2023 could be a pivotal year for the future of third-party risk management (TPRM) programs. Organizations are recognizing the increased risks associated with their third parties, especially with the companies that their vendors choose to work with, known as Nth...
Bad surprises happen. Avoid them with due diligence. When they happen, plan to do better, and execute on your plan. Communicate your expectations to employees and suppliers. Verify, and continuously improve. Stay on a path to sustainability, and reach out to Clear Strategy for help.
In this blog we discuss how third-party risks affect your organization, and how ESG principles can help.
In today’s business landscape, you should be concerned not only with your own reputation and brand, but the reputations of your third party suppliers. Stakeholders are demanding transparency on ESG risks throughout their entire value chain, including you and your suppliers.
The European Council is expected to adopt the EU Corporate Sustainability Reporting Directive (CSRD) this month, November 2022. The CSRD is intended “to foster sustainable and responsible corporate behaviour and to anchor human rights and environmental considerations in companies’ operations and corporate governance. The new rules will ensure that businesses address adverse impacts of their actions, including in their value chains inside and outside Europe.”
Here are nine steps your company will need to take to prepare for the CSRD.
If you are challenged by your boss, board, or shareholders, show them the the potential harm to others. Then show them the data that proves that the costs, and the length of time that you will continue to pay those costs, are too high and too long for you not to do the right thing.
The UN Global Compact’s Guide to Corporate Sustainability is an excellent resource for understanding what it takes to run a sustainable business. It talks about operations, taking action, top-level commitment, corporate culture, and communications.
Your business activity has financial, as well as internal and external ESG impacts. You need to measure all three to calculate your true ROI.