A new Competence Matrix, which focuses on a global approach to training in Integrated Reporting, has just been released by the International Integrated Reporting Council (IIRC).
It is a first step towards providing clear guidance on the skills and experience needed to be an effective practitioner in <IR> and is aimed at helping organisations to achieve consistency in the level of skills required.
This global approach to training in Integrated Reporting has been proposed for use by businesses and education bodies. The IIRC has taken a market-led approach to this project, and is seeking to encourage global offerings that can be applied in different contexts to suit local practices and requirements.
Neil Stevenson, the IIRC’s Managing Director, Global Implementation, explained: “At its heart, training in Integrated Reporting should lead to a shift in focus from financial management to value management.
“We have specifically designed this matrix to be market-led, having created it through consultation with a broad range of stakeholders across multiple disciplines and with a view to it being international, globally consistent, relevant and applicable. At the same time, it is also practical, focusing on the competences required for successful adoption and implementation of the International <IR> Framework.”
Using a principles-based approach, the matrix sets out the learning outcomes required while clearly building on the existing professional skills possessed by those already involved in reporting. The IIRC also emphasises the close relationship between corporate governance and reporting and includes learning outcomes relating to implementing Integrated Reporting itself.
Training will be aimed at companies and other organisations who wish to adopt Integrated Reporting, including both preparers and those charged with oversight, such as members of the board.
The IIRC will not directly offer training to the market. Programmes will be offered by third party providers under licence. The matrix is also designed to be embedded in broader relevant syllabuses offered by universities, business schools and professional bodies.
Begoña Morales Blanco-Steger from Madrid based technology company, Indra Sistemas,who is a member of the IIRC’s training advisory group, said: “In designing this Competence Matrix, we recognised that while the reporting process around implementing Integrated Reporting is important, we do not believe practitioners should focus on process alone.
“The links that <IR> requires to strategy and its scope across the organisation, require a broader outlook. That is why areas of competence around change management and leadership have been included – areas which are essential in the context of ‘reporting on the whole business’, involving wide interactions within and outside an organisation.”