Meeting Emerging Challenges: Climate-related Disclosures
In parts 1 and 2 of our special 3-part series, we explored the evolving landscape
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With more frequent and more severe weather events impacting the value chain of a business, governments setting scientifically sound carbon emission goals, regulators beginning to require that material climate change related risks are reported, and consumers and employees boycotting companies that do not act responsibly, organisations today need to be actively reviewing and managing their climate risk exposures.
Climate risks arise from vulnerabilities to:
The exposure and vulnerability of organisations to climate hazards depends on multiple factors and will change with different short, mid and long-term scenarios. Climate change is rapidly emerging as a major threat to the stability of our financial systems. The responses being put in place by governments, regulators and your competitors are rapidly evolving, making it important to keep on top of, or ahead of, developments.
For Climate Risk Management, our consulting approach and methodology considers better practice guidelines and standards relevant to the organisation including:
In addition, we also consider industry specific compliance requirements relating to risk management. For example, for the Australian Prudential Regulation Authority (APRA) regulated financial institutions, we ensure compliance with the designated risk management Prudential Standards and Guidelines:
Our approach to climate risk management considers your needs and those of your stakeholders. For smaller organisations, an appropriate approach may be to meet the minimum regulatory requirements and a suitable sustainability ethos as part of corporate and social responsibility statement.
For medium to large organisations, a more proactive and comprehensive approach will be appropriate to ensure the varying and more complex regulatory requirements and stakeholder expectations are achieved and the organisations supply chain and key dependencies are considered.
Our Climate Resilience Scale helps our clients define the climate resilience posture that is appropriate to them.
Our planet will continue to evolve and climate change will occur, but lets take action now and do our best to reduce the human impact.
Every person and every organisation can make a choice to make small or large changes to address climate change. What choice will you make? Whatever, you choose, we are here to help.
Our role is to help you accelerate the implementation and the achievement of your ESG goals and minimise any transition risks that arise from the transition to a low carbon organisation.
We can help you establish an appropriate climate risk posture, develop a Climate Risk Policy that is aligned to your risk management framework, raise your engagement with staff and suppliers, conduct a range of risk assessments and scenario analyses, formalise reporting, metrics and monitoring mechanisms to help strengthen and reinforce your commitment to climate action.
Many organisations are committed to meeting their reporting obligations, but face a number of challenges. Regulators are increasingly likely to make reporting along the lines of the Task Force on Climate-related Financial Disclosures (TCFD) recommendations mandatory. Our gap analysis is an independent review that will assess your compliance with these requirements and provide recommendations to improve.
No two organisations will be impacted by climate risks in the same way or have the same opportunities. Our risk mapping programme includes a high-level assessment of the types of risks that the organisation may be exposed to, its current vulnerabilities, and risk controls, to provide assurance that current practices are good or to inform positive change.
No one can predict the future, but we can help you try to see what your organisation’s world could look like in the short, medium and longer term under ‘business as usual’ scenarios and under scenarios aiming to keep the global temperature rise to 1.5 °C above pre-industrial levels according to the Paris Agreement. This will help you consider your organisation’s resilience to future shocks.
Our climate risk and sustainability awareness campaigns will assist all levels of your organisation to understand the ways in which it could be exposed to climate risks to help your organisation better prepare, respond to and manage risks. If you have environmental or sustainability policies and plans in place, our training will help reinforce your key controls to help reduce the impacts of climate risk on your organisation.
How will a major weather event impact your organisation? What are your vulnerabilities? How well prepared is your Crisis Management Team? Select from a range of severe weather events to exercise various incident response plans, find the gaps, iron out issues and be better prepared to respond.
Our Towards Net Zero program is designed to help you take steps towards achieving Net Zero. We help identify the activities contributing to larger carbon emissions, measure emissions and work with you to identify strategies to reduce them and report as part of your Net Zero reporting commitment to stakeholders.
Sustainability means meeting our own needs without compromising the ability of future generations to meet their own needs. Sustainability has three main pillars – economic, environmental, and social. These three pillars are informally referred to as people, planet and profits. We help organisations define, measure, implement and achieve their sustainability objectives.
Measuring and reporting of ESG related information can be a challenge and ‘greenwashing’ is increasingly becoming a risk for organisations. We can help evaluate your current systems and processes designed to meet the various climate risk standards and ESG reporting requirements. Our report identifies key gaps and opportunities for improvement.
With frequent severe weather events, increasing reliance on information technology to do business and supplier dependencies, it’s no longer a question of “should we bother to put some business continuity plans and resources in place?” – It’s now a question of “How far should we go?”
We are proud to be a corporate member of the Business Continuity Institute (BCI), the world’s leading institute for business continuity and resilience. Just like InConsult, the BCI promotes and facilitates the adoption of good business continuity practice to help build more resilient organisations. The BCI is the leading membership and certifying organization for Business Continuity (BC) professionals worldwide.
In parts 1 and 2 of our special 3-part series, we explored the evolving landscape
In part 1 of our special 3-part series, we explored the evolving landscape of climate
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In a major move to combat misleading environmental claims, the Australian Competition and Consumer Commission
The term greenwashing was seldom used 20 years ago, but today greenwashing continues to be
APRA released Prudential Practice Guide CPG 229 Climate Change Financial Risks guidance in November 2021
InConsult acknowledges Aboriginal and Torres Strait Islander peoples as Australia's First People and Traditional Custodians of the land where we work. We pay our respects to Elders past and present.