I believe that I love compliance because I love what is right. With a compliance framework in place, there is an outline of the right way to do things. And no way to avoid it - without the risk of public shame and a possible shut down of the business.
When it comes to sustainability there are so many compliance codes and frameworks in place whether it be legal requirements, company policies, or industry/voluntary codes. Being a business with limited resources, it can feel quite frustrating.
Thankfully, there are experts who can help you draft your own ambition based on legal framework and industry codes. You can not be an expert on everything, but be aware of the reasoning and have an understanding of the most important codes to adhere to.
The World Bank has a free online training module on their code of conduct when identifying risks and making assessments of financial investments in terms of society and the environment. It is a rather short introduction to their process but could be applicable to due diligence assessment in general.
Environmental and Social Governance (ESG) training module by the World Bank.
The process helps determine if the investment is worthwhile and ensure that there is a sustainable long-term plan of governance in place. This is of course essential that banks or investors carefully select the project or business they support. To foresee environmental and social risks is crucial before embarking on a new project - not doing so could lead to costs and the need to abort the project or investment.
Happy Learning!
Updated: Feb 18, 2021
Berlin is opening a department store which only sells recycled and second-hand goods.
As part of its effort to become a zero-waste city by 2030, the city is opening a pop-up shop on the third floor of the of the city’s Karstadt Hermannplatz department store. The pilot project will last for six months and if successful the city plans to launch more stores.
The store, which is to be called B-Wa(h)renhaus, sells only high-quality recycled and upcycled items. The new store has 650 square meters of selling space, and nine vendors offer products ranging from recycled and upcycled furniture and clothing to refurbished electrical appliances and toys.
In the store you can also enjoy dumpling made from “excess but high-quality” ingredients. A meeting space that will be used for a series of events to raise awareness of recycling and reuse and the possibility to allow shoppers to borrow cargo bikes to take their bargains home.
“Working with purpose is fast becoming a pre-requisite for business”
Whether you have it in your DNA or if you have to tweak your business, don't wait. Read about how these three companies business models are integrating social impact as core:
Bumble - a dating app where women take back personal control. ASOS, fast-fashion industry front-runners that they are, have waded into difficult water in addressing the issues around representation and diversity of people’s bodies, and the negative impact the one-size-fits-all approach can have on our perceptions of other people. Pret a Manger has embedded the employment of people who have experienced homelessness in their business, and also support 60 charities across the UK with donations going directly to those organizations helping people get back in a position for a work.