ESG Risk & Compliance – The Emerging Regulatory Challenge for TPRM
Organisations are seeing an ever-increasing risk and impact from localised events that are not only disrupting the resilience of their global supply chains but posing significant risk to the reputation of their businesses. Meanwhile governments and regulators are cranking up the heat with targets and regulations aimed at driving socially responsible and sustainable business practices.
For example, the UK has signed up for mandatory compliance of the FSB’s Task Force on Climate-Related Financial Disclosures (TCFD) with disclosure requirements for the majority of financial firms expected from 2022. In addition, the EU has ESG reporting requirements in the form of its Non-Financial Reporting Directive, Sustainable Finance Disclosures Regulation, and existing regulations around Modern Slavery, Conflict Minerals, etc.
With ESG factors, including those arising via the supply chain, able to have significant impact on brand and revenues and increasing regulatory pressure it is clearly time for risk and compliance leaders to incorporate ESG more prominently across their TPRM programs and supply chain management.
In our latest event we were joined by John Bree, CRO of Supply Wisdom to discuss:
- The growing focus on ESG and Compliance in the short and long term
- The impact of ESG related reporting and disclosure requirements on third-party and supply-chain risk management
- What a best-practice ESG framework and reporting should include, and
- How to integrate ESG risk intelligence and real-time reporting into your TPRM program
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