In the past, much of the discussion surrounding ESG has focused on environmental risks and sustainability. Recently, however, a deluge of corporate governance scandals has demonstrated that the usefulness of ESG data and reporting does not stop at the E or the S.
While regulators and investors have always placed great importance on the accurate reporting of financial risk, the same cannot be said for non-financial risks. This is beginning to change, as events like the fake accounts scandal at Wells Fargo and the downfall of Wirecard have illustrated sharply that unmitigated non-financial risks can be disastrous to firms, and may represent systemic risks to the financial system as a whole.
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