'Certain Universal Standards forms part of Global Reporting Initiative (GRI) Standards.' Discuss the statement mentioning its internal and external benefits.

Universal Standards: The GRI Standards begin with three Universal Standards to disclose general information about an organization and its approaches to sustainability management. Further topic-specific standards outline approaches to disclosing qualitative and quantitative information deemed material to each reporting organization. GRI-101: Foundation: The starting point for using the GRI Standards. GRI-102: General Disclosure: Used to report contextual information about the organization. GRI-103: Management Approach: Used to disclose how the organization manages impacts related to each of its material topics. Internal benefits for companies and organizations can include: Increased understanding of risks and opportunities. Emphasizing the link between financial and non-financial performance. Influencing long term management strategy and policy and business plans. Streamlining processes, reducing costs and improving efficiency. Benchmarking and assessing sustainability performance with respect to laws, norms, codes, performance standards, and voluntary initiatives. Avoiding being implicated in publicized environmental, social and governance failures. Comparing performance internally, and between organizations and sectors. External benefits of sustainability reporting can include: Mitigating or reversing - negative environmental, social and governance impacts. Improving reputation and brand loyalty. Enabling external stakeholders to understand the organization's true value, and tangible and intangible assets. Demonstrating how the organization influences, and is influenced by, expectations about sustainable development.