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Sustainability risk management for SMEs: inaction is not an option

Thinking about sustainability can be daunting for SMEs that cope with everyday challenges and the pandemic’s impacts. But Covid-19 is also the latest call for more resilient and sustainable businesses. SMEs often rely on accountants as their primary advisors on business decisions. They can also help SME owners consider sustainability risks, mitigate them, and advise on sustainable transition opportunities. They can:

  • map supply chains and identify weak areas
  • assess sustainability impact and risks, setting KPIs and monitoring processes to reduce impact, publishing businesses’ policies and actions, and create Environmental Management Systems (EMS)
  • identify ESG opportunities and measures’ potential impact on cash flow
  • advise on access to funding and liquidity advantages for when SMEs become more sustainable
  • set up sustainability reporting and communication
  • provide assurance on the reported information when required by external parties.

Reed more on the website of Accountancy Europe.

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