The process of conducting a materiality assessment typically involves several steps:
Identify Key Stakeholders: Determine who your stakeholders are, including customers, employees, investors, suppliers, and regulators. Gather Data: Collect data through surveys, interviews, and focus groups to understand stakeholders' concerns and expectations. Identify Potential Issues: List all potential issues that could impact the business or stakeholders. Prioritize Issues: Use a materiality matrix to prioritize issues based on their significance to the business and stakeholders. Validate Findings: Engage with stakeholders to validate the findings and ensure accuracy. Report and Act: Report the findings in sustainability or annual reports and develop strategies to address the material issues.