 Risk Management and SustainabilityRobert Pojasek Chapter 7 in Sustainability:Business and Investment Implications, 2023, pp 171-191 from World Scientific Publishing Co. Pte. Ltd. Abstract: This chapter proposes different approaches to monitor corporate sustainability which go beyond unstructured standalone corporate social responsibility (CSR) and sustainability programs. Historically, corporate sustainability has largely consisted in “stand-alone” sustainability programs that use publicly stated sustainability goals, independent sustainability initiatives, and sustainability reports. There has been little effort on the part of large corporations to stray from this model. The chapter focuses on companies’ integration of sustainability through the lens of risk management with the support of standards and operating management systems (OMS). First, the chapter examines the foundations of risk management and a systematic method to handle sustainability risks through the International Organization for Standardization (ISO) guidelines. It then explores the principles, framework, and processes to implement a risk management practice in accordance with the ISO 31000:2018 standard. It demonstrates how to integrate all the management systems that contribute to sustainable development into a single sustainable organizational model through the high-level structure of ISO management system standards presented in this chapter. After introducing the fundamentals of ISO standards and how they function, the chapter focuses on the standards dedicated to Sustainability and CSR. The chapter presents a “plan-do-check-act” (PDCA) model which is used for the control and continuous improvement of processes and products within an organization and can be employed for corporate sustainability. The chapter concludes that a key to success is to replace old unstructured sustainability programs with a new unique structured sustainability program that works best for each organization. Keywords: Sustainability; Sustainability Risks and Opportunities; Sustainability: Business and Investment Implications; Sustainable Finance; Sustainable Investing; Impact Investing; Sustainable Entrepreneurship; ESG; Business Case for Sustainability; Investment Case for Sustainability; Introduction to Sustainability; Introduction Sustainable Finance; Introduction to Sustainable Investing; Introduction to ESG; Introduction to Impact Investing; Sustainability Handbook; Sustainability Textbook; Sustainable Business Textbook; Sustainable Business Handbook; Sustainable Finance Textbook; Sustainable Finance Handbook; Impact Investing Textbook; Risk Management & Sustainability; The Corporate Sustainability Spectrum; Business and Financial Implications of Climate Change; The Financial Case for Embedding Sustainability Core to Business Strategy; Corporate Sustainability & Financial Performance; Shareholder Engagement; The Pressing Needs For A Sustainable World; Scale-up; Impact Entrepreneur; Impact Entrepreneurship; Sustainability Science and Challenges; Internalizing the Externalities; The Role of Government; Fiscal Impact; Macro-economic Performance; Realism; Mission Creep; Single Issue Capture; GreenWashing; Whitewashing; Hidden Agendas; Transparency; and Competitiveness (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:wsi:wschap:9789811240928_0007 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in World Scientific Book Chapters from World Scientific Publishing Co. Pte. Ltd. |
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