The 3 major challenges in adopting IFC Standard No. 1 - Assessment and Management of Social and Environmental Risks and Impacts 

 

1. Risk analysis and management focused only on the impact on the business.
2. How to efficiently align the value chain in risk and impact management
3. How to include the voice and ensure the participation of communities and other stakeholders in the analysis and management of risks and impacts.

 

We have 5 proposals to meet these challenges

 

1. Risk and impact analysis and management often focuses on those risks and impacts that may affect the business, and lacks a comprehensive vision that would allow for the analysis and management of impacts on the environment and communities. These exercises require a comprehensive view of the dimensions of the causes and consequences of risks and impacts, and the design of controls that effectively act on the root causes to prevent negative effects. It is also essential to consider opportunities and positive impacts.

Involve all areas in the risk analysis. The interdisciplinary exercise allows to see all dimensions of risks and impacts.

3. Practicality is the key to the risk and impact management plan. This translates into achievable, attainable and measurable actions.

4. To integrate the value chain, contractual mechanisms can be included to ensure risk and impact management.

5. To include the voice of the community, you can use existing information such as trends in complaints and grievances, and community interaction spaces.
Want to learn more about our risk and impact assessment methodology? Go to https://insightsocial.org/servicios/
.
.
#IFC #environmentalassessment #riskmanagement #socialimpacts #businesssustainability #corporateresponsibility #corporateresponsibility #biodiversity #consultation #communityparticipation #transparency #duediligence #monitoringandassessment #sustainableinvestment