As risks have grown more complex in the current Business Landscape due to factors ranging from Globalization, Technology, Regulations, public scrutiny so on and so forth, Companies around the global are realizing that their approach to Risk management functions might need to be revisited.
For Sustainability, Resilience and for navigating the expanding Risk universe more effectively, Risk and Governance need to be tackled with an Agile and Innovative mindset. ESG (Environmental Social and Governance) concerns are increasingly becoming a priority at Board agendas, and so it becomes relevant to discuss how ESG related Risks can be effectively and efficiently managed using Automation and Artificial Intelligence.
Data analytics help viewing ESG Risks in Real-time along with important metrics like their Impact, Value, and Probability. Monitoring and mitigating potential ESG related risks with Technology features like Artificial Intelligence driven Analytics and Dynamic Reporting and Dash-Boarding, helps a Business stay on top of its ESG Risks, focus on value generation and most importantly, avoid unexpected high-impact Risks down the line. Equipped with Real-time and accurate data, the Board and C-suite can have a far better understanding of the Company’s ESG Performance.
An effective and agile ESG Risk Management Framework can help a Board look at the total impact of the Company’s ESG strategy and Operations. processes. Boards should ascertain that the Senior Management and the C-Suite is systematically monitoring ESG performance, looking for ways to turn ESG into a competitive advantage and regularly Reporting to the Board on the status of ESG Performance in the Company.
A shift from traditional Risk Assessment techniques to a more innovative, automated and detailed framework, leveraging power of Cloud Computing, Artificial Intelligence, Customized Reports and Dashboards which can be pulled up Anytime, Anywhere and on Any Device, is what Automation, Agility and Innovation can help with. ESG Risk Management enabled with 360 degree visibility and continuous monitoring and Complemented with Geo-spatial mapping using Google Earth and Risk Severity Analysis enables viewing Risks across multiple dimensions and various Frameworks. The goal here is to incorporate ESG related risks into ERM for sustainable business growth.
These are the areas that our Chairman and CEO Bhavesh Bhagat will be addressing at the 2018 NACD Global Board Leaders’ Summit, at an ESG Panel discussion, along with fellow Directors from other Industry Verticals. Join this exciting discussion on October 2nd at Marriott Marquis, Washington DC.
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