18 Phase 2: Identification of IROs In mapping its Impacts, Risks, and Opportunities (IROs), Osculati adopted a structured and methodical approach to ensure a rigorous and consistent analysis. The assessment considered key factors such as regulatory developments, industry trends, and market evolution, which were integrated with the analysis of internal strategic documentation. This provided a comprehensive and multifaceted view of the ESG variables most relevant to the Company. The analysis made it possible to identify both direct impacts—linked to Osculati’s core activities—and indirect impacts along the main stages of its value chain, in accordance with the principle of materiality. Each impact was classified based on its nature (positive/negative) and status (actual/potential), while also defining its scope, i.e. the stakeholder groups affected. The same approach was applied to identify risks and opportunities relevant to the Company, considering their relationship with previously identified impacts and dependencies. Risks were further qualified by their nature (direct/indirect) and type (operational, reputational, compliance-related, etc.), linking them to potential financial effects on the Company and distinguishing their time horizon (short, medium, long term). Phase 3: Evaluation of IROs Impact Materiality To assess the identified impacts, Osculati carried out an in-depth analysis, first involving the Company’s senior management, able to provide an informed and comprehensive judgment. They were asked to evaluate the materiality of each impact as a combination of its magnitude, scale, nature, and likelihood of occurrence, considering both negative and positive, actual and potential impacts. Subsequently, the Company submitted the impacts—building on the work from the previous year—to an external validation involving key stakeholders such as employees, suppliers, financial institutions, and representatives from institutional and academic sectors. Engagement took place through an online questionnaire using a rating scale consistent with the internal one, resulting in a total of 75 responses. The numerical processing of responses enabled Osculati to validate internal outcomes and gain a more comprehensive understanding of impact relevance. The data collected were then aggregated and analysed to define the final list of material impacts, based on specific thresholds determined according to the nature of each impact.
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