Materiality assessments are a pre-condition of sound risk management. We supported TSB to undertake a Double Materiality Assessment with a view to helping inform TSB’s strategic decisions.

• Overall, we are seeing a shift away from assessing ESG issues based on perceived importance, towards understanding their impact on the business and externally.

• Double Materiality Assessments were introduced by The EU’s Corporate Sustainability Reporting Directive.

• They are best-practice approach for determining how environmental and social issues affect a company's financial health and how the company, in turn, impacts the world.