As part of?PwC 10Minute Series on Sustainability, the professional consulting firm takes a look at environmental and social risk.??Citing issues like resource scarcity, labor concerns, climate change, social unrest, and extreme price volatility in commodities markets, the research stresses now is the time to turn our attention to risk management. ?What areas of risk management are important for 2013??
?Great risk management is simply the movement of information from the informed to the empowered.??While employees are often fearful to share observations about compliance risks due to concerns about retaliation, some companies are markedly better at enabling and encouraging employees to do so.?
An engaging lead-in to a Corporate Compliance Insights post,?The Importance of Integrity Capital in Corporate Culture, in which the article spotlights one of the major areas of business development. ?Corporate culture change, rather than process analysis, has been a key focal point in 2012 and will continue to trend into 2013.
Leveraging Corporate Compliance Insight, our sustainability consulting practice explores the many steps in implementing a value-driven management?program.??As the article explains, this process begins with corporate self-assessment:
- Know the marketplace in which you are operating
- Know which regulatory agencies apply to your business
- Set clear expectations for ethical behavior
- Hold employees at all levels consistently accountable
- Assess your suppliers and customers.
- Reexamine your existing policies that govern organizational behavior
Over the past several years, our sustainability consulting practice has found that the top performing companies are taking a more?strategic?approach to business integrity by aligning core values with business sustainability activities.? Yet, it is not uncommon for executives to falsely believe their business is exempt from sustainability risk.??Consider how asking the following?questions?from a business sustainability perspective differ from the traditional approach and how 2013 could be different.
???? What business are we in?
???? What are the industry risks?
???? What's our unique positioning within the industry, and what gives us competitive advantage?
???? What are the strategic imperatives that are tied to our overall strategy?
???? What are the processes that are tied to the strategic imperatives, and then the risks that are tied to those?
Early adopters of a pro-environment policy are answering these questions differently.? Business sustainability reshapes the business conversation.? By evaluating business risks through the lens of sustainability, small businesses are benefiting from the tangible and intangible rewards of going green.
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