WTW study finds developing ESG strategy a key focus for risk managers

A recent WTW survey reported that more than half of risk managers are significantly involved in their organisation’s ESG efforts, though 77% believe they should take a more active role in ESG strategy and initiatives.

In WTW’s 2022 ESG Global Risk Managers Survey, which includes 312 corporate risk managers worldwide, one-third said ESG currently influences risk management strategy, and an additional 9% said it is set to do so during the next two years.

However, only 35% of North American risk managers, and fewer in other regions, expect to have documented ESG risk management targets and milestones within two years.

Despite this, WTW’s study found that ESG is high on corporate agendas, with 74% of respondents stating that an improved ESG score is a core focus for their business.

ESG priorities are highest in the Asia Pacific region, says the survey, while this is lower among North American companies. Overall, 24% of US companies have set ESG risk management targets with clear milestones.

Meanwhile, WTW’s study found that most respondents believe that management of environmental liability risks influences ESG standing, and three-quarters have taken actions to address…