LOOKING TO ADVANCE YOUR IT CAREER? TRY GRI ESRS-PROFESSIONAL EXAM QUESTIONS

Looking to Advance Your IT Career? Try GRI ESRS-Professional Exam Questions

Looking to Advance Your IT Career? Try GRI ESRS-Professional Exam Questions

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GRI ESRS Professional Certification Exam Sample Questions (Q35-Q40):

NEW QUESTION # 35
Which of the following correctly fills the gaps in the paragraph below?
Under the ESRS, engagement with affected stakeholders is a core element of __________. The outcome of the due diligence process informs __________. The ESRS encourage further engagement with stakeholders to collect their input and feedback on the organization's conclusions regarding __________.

  • A. the materiality assessment; the material impacts, risks, and opportunities; due diligence
  • B. the material impacts, risks, and opportunities; due diligence; the materiality assessment
  • C. due diligence; the materiality assessment; the material impacts, risks, and opportunities
  • D. the materiality assessment; due diligence; the material impacts, risks, and opportunities

Answer: C

Explanation:
Under the ESRS, engagement with affected stakeholders is a core element of due diligence. The outcome of the due diligence process informs the materiality assessment. The ESRS encourage further engagement with stakeholders to collect their input and feedback on the organization's conclusions regarding the material impacts, risks, and opportunities.
This sequence is supported by the official text of Commission Delegated Regulation (EU) 2023/2772 and various ESRS-related documents. The standard emphasizes due diligence as astarting point for the materiality assessment process. The assessment then determines the organization's material impacts, risks, and opportunities, which is crucial for effective stakeholder engagement.
* Due Diligence:The ESRS process starts with due diligence, as outlined in the Commission Delegated Regulation (EU) 2023/2772, to identify relevant sustainability matters and affected stakeholders.
* Materiality Assessment:The findings from the due diligence process are then used to inform the materiality assessment, as discussed in EFRAG's guidance documents.
* Material Impacts, Risks, and Opportunities:Finally, the organization engages with stakeholders to review and refine its conclusions about material impacts, risks, and opportunities, as per the ESRS requirements.
References:
* Commission Delegated Regulation (EU) 2023/2772 of 31 July 2023 supplementing Directive 2013/34
/EU
* EFRAG Guidance on Materiality Assessment in ESRS
* ESRS Due Diligence Framework, as outlined in Compilation Explanations and Mapping Sustainability Matters with Disclosure Requirements


NEW QUESTION # 36
Indicate whether the following statement is true or false.
External assurance not required for all information reported under ESRS 2 and the topical ESRS.

  • A. True
  • B. False

Answer: A

Explanation:
UnderESRS 2 and topical ESRS,external assurance is not required for all information reported. Instead, assurance requirements depend onspecific regulatory obligations and the phase-in periods set by the Corporate Sustainability Reporting Directive (CSRD).
* Limited Assurance Requirement Initially
* CSRDmandates limited assuranceover sustainability information at first, withreasonable assurance (more stringent) to follow in later years.
* However,not all data points require assurance-only those specifically outlined in the European Commission's assurance framework.
* Mandatory Assurance for Some Disclosures
* ESRS 2 covers general disclosures, but only certainmetrics and targets under specific topical ESRS require external assurance.
* Appendix C of ESRS 2 outlines which disclosures require assurance.
* Entity-Specific Exemptions & Phase-in Rules
* Some disclosuresdo not require assurance if they are deemed immaterialbased on the materiality assessment.
* SMEs and first-time reportershavephased-in assurance requirements.
Thus,external assurance is not required for all ESRS 2 and topical ESRS disclosures, making the statementTrue.
* Commission Delegated Regulation (EU) 2023/2772
* Compilation Explanations January - November 2024
Official References:


NEW QUESTION # 37
Which activities are part of Step A: Understanding the Context in the double materiality assessment process?
Select all options that apply.

  • A. Developing a list of material risks and opportunities
  • B. Analyzing the legal and regulatory landscape
  • C. Mapping the organization's value chain
  • D. Engaging with affected stakeholders to gather input

Answer: B,C,D

Explanation:
Thedouble materiality assessment processconsists of multiple steps, withStep A: Understanding the Contextfocusing on setting the groundwork for identifying material impacts, risks, and opportunities (IROs).
Step A includes:
* Mapping the organization's value chain (Option A)
* This step involves identifying all elements of the organization's value chain, including suppliers, distributors, and business partners, to understand where sustainability impacts occur.
* It helps in pinpointing potential sustainability matters, risks, and opportunities related to both impact and financial materiality.
* Engaging with affected stakeholders to gather input (Option B)
* Stakeholder engagement is a critical part of the materiality assessment as it informs the organization about direct and indirect sustainability impacts.
* The ESRS guidance stresses that businesses must engage with affected stakeholders (e.g., employees, communities, consumers) and sustainability experts as part of the due diligence process.
* Analyzing the legal and regulatory landscape (Option C)
* Organizations must review applicable laws, regulatory frameworks, and international sustainability commitments that may affect their sustainability reporting obligations.
* This ensures compliance withEU regulations (CSRD, ESRS, Taxonomy Regulation, SFDR) and other relevant legal requirements.
* D. Developing a list of material risks and opportunities
* This step belongs toStep B: Identifying Material Sustainability Matters, where the organization formally identifies and assesses material IROs. Step A is only about gathering contextual information to inform this process.
* Commission Delegated Regulation (EU) 2023/2772, Section 3.3- Double materiality and materiality assessment process.
* EFRAG IG 1: Materiality Assessment, Chapter 2.2- Understanding the context and engagement with affected stakeholders.
* EFRAG Compilation of Explanations January-November 2024- Provides clarifications on stakeholder engagement and legal context review in Step A.
Incorrect Answer:Official References:


NEW QUESTION # 38
Which of the following best describes the purpose of Step A in the double materiality assessment process?

  • A. Understand the organization's context, activities, and stakeholders.
  • B. Conduct a financial materiality assessment.
  • C. Identify specific disclosure requirements to report.
  • D. Report the outcomes of the materiality assessment.

Answer: A

Explanation:
Step A in thedouble materiality assessment processis theinitial stagewhere an organization establishes a foundational understanding of itsbusiness context, activities, and stakeholder relationships. This step is critical in identifying how the entity interacts with environmental, social, and governance (ESG) matters and lays the groundwork for further impact and financial materiality assessments.
Thedouble materiality conceptin the ESRS framework requires organizations to evaluate both:
* Impact materiality- How an organization's activities impact people and the environment.
* Financial materiality- How sustainability matters influence the organization's financial position, performance, and cash flows.
* Identifying the business environment:Understanding industry-specific sustainability challenges, regulatory requirements, and stakeholder expectations.
* Recognizing affected stakeholders:Engaging internal and external stakeholders to determine which sustainability matters are relevant.
* Defining dependencies and risks:Evaluating the organization's dependencies on natural, social, and human capital, and how these can influence business outcomes.
* Understanding sector and geographical relevance:Assessing which sustainability issues are most significant based on where the company operates.
Key Aspects of Step A in Double Materiality Assessment:Step A does not yet involve selecting specific disclosure requirements (Step B) or conducting a financial materiality assessment (Step C). Instead, it provides thecontextual frameworknecessary for subsequent steps in the materiality process.
* Commission Delegated Regulation (EU) 2023/2772, ESRS 1, Section 3.1- Defines stakeholders' role in materiality assessment.
* EFRAG Compilation Explanations January - November 2024- Provides guidance on applying double materiality and the importance of Step A.
* EFRAG IG 1 Materiality Assessment, Chapter 2.2- Outlines Step A as the process of understanding business activities, stakeholders, and sustainability context.
Official References:Thus, the correct answer isC. Understand the organization's context, activities, and stakeholders.


NEW QUESTION # 39
Which of the following is true about setting thresholds for financial materiality under the ESRS?

  • A. Organizations should only use monetary thresholds, such as revenue or costs.
  • B. Thresholds should focus exclusively on the short-term time horizon.
  • C. Reputational risks cannot be considered financially material.
  • D. Financial materiality thresholds are based on the likelihood of occurrence and the potential magnitude of financial effects.

Answer: D

Explanation:
Under the ESRS framework, financial materiality is assessed based on a combination of:
* Likelihood of occurrence- The probability that a sustainability matter will have a financial impact.
* Potential magnitude of financial effects- The scale of the impact on financial position, performance, cash flows, access to finance, or cost of capital over short-, medium-, or long-term periods.
This is outlined in ESRS 1, which states that a sustainability matter isfinancially materialif it could reasonably be expected totrigger material financial effectson an undertaking. Financial materiality is not limited to issues under the direct control of the company; it includesdependencies on natural, human, and social resourcesthat could create risks or opportunities.
* Option A:The ESRS framework allows for bothqualitative and quantitative thresholds, not just monetary ones (e.g., revenue or costs).
* Option C:Reputational risks can be financially material, as they may affect access to finance, cost of capital, or customer trust, ultimately influencing the company's financial performance.
* Option D:Thefinancial materiality assessmentis conducted for theshort-, medium-, and long-term, not just the short term.
Why the other options are incorrect:References:
* Commission Delegated Regulation (EU) 2023/2772
* Compilation Explanations January - July 2024, ESRS 1 on Financial Materiality
* EFRAG Guidance on Double Materiality and Risk Assessments


NEW QUESTION # 40
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