AIRMIC: ESG firmly embedded for risk managers

ESG has become an integral part of the risk profession, with 45% of respondents to the latest AIRMIC survey saying they also have responsibilities in this area.

According to AIRMIC, which unveiled the results of its survey at its conference in Liverpool this week, the finding reflects how organisations increasingly believe that climate change will start to have a material impact on their business within the next two years.

It also reflects the priority given to ESG issues by investors and consumers alike, as organisations increasingly view ESG as a risk and opportunity to be managed and embedded within their overall business strategy. Consequently, risk professionals are seeking to rapidly increase their knowledge base of ESG issues and made this a top priority.

Claire Combes, AIRMIC board member commented: “The risk professional must be constantly curious and never fearful of having the courage to speak up. However, being well informed builds confidence and being confident builds courage. I am proud to be part of this amazing profession and I hope this report encourages others to travel the path that I am”.

Amanda Scott, managing director, Global Mergers & Acquisitions (M&A) at WTW commented: “Organisational agility and adaptability has driven the survival – and success – of businesses over the past two difficult years. Survey participants have indicated that underpinning this is strong leadership, communications (both internally and externally), as well as culture.”

“Culture in particular has been a top topic this year, with many organisations focusing on how to evolve for the future. Risk professionals are recognising how central people issues are for building a truly resilient organisational culture – be it improving communications to break down silos, or the well-being and mental health of employees. Only then can an organisation withstand a worst-case systemic risk”.