evolving regulations and greater stakeholder pressure means it is increasingly important for businesses to ensure effective management of their relationship with society, the environment and the economy. Standards such as ISO 20400 and ISO 26000 provide guidance on how to manage this relationship.

Ask us your SOCIAL VALUE questions

THE BUSINESS IMPACT OF SOCIAL VALUE

This goes beyond compliance. Developing strategies to ensure social value will deliver significant benefits for businesses too. By fully aligning sustainability strategies to the requirements of social value and responsibility standards, organisations can join others worldwide in helping to develop a common language for social responsibility and sustainability.

Bureau Veritas offers a range of social value gap assessments to help identify opportunities for progress.

WHY IS A SOCIAL VALUE GAP ASSESSMENT IMPORTANT? 

Social value gap assessments are important because they help to identify where an organisation might be falling short and establish opportunities for better alignment with social responsibility best practices.

They provide organisations with the tools to define strategic direction and internal processes to generate advantages by ensuring social responsibility.

Implementing the findings of a social responsibility gap assessment could help a business protect its brand image, increase customer/employee satisfaction and attract investors concerned with the social and ethical implications of their business portfolio.

HOW CAN BUREAU VERITAS SUPPORT?

With a strong background in social responsibility audits and a wealth of accredited audit standard experience, including assessments of clients’ internal codes of conduct, industry standards such as SA 8000 and SMETA/SEDEX, Bureau Veritas is well to placed to support clients with social value gap assessments. 

We have developed a methodology to evaluate the practices of organisations in the context of the core subjects of standards such as ISO 20400 and ISO 26000 to help clients implement reliable indicators to assess the level of maturity and effectiveness of their sustainability and corporate responsibility strategies and to allow the measurement of progress year on year. We tailor our assessments to support individual organisations, including corporate policies and drawing on multiple frameworks where appropriate.

Our social value gap assessments can take the form of a high-level review or a detailed evaluation:

  • High-level review - identify general recommendations and areas for focus 
  • Detailed evaluation - assess the client’s sustainability strategy against the core subject areas contained in the relevant standard or guideline in order to assess the level of maturity and effectiveness of its sustainability and corporate responsibility strategy against the standard as a whole

WHAT DOES A BUREAU VERITAS SOCIAL VALUE GAP ASSESSMENT INVOLVE? 

A Bureau Veritas social value gap assessment project typically consists of four stages:  

  • Project scoping

    We will confirm the scope of work with the client and agree a detailed project plan. This will be developed jointly with the client to ensure compatibility with personnel availability and business processes. 

  • Strategic discovery

    Understand what is currently in place through activities such as analysing the environment in which the client operates, reviewing all relevant global sustainability policies, procedures, practices and other documents, and conducting interviews with key internal stakeholders on the client’s Sustainability Strategy. 

  • Gap assessment

    We will conduct a Shadow Materiality and alignment check of the client’s sustainability strategy with the identified most material areas of the standard. 

  • Evaluation phase

    We will assign a rating for each core subject contained within the standard based on the reviewed information and interviews conducted with key stakeholders. Our findings from the evaluation will be detailed in a management report and would include key findings and observations regarding the client’s compliance with the standard, along with a detailed analysis and recommendations on the areas that the organisation needs to build on to achieve better alignment with the standard.

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social value faqs

  • WHAT IS SOCIAL RESPONSIBILITY AND SOCIAL VALUE?

    Social responsibility means that businesses should operate in a way that benefits society, beyond merely maximising shareholder benefits. Socially responsible companies should adopt policies that promote the wellbeing of society and the environment, demonstrating accountability for their actions too. With increasing regulatory change and greater pressure from consumers, this is more important than ever. 

  • WHY IS SOCIAL VALUE IMPORTANT IN BUSINESS?

    Businesses are becoming increasingly aware that effectively managing their relationship with society and the environment is vitally important to ensure operational success. 

    Consumers, employees and communities today expect businesses not only to provide their products and services and mitigate any negative impacts arising from their operations, but to contribute positively to the environment, economy and societies in which they operate.

  • WHAT TYPES OF SOCIAL VALUE GAP ASSESSMENTS DOES BUREAU VERIITAS OFFER?

    Social value gap assessments offered by Bureau Veritas are tailored to individual clients’ needs and can draw on various frameworks, including:

    • ISO 20400 (Sustainable Procurement)
    • ISO 26000 (Guidance on Social Responsibility)
    • SA8000 (Social Accountability)
    • Modern Slavery Act
    • Human rights due diligence, drawing on frameworks on the UK Guiding Principles on Business and Human Rights

  • WHAT ARE THE BENEFITS OF A BUREAU VERITAS SOCIAL VALUE GAP ASSESSMENT?

    Key benefits of a Bureau Veritas social value gap assessment include: 

    • Maintain the ability to tender for public sector contracts under the Social Value Act 2012, which requires UK public sector bodies to consider social value when awarding contracts
    • Identify opportunities for improvement to implement the standard and ensure best practice, including non-conformities  
    • Comply with increasing regulatory requirements to consider and report on social value within supply chains, including specific legislation now in place in Norway and Germany
    • Identify actions to help improve social responsibility and boost brand reputation amongst stakeholders including consumers and investors  
    • Improve productivity and efficiency by ensuring employees are well supported, engaged and motivated

  • WHY CHOOSE BUREAU VERITAS FOR SOCIAL VALUE GAP ASSESSMENTS?

    • Full range of sustainability services including verification of data and certification services
    • Thorough knowledge of the sustainability standards, requirements, and latest trends that businesses should follow
    • Participation in several working groups and sector consultations including the UN Framework for Human Rights Reporting as well as the AA1000AS Working Group
    • Well-versed in developing stakeholder engagement strategies and conducting materiality and supply chain/sourcing risk assessments
    • More than 40 national and international accreditations from relevant bodies worldwide
    • A global leader with more than 150,000 active ISO certificates and 7,400+ skilled auditors across the world

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