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Evaluation of the Environmental Risk Management System According to ESG Factors
Churylin V. O., Vitkin L. M.

Churylin, Vadim O., and Vitkin, Leonid M. (2024) “Evaluation of the Environmental Risk Management System According to ESG Factors.” Business Inform 8:120–126.
https://doi.org/10.32983/2222-4459-2024-8-120-126

Section: Ecology and Environmental Management

Article is written in Ukrainian
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UDC 330:658.005.5

Abstract:
Changes in society's perception of environmental problems, social issues and the corporate governance system generate new risks associated with ESG factors (Environmental, Social, Governance). Taking into account the influence of ESG factors in risk management from a position not only as threat prevention, but also the company's ability to create long-term value is becoming more relevant than ever. The integration of accounting for ESG factors and issues of sustainable development into the strategy, corporate governance system, including the risk management system plays an important role in creating long-term value. Therefore, the risk management system becomes the foundation of sustainable development and the guarantee of achieving strategic goals. Paying attention to ESG factors helps the organization acquire competitive advantages and reach a new level of development. The object of research is the environmental risk management system. The subject of the study is the assessment of the environmental risk management system in accordance with ESG factors. The aim of the article is to study the environmental risk management system in accordance with ESG factors. Methods of analysis and synthesis, theoretical method, comparison method, analytical and prognostic methods were used during the work. The article covers environmental problems, social issues and corporate governance systems; the main stages of the influence of ESG factors in risk management are revealed. The authors came to the conclusion that in order to ensure sustainable development of the organization in the long run, it is necessary to take into account ESG factors when developing a long-term strategy with an assessment of their degree of influence on risks and opportunities. The key to successful activity is the creation of a comprehensive risk and opportunity management system in the company, integrated into the strategy of sustainable development. Identification and assessment of environmental risks is an important point regarding the organization's environmental policy, its goals, objectives and measures in the field of environmental protection. For the effective elimination or minimization of environmental risks, the formation and development of environmental risk management is necessary.

Keywords: management system, risk management, environmental risks, ESG factors, sustainable development.

Tabl.: 1. Bibl.: 9.

Churylin Vadim O. – Postgraduate Student, Department of Management Technologies, University of Economics and Law «KROK» (30-32 Tabirna Str., Kyiv, 03113, Ukraine)
Email: [email protected]
Vitkin Leonid M. – Doctor of Sciences (Engineering), Professor, Department of Management Technologies, University of Economics and Law «KROK» (30-32 Tabirna Str., Kyiv, 03113, Ukraine)
Email: [email protected]

List of references in article

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