Rising above the seas: SECing materiality through the corporate lens
This paper addresses business continuity and the inclusion of climate risks in planning and preparation for disruptive incidents and disasters to ensure businesses are protected and/or will recover to an operational state within a reasonable period of time. It specifically focuses on sea level rise. Citing company examples, it builds the business case for companies to redesign resiliency strategies and/or build such strategies from the ground up as new business operations are constructed.
It recommends companies to: (i) stay aware of current and forthcoming scientific research; (ii) explore their vulnerability to sea level rise, in their direct operations and/or at some point along the value chain; (iii) establish a dialogue and working relationship with other departments; (iv) prioritize sea level rise as a tangible “business continuity” risk; (v) consider the risk types or caliber of resiliency plan according to the business locations; and (vi) establish standards and metrics for non-financial information (e.g. climate risk).