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Environmental, social, and governance (ESG) issues are becoming increasingly relevant for banks. Financial institutions understand that embracing ESG will allow them to raise capital, secure talent, strengthen the employee value proposition and attract loyal customers, and raise capital. ESG has gone from a nice-to-have to an integral piece of long-term financial success. As a result, sustainability is generating a new type of risk: ESG risk.

Financial services organizations have begun reimagining their governance structures over ESG, creating steering committees composed of executive leadership and making strategic decisions about commitments, actions, and disclosures.** Financial services organizations are also adjusting business risk strategies and corresponding risk appetite statements—making sure roles and responsibilities are fully transparent throughout all three lines of defense. Internal audit can play a critical role in providing objective assurance and advice on ESG reporting and sustainability matters more broadly.

Learn more about how internal audit can help provide financial services organizations with the strategies and frameworks they need to launch a comprehensive ESG program.