September 27, 2021 / by Terence Lyons / In Sustainability
Top performance in ESG workflow means you have to fix these 3 challenges
ESG leaders typically divide the ESG workflow into 6 steps, the starting point being the definition of the organisation’s core purpose for being.
However, familiar challenges arise at each stage of the ESG workflow. The following diagram models some of the primary issues ESG Leaders face at each stage. While various ERM and workflow tools play into stage 4, a robust, data driven materiality assessment (stage 2) and scaled stakeholder engagement process remain very manual, time consuming and expensive. Real time controversy monitoring is also a ‘work in progress’ for many ESG Leaders and existing media and social monitoring systems are not ESG ‘grade’.
These insights come from a McKinsey & Co., and TSC.ai global listening tour over 25 countries, 75 companies and 98 ESG leaders, sustainability professionals, chief risk officers, chief sustainability officers and strategy heads.
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