MARCH 2023CONSTRUCTIONBUSINESSREVIEW.COM8By Cristina Martinez, Ph.D., Group Chief Risk Officer, SACYRNAVIGATING THE BUMPY ROAD TO SUSTAINABLE SUCCESS Businesses all over the world are seeking how to reduce the risks of climate change, prevent further pandemics, gear up against a cyberattack, build a more equitable society, and still generate growth.In the face of social expectations regarding the contribution of companies to the general welfare of society, companies can no longer afford to remain only in regulatory matters and numbers. The definition and execution of a company's ESG (Environmental, Social and Governance) strategy is becoming increasingly important on the agendas of Boards and Executive Committees. The implementation of best practices in the definition of the business model, management and governance of the company is a key part of the functioning of any business group, in all sectors.The development of regulations and the growing number of recommendations, codes and principles on sustainability, both nationally and internationally, make corporate governance a lever for creating value for stakeholders. It is clear that the creation of more sustainable economies and systems pave the way in which a business makes its key decisions. Taking risk-informed decisions is an essential part of the profitable and responsible operation of any business group, no matter the sector.The importance, concern and interest of companies in aligning their strategic objectives with stakeholders´ interests has translated into some companies giving a major boost to their ESG strategy in the area of "Corporate Governance", supporting the implementation of a general environment of control and comprehensive management of their risks.Risk management is a path to achieve that key business decisions are made in an informed, responsible and timely manner, by whoever is appropriate to the implications of the Group.This holistic vision of risk management, integrating environmental, social and corporate governance aspects, is building a market for sustainability risks.IN MYOPINION
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