Companies across the globe accelerate their commitment and make environmental, social, and governance (ESG) be one of the core parts of their business models. If they have not done it in the past, they are updating their business model to fit ESG to future-proof companies.
If you talk about corporate social responsibility (CSR), the next step will be to adopt ESG for sure. More and more companies publish ESG reports in some form, and more and more regulations enforce it as well. Impact on whatever business the companies do contribute to climate change will be an area everyone is looking for and to comply.
In the minimum, the public at large is expected to pledge for risk-mitigation and “do no harm” measures, meet and report baseline standards being in compliance. Next will be to comply with voluntary industry standards and perform above industry average and have a comprehensive sustainability policy and enforce it. Then we look into full integration of ESG into strategy and operations.
The business stakeholders need to have a paradigm shift and look into ESG building values, minimizing risk as the key value creation, so the enterprise will integrate it and align it into their operation.
The challenge will begin from the development of the proper framework and system approach to consolidate all the ESG data so it can be easily updated into ESG reporting. For companies that have some existing regulatory reporting and governance, risk management and compliance (GRC) practices, the most viable approach is not to create another set of the duplicate system, but how to integrate and expand their existing reporting systems to have a holistic approach into subject matter. The only viable solution is the system that allows flexibility in handling all kinds of regulatory compliance and governance controls, where you can update and expand to cope with changing regulatory compliance and what next.
E-SPIN Group in the enterprise ICT solution supply, consultancy, project management, training and maintenance for corporation and government agencies did business across the region and via the channel. Feel free to contact E-SPIN for your project requirement and inquiry.
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