Sustainability challenges pose significant business risks. In fact, the World Economic Forum’s 2017 Global Risk Report shows many of the top business risks are related to environmental or societal issues. How can we understand, disclose and manage these risks? In the newest report, "Sustainability and enterprise risk management: The first step towards integration," we find that sustainable development risks are disclosed in sustainability reports, but not always in legal filings.
As part of the Conservation and Financial Markets Initiative (CFMI) in with funding from the Gordon and Betty Moore Foundation, WBCSD is leading a new study into risk management and COSO (Committee of Sponsoring Organizations of the Threadway Commission) has agreed to be our implementation partner. Our plans for 2017 include the development of case studies and interpretive guidance on how to embed sustainability into enterprise risk management. We are forming a working group to support the project and help address key questions, offer insights and become case study participants.
The first working group meeting will be taking place at Montreux this year. Would you or a risk professional in your organization like to be part of the working group? Please let us know by recording your interest via email to risk@wbcsd.org. A copy of the recent risk management study and a copy of the Risk Management Working Group TOR are available.
