Leaders
New vehicle efficiency standards have passed, so what’s next?
Leaders
New climate reporting standards set to reshape the Australian business landscape
Businesses must disclose climate risks and transition strategies under new standards, reshaping credibility and compliance globally
Businesses must disclose climate risks and transition strategies under new sustainability standards.
– Businesses must disclose climate risks and strategies, improving credibility and compliance.
– Companies face challenges in data management and scope three emissions, impacting strategic planning and engagement.
Businesses globally are increasingly required to disclose climate risks and transition strategies, impacting their credibility and compliance efforts. The Australian Sustainability Reporting Standards (ASRS) in particular represent a significant shift for local companies, urging them to comprehend climate change’s effect on financial performance. Lisa Zembrodt, Principal and Senior Director, Sustainability Business across the Pacific Zone for Schneider Electric, joined to share her insights on the impact of ASRS on Australian businesses.
Organisations must now align their climate disclosures with financial statements, necessitating audits and increasing scrutiny on directors. This shift compels companies to prioritise credibility in their disclosures rather than mere compliance, presenting a comprehensive understanding of climate risks to foster stakeholder trust.
Key Challenges
A major challenge for companies remains the accurate collection and management of data, often still done via spreadsheets. Many companies struggle with “scope three” emissions, which often lie outside direct control.
Successful adaptation will require enhanced engagement throughout the value chain to achieve emissions reductions.
Leaders
Importance of AI governance for business competitiveness and security
AI governance essential for businesses to manage risks and ensure compliance as AI integration accelerates across industries
AI governance essential for businesses to manage risks and ensure compliance as AI integration accelerates across industries.
– Effective AI governance is vital for ensuring trust and compliance in business practices.
– Companies must establish clear AI use policies to balance innovation and safeguard sensitive data.
As AI transforms industries, effective governance and data risk strategies are crucial for business competitiveness and compliance. Broderick Smith from Transform LogiQ discusses the urgent need for AI governance as it becomes prevalent in products and services. This governance helps mitigate risks, ensuring that clients receive trustworthy information and organisations adhere to ethical guidelines in AI development.
AI governance is essential as many companies struggle to keep pace with rapid advancements. Smith notes that organisations often perceive AI as a technical issue rather than a human one, creating significant governance challenges.
Future-Proofing AI
Establishing a simple policy for AI use is critical. Companies should define permissible use cases and develop governance structures, engaging staff in dialogue regarding AI integration. Addressing the balance between innovation and responsibility ensures that AI enhances organisational effectiveness while safeguarding sensitive data.
For more insights, follow Broderick Smith on LinkedIn or visit Transform LogiQ.
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