The world's changing. Climate change, cybersecurity threats, and the rise of AI are just a few examples of how businesses have had to adapt to new ways of doing things.
With so many new challenges facing businesses today, it can be hard to keep up with everything that's going on. The good news is that these changes can be beneficial for your company—but only if you're prepared for them.
Cleaning up your ESG policies is a lot like cleaning your house: you can't just get started and expect everything to be spotless by the end. You must take it one step at a time, starting with the larger tasks and then working your way down.
1. Review your ESG policies
First, it's important to make sure that you have an established policy in place that outlines how your company will deal with issues related to environmental, social, and governance (ESG) activities. If you're unsure how much time has passed since your last review of these policies, take this opportunity to go back through them and see if there are any actions or projects that could be added or changed.
2. Take action on any issues that need attention
If you have any issues or concerns with your current policy, it’s best to acknowledge them and take action. This could mean fixing the problem or maybe just putting some systems in place to make sure it doesn’t happen again.
3. Update the policies to be more comprehensive and accurate
One step in brushing the dust off of your ESG policies is to update them to be more comprehensive, accurate, and relevant. You need to make sure your ESG policies cover all relevant issues and risks, whether they’re regulatory or reputational.
4. Review the process of updating your policies
It may be overwhelming to figure out where to start. You can hire a consultant to help you with the process, or you can get started with the free frameworks and tools that are out there. There are many tools that will provide guidance by identifying the material topics that impact your industry.
5. Make sure you communicate the updates to all stakeholders.
This includes employees, managers, vendors, and customers. Communicating these updates is important because it will ensure that your company is being transparent about its practices, which means that no one will be surprised by any sudden or unexpected changes in how you handle things like environmental issues or social responsibility.
If you're interested in learning more about how to incorporate ESG into your business, or if you just need a little help getting started, connect with Pamila Fonseka today.