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How to integrate ESG risks into the enterprise’s overall risk management

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Thomson Reuters or enjoy below:

🗞️ Driving the news: Thomson Reuters highlights the importance of integrating ESG (environmental, social, governance) risks into a company's enterprise risk management (ERM) to enhance sustainability and compliance
• With increasing global convergence of sustainability standards, companies are encouraged to assimilate ESG principles directly into their business strategies and risk management frameworks

🔭 The context: Industry standards such as those from the International Sustainability Standards Board, along with frameworks like the TCFD, have made substantial strides in unifying global ESG disclosure norms
• This standardization aids companies in identifying and managing sustainability-related risks as core business concerns.

🌍 Why it matters for the planet: Effective integration of ESG risks into ERM strategies not only helps mitigate environmental impacts but also aligns corporate operations with broader sustainability goals
• This strategic alignment is crucial for addressing global challenges like climate change and social inequality

⏭️ What's next: Companies will continue to refine their ERM frameworks to better incorporate ESG risks, supported by evolving global standards and increasing stakeholder demand for transparency and accountability in sustainability practices

💬 One quote: "An ESG strategy needs to be built-in and not bolted on," (Honieh Udeka, ESG legal adviser)

Click for more news covering the latest on ESG


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