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How do you identify emerging risks and opportunities with ESG reporting?

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Environmental, social and governance (ESG) reporting is a way of disclosing how your business impacts the world and how it responds to the expectations of its stakeholders. ESG reporting can help you attract investors, customers, employees and partners who care about sustainability and social responsibility. But ESG reporting is not just about compliance and reputation. It can also help you identify emerging risks and opportunities that can affect your performance and resilience in a changing world. In this article, you will learn how to use ESG reporting as a strategic tool to scan the horizon, assess the materiality, monitor the trends and engage the stakeholders.

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Tahmina Day, MBA, CERP

Sustainability Leader | Risk Strategist | Head of ESG

1 Scan the horizon

The first step to identify emerging risks and opportunities with ESG reporting is to scan the horizon for the drivers of change that can impact your business and its stakeholders. These drivers can be environmental (such as climate change, biodiversity loss, resource scarcity), social (such as demographic shifts, human rights, health and well-being), governance (such as regulation, transparency, ethics) or technological (such as digitalization, innovation, disruption). You can use various sources of information, such as reports, surveys, media, experts, networks and platforms, to gather insights and signals about the current and future state of the world and the expectations and preferences of your stakeholders.

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Tahmina Day, MBA, CERP

Sustainability Leader | Risk Strategist | Head of ESG
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Just like with anything risk-related, your best place to start is with a corporate strategy! The sole purpose of us to being concerned with ESG risks and exploring opportunities is to achieve our strategic goals. So, star with the strategic objectives. Next define what risk events may occur while achieving those objectives. If an event has a high probability to turn negative, you define it as an ESG risk. If chances are high for it to have a positive outcome, you may have discovered an opportunity.

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2 Assess the materiality

The next step is to assess the materiality of the ESG issues that emerge from your horizon scanning. Materiality is the principle that guides you to focus on the issues that are most relevant and significant for your business and its stakeholders. You can use a materiality matrix to plot the ESG issues according to their level of importance for your stakeholders and their level of impact on your business. This will help you prioritize the issues that require your attention and action, and that should be disclosed in your ESG reporting.

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3 Monitor the trends

The third step is to monitor the trends and developments that affect the material ESG issues that you have identified. Trends are the patterns and directions of change that indicate how the drivers of change are evolving and influencing your business and its stakeholders. You can use various tools and methods, such as scenario analysis, trend analysis, benchmarking, indicators and metrics, to track and measure the progress and performance of your ESG issues. This will help you identify the gaps and opportunities for improvement and innovation, and to communicate your achievements and challenges in your ESG reporting.

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4 Engage the stakeholders

The final step is to engage your stakeholders in a dialogue about your ESG issues and reporting. Stakeholders are the individuals and groups that have an interest or influence on your business, such as investors, customers, employees, suppliers, regulators, communities and NGOs. You can use various channels and formats, such as surveys, interviews, workshops, webinars, forums and reports, to solicit and share feedback, opinions, expectations and recommendations about your ESG issues and reporting. This will help you build trust and credibility, enhance your reputation and value proposition, and foster collaboration and innovation with your stakeholders.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you identify emerging risks and opportunities with ESG reporting?

1

2

3

4

5

1 Scan the horizon

2 Assess the materiality

3 Monitor the trends

4 Engage the stakeholders

5 Here’s what else to consider

Sustainability

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How do you identify emerging risks and opportunities with ESG reporting?

1

2

3

4

5

1 Scan the horizon

2 Assess the materiality

3 Monitor the trends

4 Engage the stakeholders

5 Here’s what else to consider

Sustainability

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