We hosted a webinar on the 18th of July, from 15:00 to 16:00 (CET), to present and discuss our latest position paper The role of Internal Audit in ESG in the Banking Sector. If you could not attend, the replay is available below.
We debriefed on the new legislation and regulation including the Sustainable Finance Taxonomy, the CSRD, accompanied by the draft European Sustainability Reporting Standards (ESRS), the ECB “Guide on Climate-related and Environmental Risks”, as well an overview of good practices for climate-related and environmental risk management.
The report underscores the vital role Internal Audit plays in this ESG management. It calls for Internal Audit to actively engage in ESG matters and help guide organizations on the path to sustainability journey. The relevance of ESG risks and the incorporation of ESG in the strategy of companies requires the involvement of the Internal Audit function to support the bank’s response to these material challenges. The ESG territory is still developing and there are many (regulatory) uncertainties and challenges, but this cannot be used as an excuse/limitation for Internal audit functions not to get involved and support organizations on their pathway towards a sustainable future.