San José, Costa Rica, 2 May 2019: Asociación Empresarial para el Desarrollo (AED), WBCSD’s Global Network partner in Costa Rica, held a CEO breakfast and a full day workshop for understanding emerging risks and opportunities related to environmental, social and governance (ESG) factors.
The event brought together over 40 people from financial institutions, banks and insurance companies in particular.
Franco Pacheco, the President of AED, started the day by explaining the importance of improving understanding and business practice around applying enterprise risk management to ESG-related risks.
After setting the scene, Mr. Pacheco encouraged WBCSD to explain the business case for improved risk management practices and as well as an overview of recent collaborations with the Committee of Sponsoring Organizations of the Treadway Commission (COSO) on creating an application guidance for applying enterprise risk management to ESG risks.
Companies who attended the breakfast also sent their risk management and financial control professionals to an additional six-hour workshop to better understand how to apply the latest tools and techniques on risk management to their operations.
The workshop was unique in that it brought risk and sustainability professionals together. The conversations that happened were a first step towards stronger alignment between both business functions to support fit-for-purpose decision-making in the face of new and emerging risks.
The afternoon consisted of practical activities, group discussions, playing Resilience! A corporate survival game and taking a quiz to test participants’ knowledge and understanding of risk and sustainability.
The conversations sparked there are likely to continue as individuals who participated in the trainings indicated they were keen to continue the engagement within their respective organizations.
Executive Director, AED Costa Rica