Even more on #EU #Europe #GRC Market Drivers and Trends . . . There was not enough space to post the trends resulting from the drivers. So here you go . . . EU Perspectives on GRC TRENDS: Business-Driven #RiskManagement. The #ChiefRiskOfficer has more of an executive role with direct relationships to the board and other senior executives. In some cases, risk management/GRC #RFP have been driven by the board of directors. #Risk has a business focused and aligned on achieving business objectives. Many risk officers/managers get frustrated with solution providers (mainly from the #USA) that approach and message risk from an IT focus. Risk-Based Compliance. Compliance is also risk-based, aligned with objectives, and not checked checkboxes. When it comes to product and safety compliance, the EU has a prove-that-it-is-safe mentality while the USA has a prove-that-it-is-harmful mentality. Integrated Risk and #ResilienceManagement. There is a strong focus on resilience management and integrating this into risk management. This makes older traditional #businesscontinuity approaches and software obsolete and unable to deliver value to EU firms. #ESG Focused on Objectives. ESG is focused on establishing objectives and measuring performance and risk against those objectives. Solutions with a risk-centric view of ESG and not an objective-centric view do not get very far in the EU. There is a lot of focus on ESG reporting right now, and organizations are buying solutions. ESG is also very broad in the EU, while many in the USA see it as climate change. #ThirdPartyRiskManagement. Third-party risk management is a huge market that is growing in the EU and driven both by resilience (e.g., EU #DORA) and ESG (e.g., EU #CSRD, EU #CSDDD, and many country-specific requirements).
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🌐 Elevate Your Business with Our Strategic Solutions 🌐 Businesses now are grappling with a trifecta of navigating risks, fortifying internal frameworks and controls, and complying with evolving ESG standards and regulations. Success is no longer just about commercial performance—it's about: 🌟 Proactive Risk Management: Avoiding losses and regulatory breaches. 🌟 Regulatory Reporting and Assurance: Staying compliant with evolving standards. 🌟 Operational Resilience: Ensuring business continuity and disaster recovery. 🌟 Value-Driven Internal Audit: Identifying enhancement opportunities and supporting growth. 🌟 Sustainability and ESG Integration: Fostering long-term, meaningful economic growth in line with growing international standards. We provide the solutions to these challenges. -Risk Management - ESG - Internal Audit - Assurance We're not just consultants; we're strategic partners, trusted advisors, and objective enablers. With us by your side, you can focus entirely on the commercial success of your organisation, while we transform challenges into competitive advantages. 🚀 Reach out to find out more: info@paragonconsulting.partners #RiskManagementExcellence #ESGLeadership #StrategicPartnership #internalaudit #ESGAssurance #esgintegration #riskmanagement #enterpriseriskmanagement #ParagonConsultingPartners 💼🌐
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𝐉𝐮𝐬𝐭 𝐢𝐧 𝐓𝐢𝐦𝐞 "𝐄𝐁𝐀 𝐂𝐨𝐧𝐬𝐮𝐥𝐭𝐚𝐭𝐢𝐨𝐧 𝐏𝐚𝐩𝐞𝐫 𝐃𝐫𝐚𝐟𝐭 𝐆𝐮𝐢𝐝𝐞𝐥𝐢𝐧𝐞𝐬 𝐨𝐧 𝐭𝐡𝐞 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐨𝐟 𝐄𝐒𝐆 𝐑𝐢𝐬𝐤𝐬" Click here to read more: https://lnkd.in/dxZNfEZ6 #ESGrisks, in particular environmental risks through transition and physical risk drivers, pose challenges to the safety and soundness of financial institutions and may affect all traditional categories of financial risks to which they are exposed. In this context, the #EuropeanBankingAuthority has issued in January 2024 a Consultation Paper on Guidelines on the management of ESG risks, with the aim to ensure the resilience of the business model and risk profile of institutions in the short, medium and long term, by setting dedicated requirements for the internal processes and ESG risks management arrangements that institutions should have in place. The guidelines aim to ensure that institutions are able to properly identify and measure ESG risks through sound data processes and a combination of methodologies. In addition, institutions should integrate ESG risks in their regular risk management framework by considering their role as potential drivers of all traditional categories of #financialrisks, also embedding ESG risks in their regular processes, including ICAAP, risk appetite and internal controls and monitoring ESG risks through effective internal reporting frameworks. Authors: Simone Brivio and Bianca Ghilardi #EBA #RegulationFramework #RiskManagement #TransitionRisk
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𝐉𝐮𝐬𝐭 𝐢𝐧 𝐓𝐢𝐦𝐞 "𝐄𝐁𝐀 𝐂𝐨𝐧𝐬𝐮𝐥𝐭𝐚𝐭𝐢𝐨𝐧 𝐏𝐚𝐩𝐞𝐫 𝐃𝐫𝐚𝐟𝐭 𝐆𝐮𝐢𝐝𝐞𝐥𝐢𝐧𝐞𝐬 𝐨𝐧 𝐭𝐡𝐞 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐨𝐟 𝐄𝐒𝐆 𝐑𝐢𝐬𝐤𝐬" ESG risks, in particular #environmentalrisks through transition and physical risk drivers, pose challenges to the safety and soundness of financial institutions and may affect all traditional categories of financial risks to which they are exposed. In this context, the European Banking Authority has issued in January 2024 a Consultation Paper on Guidelines on the management of #ESGrisks, with the aim to ensure the resilience of the business model and risk profile of institutions in the short, medium and long term, by setting dedicated requirements for the internal processes and ESG risks management arrangements that institutions should have in place. The guidelines aim to ensure that institutions are able to properly identify and measure ESG risks through sound data processes and a combination of methodologies. In addition, institutions should integrate ESG risks in their regular risk management framework by considering their role as potential drivers of all traditional categories of #financialrisks, also embedding ESG risks in their regular processes, including ICAAP, risk appetite and internal controls and monitoring ESG risks through effective internal reporting frameworks. Lastly, institutions should develop prudential (transition) plans to address the risks arising from the transition and process of adjustment towards the regulatory objectives related to ESG factors of the jurisdictions they operate in. The consultation is open for a period of three-months, and EBA is planning to finalise the guidelines by end-2024, with a date of application to be defined consistently with #CRD6 application date. Authors: Simone Brivio, Vincenzo Frasca, Nicolas Nedertoft Melis and Bianca Ghilardi #EBA #ESG #RiskManagement #TransitionPlan #ICAAP
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Sr. Account Executive at Supplier.io helping customers build responsible supply chains
Download the recent Supplier.io comprehensive study on identifying supply chain risk and mitigation right here! Free, easy, and informative.
Have you downloaded our latest #ESG Risk Report yet? 📊📑 Get it here: https://hubs.la/Q02KgGr60 What's this report about? ➡️ This report aims to shed light on ESG risk by presenting findings from an in-depth analysis of over 200 ESG risk assessments conducted across 11 industries. The risk reported reflect both a company's own operations and its #SupplyChain; however, the emphasis of our findings will focus on how supplier practices contribute to these risks and areas where procurement teams can effectively drive improvements. What will you get out of it? ➡️ The material environmental, social, and governance risks that impact companies. ➡️ Insights into supplier practices that contribute to these risks. ➡️ Analysis of common mitigation strategies that hashtag#procurement teams are adopting to address supplier risk. By sharing this data, you can benchmark your own practices, evaluate ESG supplier risk, and improve mitigation strategies to strengthen your organization's supply chain resilience. We hope you find it useful!
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