Businesses Are Using ESG As A Strategic Tool To Create Value And Reduce Risks

 Businesses Are Using ESG As A Strategic Tool To Create Value And Reduce Risks

An IICA-UNICEF workshop aims to increase participants' knowledge of emerging trends and best practices in BRSR with regard to ESG problems.

In New Delhi, the Indian Institute of Corporate Affairs (IICA) organized a one-day course on Business Responsibility & Sustainability Reporting (BRSR) in conjunction with UNICEF through its School of Business Environment (SoBE). The workshop's goal was to increase the attendees' knowledge of growing BRSR trends and best practices in regard to environmental, social, and governance (ESG) challenges.

Director general and CEO of IICA Praveen Kumar emphasized the significance of ESG as a tactical tool for companies to add value and reduce risks. He cited case studies from the business world where ESG strategy and reporting had a positive impact on a company's reputation and overall performance. 

In addition, he emphasized how crucial a role IICA plays in advancing business sustainability by contributing technical knowledge to the BRSR framework, National Voluntary Guidelines, and National Guidelines on Responsible Business Conduct (NGRBC), among other important policy interventions.Additionally, he emphasized how it is in line with global reporting frameworks. 

He urged the attendees to incorporate ESG into their fundamental compliance procedures and to conduct in-depth analyses to precisely pinpoint the most important material challenges in each of their different fields. Furthermore, he exhorted the professionals to work toward making their companies or organizations into responsible entities by supporting the efficient integration of ESG aspects into their commercial operations, in addition to the legal requirements.

The workshop included five technical sessions led by experts from academia, business, and civil society who covered a range of BRSR and ESG topics, including interpreting the "S" of ESG, implementing family-friendly policies in organizations, comprehending the connections between ESG-BRSR-NGRBC, measuring businesses' carbon footprints and disclosing them in BRSR, effectively reporting occupational health and safety factors in BRSR, and exploring the international and national reporting landscapes.

The attendees were given some action points by Prof. Garima Dadhich, associate professor and leader of the SoBE at the IICA, to put their newfound knowledge to use in their various organizations.

Experts from the fields of sustainability, ESG, CSR, and senior leaders all attended the session.