What challenges are companies facing?
Responsible business (RB) is a relatively new and rapidly expanding topic on the boardroom agenda. Many companies struggle to formulate a vision and strategy that effectively embeds responsible business and sustainability throughout their company and operations. Understanding the risks, opportunities and stakeholder expectations are the first steps to create a strategy that aligns with a company’s existing strategic initiatives.
Due to its broad scope, RB and sustainability initiatives are often dispersed across siloed teams and largely separate from the overall business strategy. This can lead to a limited return on investment (ROI) and failure to meet stakeholder expectations.
How do responsible business strategies benefit companies?
- Access to capital: institutional investors are taking RB and ESG performance data into their capital allocation decisions.
- Cost savings: due to increased operational efficiency and employee productivity, lower employee turnover and reduced risk of regulatory penalties and fines.
- Sales growth: aligning responsible business strategy with your company’s purpose will strengthen your brand, address consumer expectations and ensure long-term value.
- Employer attractiveness: putting sustainability at the top of the agenda and establishing a culture that goes beyond profit will help companies attract and retain top talent.
How can Deloitte help?
- Responsible business strategy: we help companies set a clear vision and strategy that aligns with the expectations of key internal and external stakeholders.
- Stakeholder engagement: we gather and assess stakeholder needs, engage with stakeholders and achieve buy-in at all levels with quantifiable KPIs and measurable ROI.
- Materiality analysis: we use well-established frameworks to determine the most critical issues and risks to focus on in terms of environmental, social and governance impact.
- Responsible business governance: we define clear frameworks tailored to your company to deliver and monitor processes and responsible departments
- Maturity assessment: Deloitte’s Responsible Business Maturity Assessment Model determines areas of improvement in governance, processes, reporting, technology and communication.
- Integrated risk management: we help define or revise existing risk management frameworks, processes and technologies to incorporate and embed responsible business throughout
- Implementation support: Develop and rollout processes, tools and frameworks to enable the execution, reporting and monitoring of Responsible Business Initiatives.
Would you like to learn more?
Using Deloitte’s Responsible Business Strategic Framework, our team of experts can help you to assess your current position and understand your ambitions. This involves a deep dive into your internal and external stakeholder expectations, assessing the most material issues and understanding your broader risks and opportunities.
We then work together with you to jointly define, tailor and shape a clear responsible business and sustainability strategy for your company that not only resonates with your key stakeholders, but also maximises long-term economic, social and environmental value.