SUSTAINABILITY AND LONG-TERM VALUE CREATION

Described in the 2020 COSO paper Creating and Protecting Value: Understanding and Implementing Enterprise Risk Management (by Richard f. Anderson and Mark L. Frigo, bit ,ly/3wxywrF), this process can be useful for companies seeking to address the International Financial Reporting Standards (IFRS) SI...

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Bibliographic Details
Published inStrategic finance (Montvale, N.J.) Vol. 104; no. 4; pp. 25 - 27
Main Authors Frigo, Mark L, Hirth, Robert, Whittington, Ray
Format Magazine Article
LanguageEnglish
Published Montvale Institute of Management Accountants 01.10.2022
Subjects
Accounting
Compensation
Compliance
Emission standards
Emissions
Enterprise risk management
Exposure drafts
Greenhouse gases
International Financial Reporting Standards
International standards
Jurisdiction
Nominations
Risk assessment
Risk management
Strategic management
Sustainability
Sustainability management
Sustainability reporting
Value creation
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Summary:Described in the 2020 COSO paper Creating and Protecting Value: Understanding and Implementing Enterprise Risk Management (by Richard f. Anderson and Mark L. Frigo, bit ,ly/3wxywrF), this process can be useful for companies seeking to address the International Financial Reporting Standards (IFRS) SI General Requirements for Disclosure of Sustainability-related Financial Information exposure draft, which requires disclosure of significant sustainability risks and opportunities. The plan includes identifying and selecting risk responses, mitigation activities, and risk monitoring; sustainability accounting strategy; use of Sustainability Accounting Standards Board (SASB) metrics/International Sustainability Standards Board (ISSB)/IFRS disclosures; updating the assessment process; and internal risk reporting with balanced scorecard (BSC) strategy maps. 6. The sustainability risk profile and action plan include the sustainability accounting strategy of a company and are communicated to the board of directors and management team. 7. The audit committee addresses the public reporting aspect and the likely upcoming assurance requirements and expanded U.S. Securities & Exchange Commission (SEC) also chosen to obtain third-party assurance on more than greenhouse gas emissions, including SASB or other recognized standards as suitable criteria.
ISSN:1524-833X