Compliance and all those Codes...
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.
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.