To enable in-depth and systematic assessment of companies’ performance against the Consumer Protection Principles, a set of indicators has been developed for each principle plus an overarching field on Governance and Management.
The indicators, alongside the Self-Assessment Tool, allow companies to measure their performance in Consumer Protection, identify strengths and weaknesses, and monitor their progress against their internal baseline over time. The results can also facilitate a dialogue between companies and investors by providing quantitative data and evidence of performance in a standardised format.
To help companies measure their performance easily and in a standardised way, GOGLA has developed a Self-Assessment tool, which uses the Consumer Protection indicators and guides the user through a methodological assessment.
Completing the tool entails assessing the level of fulfilment of each Indicator – fully met, mostly met, somewhat met, not met – and a commentary on the result. The tool returns a numerical score for each Principle and a graphic overall result.
To ensure that the Consumer Protection Principles are fully embedded in company operations, GOGLA recommends that the self-assessment should be carried out periodically and reported internally as part of standard governance processes. At a minimum, companies who make a commitment to the CP Code should endeavour to carry out the first self-assessment within three months, and annually thereafter.
The process to define the Indicators was led by GOGLA’s Consumer Protection Working Group and included several consultation rounds, trial self-assessments with several companies, and focus groups discussions with consumers. This group is responsible for maintaining the standards and will make periodic additions and revisions.