Day 0 Event #181 The role of governance, risk management, and business continuity in achieving SDGs

Summary

This discussion focused on sustainability, environmental, social, and governance (ESG) practices, and their integration with digital transformation in organizations. The panel, consisting of experts Dr. Zahra Al-Nasir, Engineer Khaled, and Abdulrahman Al-Majed, explored various aspects of these concepts and their implementation.

The conversation began by defining sustainability and ESG, emphasizing their importance in meeting current needs without compromising future generations’ abilities. The panelists highlighted the interconnectedness of environmental, social, economic, and governance dimensions in sustainability practices. They discussed the role of leadership in promoting sustainability and the impact of legislation and systems on ESG practices.

Risk management in the context of ESG was addressed, with the experts explaining various tools and methods for evaluating and managing ESG-related risks. These included risk mapping, scenario analysis, and specialized assessments like environmental impact analysis and life cycle assessment.

The discussion then shifted to the role of technology in advancing sustainability efforts. The panelists mentioned artificial intelligence, machine learning, blockchain, and big data as key technologies that can support sustainable practices and decision-making processes.

Social responsibility programs aligned with ESG goals were explored, with examples including partnerships with non-profit organizations, educational initiatives, and support for small and medium-sized enterprises. The experts noted that many sectors in Saudi Arabia were already advanced in social responsibility efforts.

The panel concluded by addressing the challenges of integrating ESG practices with digital transformation strategies. Key obstacles identified included resistance to change, the need for mature data, and the importance of proper measurement and governance frameworks. The experts emphasized the need for leadership buy-in and raised awareness to overcome these challenges and move towards a more sustainable future.

Keypoints

Major discussion points:

– The concepts of sustainability and ESG (Environmental, Social, Governance) standards

– The relationship between governance, sustainability, and digital transformation

– Risk management in the context of ESG practices

– Technological advancements and social responsibility programs related to ESG

– Challenges in implementing ESG practices and digital transformation strategies

Overall purpose:

The goal of this discussion was to explore how sustainability, governance, and digital transformation intersect and contribute to achieving sustainable development goals. The panelists aimed to provide insights on implementing ESG practices, managing associated risks, and leveraging technology to create a more sustainable future for organizations.

Overall tone:

The tone of the discussion was professional, informative, and collaborative. The panelists spoke with expertise on their respective topics and built upon each other’s points. There was a sense of optimism about the potential for positive change, balanced with acknowledgment of the challenges involved. The tone remained consistent throughout, maintaining a focus on sharing knowledge and practical insights.

Speakers

– Huda lahaideb: Moderator/host of the discussion

– Dr. Zahra Al-Nasir: Director of Governance at a leading company, coach and consultant in Board of Directors

– Mohandad Khaled: Member of the board of directors, 20 years of experience in GRT

– Abdulrahman Al-Majed: Member of the board of directors of the Association of the Board of Artificial Intelligence, 20 years of experience in internal and global competition

Additional speakers:

– Eid: Member of the board of directors, 20 years of experience in GRT (mentioned but did not speak in the transcript)

Sustainability, ESG, and Digital Transformation: A Comprehensive Discussion

This summary provides an overview of a panel discussion on sustainability, Environmental, Social, and Governance (ESG) practices, and their integration with digital transformation in organisations. The panel, moderated by Huda lahaideb, featured experts Dr. Zahra Al-Nasir, Mohandad Khaled, and Abdulrahman Al-Majed, who collectively brought extensive experience in governance and artificial intelligence to the conversation.

1. Defining Sustainability and ESG

The discussion began with a foundational exploration of sustainability and ESG concepts. Dr. Zahra Al-Nasir emphasised that sustainability is about meeting current needs without compromising the ability of future generations to meet their own needs. Mohandad Khaled expanded on this by explaining that ESG practices are measurable standards for evaluating organisational performance. This framing helped to distinguish between the broader concept of sustainability and the more specific, quantifiable aspects of ESG.

2. Governance and Leadership in Sustainability

The conversation highlighted the crucial role of governance and leadership in implementing ESG and sustainability practices. Dr. Zahra Al-Nasir emphasised, “Today, one of the secrets of governance and stability, in order to be an integral part of the organisation and the system, is the strategic stability. The language of the leader that prevails over all existing administrations.” This insight underscored the importance of clear strategic direction from leadership in driving ESG initiatives.

Mohandad Khaled added to this point by discussing how legislations and systems affect the governance of environmental and social practices. He noted the importance of aligning organisational strategies with broader national initiatives, such as Saudi Vision 2030, in developing effective ESG practices.

3. Technology and Sustainability

The role of technology in advancing sustainability efforts was a significant point of discussion. Dr. Zahra Al-Nasir mentioned artificial intelligence, blockchain, and big data as key technologies that can enhance sustainability efforts. Abdulrahman Al-Majed supported this view, discussing how specialised tools can support risk management and decision-making processes related to ESG.

However, the panelists also highlighted challenges in implementing these technologies. Abdulrahman Al-Majed emphasised the need for a supportive organisational culture, stating, “Today, we must have a basic culture that supports this direction so that there is adoption of these technologies and work on it.” This comment broadened the discussion to include cultural aspects of ESG implementation, beyond just policies and technologies.

4. Social Responsibility and ESG

The discussion touched on social responsibility programmes aligned with ESG goals. Mohandad Khaled provided specific examples of how organisations can improve community life and align with ESG objectives. These included partnerships with non-profit organisations, educational initiatives, and support for small and medium-sized enterprises. He also mentioned programmes focused on employing people with disabilities and initiatives to reduce carbon emissions.

Notably, both Dr. Zahra Al-Nasir and Mohandad Khaled observed that many social responsibility programmes were in place in Saudi Arabia even before the term ESG became popular, indicating a strong foundation for further ESG development in the region.

5. Challenges in Implementing ESG Practices

The panel addressed several challenges in integrating ESG practices with digital transformation strategies:

– Resistance to change, particularly from leadership, was identified as a significant obstacle by all speakers.

– Dr. Zahra Al-Nasir emphasised the need for mature data and proper measurement frameworks.

– Mohandad Khaled highlighted the importance of clear governance structures and policies.

– Abdulrahman Al-Majed stressed the need for a supportive organisational culture and raised awareness.

The experts agreed that overcoming these challenges requires leadership buy-in and a concerted effort to educate and engage all levels of the organisation.

6. Global Context and Future Directions

Abdulrahman Al-Majed brought attention to the recent COP16 conference, highlighting its significance in shaping global ESG practices. This reference underscored the importance of considering international developments and agreements in organisational ESG strategies.

Conclusion

The discussion provided a comprehensive exploration of sustainability, ESG practices, and their integration with digital transformation. The panelists offered valuable insights into the practical implementation of ESG initiatives, emphasising the critical roles of leadership, technology, and organisational culture. They also highlighted the need for alignment with broader national and international sustainability goals.

As organisations continue to navigate the complex landscape of sustainability and ESG in the digital age, the insights provided by this panel offer valuable guidance. The discussion points to several areas for future focus, including developing effective measurement frameworks for ESG impact, strategies for overcoming resistance to change, and methods for better integrating ESG considerations into overall business strategies.

The conversation ultimately underscored that while challenges remain, there is significant potential for organisations to drive positive change through well-implemented ESG practices, supported by strong leadership and appropriate technological tools.

Huda lahaideb: The main movement that guarantees the continuity of work and transparency and transforms… Today, the continuity of work, governance and presence, but how do these concepts contribute to strengthening the goals of sustainable development, strengthening digital transformation and achieving sustainability in all its meanings? Ladies and gentlemen, before we dive into the topics of this session, I would like to introduce our distinguished guests, who are a team of experts and technical experts who will lead this discussion. With us is Dr. Zahra Al-Nasir, Director of Governance at one of the leading companies, a coach and consultant in the Board of Directors. Our second guest, Eid, a member of the board of directors, who has been in the field of GRT for 20 years. Our third guest, Mr. Abdulrrahman Al-Majid, a member of the board of directors of the Association of the Board of Artificial Intelligence, who has been in the field of internal and global competition for 20 years. Welcome. Ladies and gentlemen, let’s start with our first topic, which we will discuss, God willing, the concepts of sustainability, the digital transformation standards, environmental standards, and governance, or what is called AHG. Let’s start with Dr. Zahra.

Dr. Zahra Al-Nasir: Thank you, Huda.

Huda lahaideb: Dr. Zahra, from your experience, what is the concept of sustainability?

Dr. Zahra Al-Nasir: Of course, I am talking about the concept of sustainability in its simplest definition from the United Nations. How do we meet the current needs today without touching the needs or potential of the coming generations to meet their needs? How do we study these dimensions? Environmental dimensions, economic dimensions, social dimensions, and also governance dimensions in general. When we talk about the environmental dimension, we all know the natural resources, water and air. How is the social dimension that has quality of life and social justice? As for the economic dimension, it is not the economic dimension in general. Today, ESG has become a trend. Why did we start with ESG? Many people do not know or have never talked about ESG. Why did we start with the environment? Because the environment is the nature we live in, and then the society we work in, and then we need to clean it. This is briefly about sustainability, but today there are many definitions of sustainability available according to the strategy of the system or the direction of the system in general. We need it. We just need these four dimensions that I talked about.

Huda lahaideb: Thank you. Maybe the concept of sustainability and ESG is new and has become a trend in many organizations today. If you tell us, Engineer Khaled, what is the difference today between sustainability, environmental standards, social and governance?

Mohandad Khaled: In the name of God, the Most Gracious, the Most Merciful. First of all, I would like to thank Ms. Hoda for this introduction. Thank you, Mr. Marraqati, for inviting me to this area and to meet you. It is an important question, the concept of sustainability and the concept of ESG. Thank you. It refers to meeting the current needs without touching the ability of the coming generations to meet their needs. Sustainability aims to create long-term balance in terms of the environment, health, and social justice. Sustainability can be measured through various pillars and indicators in terms of the goals of sustainability and the development of the United Nations. As for environmental, social, governance and ESG practices, they are a set of measurable standards that investors and business owners use to evaluate the performance of the organization through three main areas, which are the environment, society, and the environment. It aims to create an organized framework to evaluate risks and opportunities, such as the environmental impacts, for example, the human rights violations, their moral leadership, and then integrate them into the strategies of the organization. ESG can be measured through standards and indicators provided by various agencies based on the ESG standards and practices. Finally, sustainability and ESG share a common goal in terms of enhancing responsible practices and reducing environmental impacts on the environment and society. However, both work at different levels and serve various purposes. Both concepts are important for investors, contributors, and business owners. Likewise, both concepts are important for organizations that work to enhance responsible practices in terms of sustainability, practices, and investments.

Huda lahaideb: Thank you.

Abdulrahman Al-Majed: Transcribed by ESG Translations This will help us a lot in the process of strengthening the process of decision-making, the sharing of interests, and at the same time, strengthening the issue of accountability and responsibility. Today, if we have reached this stage, and we have been able to define it well, we will be ready today, because today, Islam, in one way or another, is linked to international entities. So, the ruling will be ready, with all certainty, in one way or another, to link this sentence. And this sentence may be the closure of the circle between stability and standards in general.

Huda lahaideb: Very nice. May Allah bless you. And allow me to move on to our third topic, which is the ruling and its effect on peaceful development.

Dr. Zahra Al-Nasir: Dr. Hussain, you gave guidance to this question, especially on the secrets of effective governance. Because, in general, stability, in order to be a part of any organization, must be the first thing in its strategy. Secondly, as a leader in the organization, you must talk about stability. After that, we will talk about clear policies. Before all this, because if we look at today’s governance in Saudi Arabia, when did it become a trend? After Prince Mohammed bin Salman spoke about it. And all his words, at the beginning of the day, became a trend in all sectors. So, today, one of the secrets of governance and stability, in order to be an integral part of the organization and the system, is the strategic stability. The language of the leader that prevails over all existing administrations. The third thing is to have clear policies to monitor its effectiveness at the level of these administrations. After that, we can talk about ESG and the sharing of interests. Today, the distributor, the bank, the government, all of them are an integral part of the system that is stable in all kinds of organizations. Regardless of the sector itself. Because today, honestly, stability suffers with us in its beginnings, like governance in its beginnings. To this day, they give it a label that it is more politics, more political. No, but it has another dimension. We must learn and speak from the beginning to be from the language of the leader in this system.

Huda lahaideb: Thank you very much, Ms. Zahra. Maybe the existence of legislations and systems today has become a necessary and decisive factor for any organization. My question is for Engineer Khaled. How do these systems and legislations affect the governance of environmental and social practices?

Mohandad Khaled: In fact, these systems and legislations affect the governance of environmental and social practices. Through the implementation of standards that must be adhered to by the organizations. It guarantees transparency and consistency in the integration of these standards in business and commercial operations. For example, in the Kingdom of Saudi Arabia, the direction of environmental, social and governance practices is formed through the vision of 2030. It does not require government organizations and companies to deal with initiatives, programs and programs of national stability. For example, the Green Saudi Initiative. At the international level, a number of voluntary institutions are formed. For example, the Institute for the Preparation of Global Reports, GRI, and the Council of Standards for Sustainability, SASS. These are the most famous standards in the field of sustainability. There are also international standards for the preparation of financial reports, such as the IFRS. Among them, the S-1 standard and the S-2 standard will have a great impact on companies in the coming years. Also, there are mandatory standards, including the European standards for the preparation of reports on sustainability. These are mandatory standards that will have a great impact on European companies. The goal of these systems, laws and standards is to unify ESG reports, enhance transparency and sustainable development through industries. Finally, staying up to date on systems and regulations ensures systematic commitment and strengthens credibility. It also strengthens the concept of competition governance, which allows organizations to deal with challenges strategically, while building trust with contributors, clients and business owners.

Huda lahaideb: Thank you very much.

Abdulrahman Al-Majed: This is a very important question. I will continue what my colleagues have said about implementing practices. Today, I believe that one of the pillars of success in implementing this standard or this practice is the strategic direction in higher management. Today, how do we ensure that higher management reflects these roles in one way or another at all levels of management in organizations? Today, we know that some organizations have regular meetings. There are four or five meetings a year. How do we, as a board or as a higher management, ensure that all these practices are implemented in one way or another? This is done through some policies that are ensured through practices such as higher management. At the same time, we ensure that we have an environment or a culture that has been established and established within the organization to adopt these practices. Also, the integration of these goals with the organization’s directions so that we can ensure that these practices are implemented. One of the most important tools that members of the board or higher management use is consistent performance reports or sustainability reports. This is very important. Today, we find that, as Engineer Khadr and Dr. Zahra have pointed out, there is a guidance document that was issued by the Financial Market Authority in cooperation with trade unions to organize the process of dissemination of these practices. It may not be necessary now, but in the near future, it is expected to be implemented. In the end, we can also talk about the issue of culture. Today, we must have a basic culture that supports this direction so that there is adoption of these technologies and work on it. This is possible in general. God bless you.

Huda lahaideb: God bless you. Ladies and gentlemen, I would like to move on to the third topic. We will talk about risk management in the context of environmental, social, and governance practices.

Dr. Zahra Al-Nasir: Of course, as you know, risk management is the backbone of any organization. Dr. Zahra, what is the relationship between risk management, environmental, social, governance, and the importance of the link between them? Of course, there is a comprehensive relationship between the two administrations. Risk management works on studying environmental and social risks in conjunction with the main specialist, ESG management. Of course, there are many organizations in general in any sector that do not have ESG management. However, ESG management is closely related to these practices. What is important is that it interacts, intersects, and integrates with risk management. From my practical experience, we found that the integration of the two administrations in the process of risk management, because it greatly affects the reputation, The relationship is there as a point of view, but it can be considered as an advanced one in terms of co-existence, to be honest. It needs a lot of high management and cooperation between the two administrations in a practical way. The most important thing is to evaluate the risks.

Huda lahaideb: Thank you for the question. An important question.

Mohandad Khaled: There are a number of ways that the organization can use to evaluate the risks, and then combine them in the framework of the risk management. Perhaps one of the most prominent ways is what is known as the risk map, where the risks are divided into two factors, which are the impact and the possibility. The possibility of the risks related to the ESG depends on a number of factors, such as the organizational environment, industrial directions, and the risk record of the organization. As for the impact on the ESG, it can be financial or non-financial. One of the financial impacts, for example, is the existence of fines and penalties on the organization, the loss of willpower, or the increase in costs. One of the non-financial impacts, for example, is the damage to reputation, legal liability, or the loss of credibility. One of the non-financial impacts is the loss of credibility. The risk assessment is based on the scenario analysis. This analysis is based on assumptions about the future, the impact of ESG, and then the evaluation of these impacts and the study of their impact on the organization’s strategy. Also, one of the methods used in risk assessment is what is known as interviews, either with employees, contractors, investors, and business owners to find out their opinions about the risks associated with ESG. Also, one of the methods used in risk assessment is by evaluating data, whether internal data for the organization or external data. All of these methods help accurately evaluate the risks associated with ESG.

Huda lahaideb: Thank you very much. There are important tools that can be used to manage risks associated with society and governance. Mr. Abdur-Rahman, please tell us about these tools.

Abdulrahman Al-Majed: Thank you. A large number of methods and approaches have been pointed out. There are things that may be specialized. Let’s agree that today there is no need for specialists in risk management. Additional tools are recognized, supported, and enabled so that we can reach decision-making. We have things called environmental impact analysis or assessment, and it is usually used by an environmental expert to be more informed. We also have, in addition to the scenarios mentioned by Mr. Mandis, we have things called life cycle assessment. This is usually at the production lines or products related to things that have nothing to do with the environment in one way or another. All of these, of course, are related in one way or another to the institutional risks and are used as tools to work on evaluating the impact in one way or another. An important part, I think, Mr. Khaled, regarding the use of data today, it is necessary to use the data in a suitable way so that we have a combination of advanced technologies, artificial intelligence, and things related to the impact on these data. This will help us a lot in predicting future risks and at the same time provide us with a suitable and good sustainability in one way or another. We have very successful experiments today. We have projects, God willing, now, if you notice, we have NEOM, we have, for example, some projects that have a relationship, for example, that have an impact in one way or another. We see that they put these considerations or standards in consideration and have become leading experiments and excellent practices. These are some of the tools that can be specialized in one way or another, in addition to the risk approaches.

Huda lahaideb: Thank you very much. Ladies and gentlemen, let’s move on to our last topic. We will talk about technological advancement and social responsibility and its impact on environmental, social, and governance heritages. Of course, we agreed that digital transformation has become the nerve of life in any organization. Let’s get to know Dr. Zahra about what are the modern technologies that organizations can adopt to guarantee the sustainability of their business and security, and how can we transform today’s numbers and these innovative technologies to prepare us for a more sustainable world.

Dr. Zahra Al-Nasir: Thank you. Thank you very much. Of course, Abu Abdallah and Abu Abdur-Rahman did not neglect some of these technologies, but in addition to that, even if I had the technologies, I would need an expert to know how to use these technologies. For example, we have artificial intelligence, and today we are advancing it rapidly, and it helps us rapidly in decision-making, machine learning, blockchain, and support chains as well. We have huge data to help us support decisions through expectations and analysis, and this data is available in general, and it can be used to enhance the other technologies, but we need an expert to help us read this whole system. This artificial intelligence does not work as you know. Today, the private sector in particular has many of these technologies that help them in the process of sustainability and work with consultants and entrepreneurs in these other countries. Honestly, I see the private sector in general today, and it is currently making great progress.

Huda lahaideb: Thank you very much. Social responsibility may have become an important issue in the development of human life. My question is for Engineer Khaled. What are the social responsibility programs that organizations can adopt in line with the goals of the SG?

Mohandad Khaled: Thank you for the question. It is an important question. In fact, there are many social responsibility programs that organizations can adopt to improve the lives of individuals in society. Maybe I will give some examples, and for example, organizations can adopt social partnerships with non-profit organizations in order to re-use computers and tablets with a small group of people. Also, programs and initiatives that aim to raise the educational level among members of society through training courses or educational grants for members of society. There are also initiatives to support small and medium-sized organizations. Maybe we will mention here, for example, a program that is presented by Aramco, where this program aims to strengthen the small and medium-sized organizations by allocating a portion of the purchases to local organizations. We are also working on the development of green cover and the fight against desertification, such as planting trees in desert areas. Also, organizations can adopt initiatives to transform diesel generators into renewable energy sources in order to reduce carbon emissions. These are just a few examples of such initiatives. I think there are many initiatives and various programs. Also, there are various ideas that can be transformed into programs and social initiatives that contribute to achieving the goals of sustainable development. I just want to add a point here.

Dr. Zahra Al-Nasir: Thank God, we have advanced sectors in Saudi Arabia. In the past, before the term ESG came out, whether in donations or institutional support or charitable support, we may be starting with the environmental part today, but in terms of other things, we are advanced. So, we have advanced in the past, but today there is a development and a competition between companies.

Huda lahaideb: Thank you very much. We know the importance of integrating environmental, social and governance assets with digital transformation strategies, and it is natural that this integration creates challenges. My last question is for Mr. Abdurrahman. What are the main challenges and how can we overcome them?

Abdulrahman Al-Majed: Thank you very much. I would like to start with the challenges related to what Dr. Zahra said. About a week ago, we had the COP16 conference, which is the largest conference in terms of what Dr. Zahra said. Today, there is a lot of movement on this side, and we see that there is a suitable response. How do you see the general strategy for innovation related to this side? I hope that we will see a bright future. I return to the question of Mr. Huda regarding the challenges. In my opinion, today I see that resistance is the biggest factor and the biggest challenge facing any organization or any side striving for change, and not accepting change and rejecting it. This is perhaps the biggest challenge. And this, of course, dealing with it has become a certain methodology and methods in order to facilitate the process of change, including, for example, the individual, the institutional culture in the organization in general, and at the same time, the process of incentivizing in one way or another to adopt such practices. We also have, as Dr. Zahra said, the subject of technologies. Today, one of the most important challenges is the absence of mature and suitable data to use in order to build decisions on it. Also, perhaps, before the workshop, there was a conversation with your team, and the team, God willing, was the director of the world of governance. Today, we were talking about the subject of governance and measurement, and how to implement measurements, and how to implement all these topics. Today, if the measurements are not present, and there is no clear measurement machine to determine the maturity level in it, it will be very difficult to use it. These are perhaps the most important challenges that may face the process of adoption. God bless you.

Huda lahaideb: God bless you. Mohandad Khaled, Dr. Zahra, if you have any additions before we conclude the session.

Dr. Zahra Al-Nasir: My last addition with the challenge that I preferred in Coop60, I personally downloaded it, and it was very great, and I am looking forward to the coming days, and all the things, execution and implementations. But from the challenge also, maybe Abu Abdullah, that the resistance, they talk a lot about sustainability, but I notice from some leaders, some, the leaders have resistance to sustainability, they do not believe in it until now, as a part of the process, or the language of implementation and execution. You must believe in it, so that we can see and touch it on the ground soon.

Huda lahaideb: Very nice, Mohandad Khaled.

Mohandad Khaled: I would like to add one of the important challenges in this subject. Of course, environmental practices are an issue that has arisen in recent years. The main challenge is the resistance to change. It is natural that we find many organizations, especially private organizations, or family companies, even if they are large companies, may be in resistance to this change. Perhaps, looking at the importance and role of these practices, and raising awareness in them will reduce the resistance to change, and also the existence of governmental standards to evaluate these practices will help and make a competition in the implementation of these practices, God willing.

Huda lahaideb: Very nice, God bless you. Of course, in the end, I would like to thank you for your presence and your time, and I would also like to thank our distinguished guests with us today, Dr. Zahra, Mohandad Khaled, Mr. Abdur Rahman, for hosting this session with your warm speeches and discussions, and your valuable experiences. So, thank you very much, and we are moving towards a sustainable digital future. Thank you very much. Thank you. God bless you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.

Agreement Points

Importance of sustainability and ESG practices

speakers

Dr. Zahra Al-Nasir

Mohandad Khaled

Abdulrahman Al-Majed

arguments

Sustainability meets current needs without compromising future generations

ESG practices are measurable standards for evaluating organizational performance

summary

All speakers agreed on the significance of sustainability and ESG practices in modern organizations, emphasizing their role in meeting present needs while considering future impacts.

Challenges in implementing ESG practices

speakers

Dr. Zahra Al-Nasir

Mohandad Khaled

Abdulrahman Al-Majed

arguments

Resistance to change is a major challenge in implementing ESG practices

summary

The speakers concurred that resistance to change, particularly from leadership, is a significant obstacle in implementing ESG practices within organizations.

Role of technology in enhancing sustainability efforts

speakers

Dr. Zahra Al-Nasir

Abdulrahman Al-Majed

arguments

AI, blockchain and big data can enhance sustainability efforts

Specialized tools like environmental impact analysis support risk management

summary

The speakers agreed on the importance of leveraging modern technologies and specialized tools to support sustainability efforts and risk management in the context of ESG.

Similar Viewpoints

Both speakers emphasized the importance of clear policies, legislations, and systems in effectively implementing and governing ESG practices within organizations.

speakers

Dr. Zahra Al-Nasir

Mohandad Khaled

arguments

Effective governance requires strategic stability and clear policies

Legislations and systems affect governance of environmental and social practices

Both speakers highlighted the close relationship between risk management and ESG practices, discussing various methods for evaluating and managing ESG-related risks.

speakers

Dr. Zahra Al-Nasir

Mohandad Khaled

arguments

Risk management is closely related to ESG practices

Organizations can use risk maps and scenario analysis to evaluate ESG risks

Unexpected Consensus

Progress in social responsibility initiatives

speakers

Dr. Zahra Al-Nasir

Mohandad Khaled

arguments

Organizations can adopt various social responsibility programs aligned with ESG goals

explanation

Despite focusing on different aspects of ESG, both speakers unexpectedly agreed on the advanced state of social responsibility initiatives in Saudi Arabia, noting that many programs were in place even before the term ESG became popular.

Overall Assessment

Summary

The speakers demonstrated a high level of agreement on the importance of sustainability and ESG practices, the challenges in implementation, and the role of technology in supporting these efforts. They also shared similar views on the relationship between governance, risk management, and ESG practices.

Consensus level

The level of consensus among the speakers was notably high, with agreement on core concepts and challenges. This strong consensus implies a shared understanding of the importance of ESG practices and the need for continued efforts in implementation and overcoming resistance to change in organizations.

Different Viewpoints

Unexpected Differences

Overall Assessment

summary

The speakers demonstrated a high level of agreement on the main topics discussed, including the concepts of sustainability and ESG, the importance of governance and risk management, and the role of technology in supporting these efforts.

difference_level

The level of disagreement among the speakers was minimal to non-existent. This high level of agreement suggests a shared understanding of the importance of sustainability and ESG practices in modern organizations. It also implies that there is a growing consensus on the need for integrating these practices into business strategies and operations. The lack of disagreement may indicate that the field of sustainability and ESG is becoming more established, with common frameworks and understandings emerging across different sectors and expertise areas.

Partial Agreements

Similar Viewpoints

Both speakers emphasized the importance of clear policies, legislations, and systems in effectively implementing and governing ESG practices within organizations.

speakers

Dr. Zahra Al-Nasir

Mohandad Khaled

arguments

Effective governance requires strategic stability and clear policies

Legislations and systems affect governance of environmental and social practices

Both speakers highlighted the close relationship between risk management and ESG practices, discussing various methods for evaluating and managing ESG-related risks.

speakers

Dr. Zahra Al-Nasir

Mohandad Khaled

arguments

Risk management is closely related to ESG practices

Organizations can use risk maps and scenario analysis to evaluate ESG risks

Key Takeaways

Sustainability aims to meet current needs without compromising future generations’ ability to meet their needs

ESG (Environmental, Social, Governance) practices are measurable standards for evaluating organizational performance

Effective governance requires strategic stability, clear policies, and leadership commitment

Risk management is closely intertwined with ESG practices and crucial for organizational success

Technology like AI, blockchain, and big data can enhance sustainability efforts

Social responsibility programs aligned with ESG goals can improve community life

Resistance to change is a major challenge in implementing ESG practices

Resolutions and Action Items

Organizations should integrate ESG considerations into their strategies and operations

Companies need to adopt appropriate technologies and tools to support ESG implementation

There’s a need to raise awareness about the importance of ESG practices to reduce resistance to change

Unresolved Issues

How to effectively measure and quantify the impact of ESG practices

How to address the lack of mature data for decision-making in ESG implementation

How to overcome leadership resistance to sustainability initiatives in some organizations

Suggested Compromises

None identified

Today, ESG has become a trend. Why did we start with ESG? Many people do not know or have never talked about ESG. Why did we start with the environment? Because the environment is the nature we live in, and then the society we work in, and then we need to clean it.

speaker

Dr. Zahra Al-Nasir

reason

This comment provides insight into the prioritization and rationale behind ESG initiatives, explaining why environmental concerns often take precedence.

impact

It set the tone for discussing ESG as an integrated concept and prompted further exploration of its components throughout the conversation.

Sustainability and ESG share a common goal in terms of enhancing responsible practices and reducing environmental impacts on the environment and society. However, both work at different levels and serve various purposes.

speaker

Mohandad Khaled

reason

This comment clarifies the relationship between sustainability and ESG, highlighting their similarities and differences.

impact

It helped differentiate between these often conflated concepts, leading to a more nuanced discussion of their roles in organizational practices.

Today, one of the secrets of governance and stability, in order to be an integral part of the organization and the system, is the strategic stability. The language of the leader that prevails over all existing administrations.

speaker

Dr. Zahra Al-Nasir

reason

This insight emphasizes the crucial role of leadership in implementing ESG and sustainability practices.

impact

It shifted the conversation towards the importance of top-down commitment in driving organizational change related to ESG and sustainability.

Today, we must have a basic culture that supports this direction so that there is adoption of these technologies and work on it.

speaker

Abdulrahman Al-Majed

reason

This comment highlights the importance of organizational culture in successfully implementing ESG practices.

impact

It broadened the discussion to include cultural aspects of ESG implementation, beyond just policies and technologies.

We have things called environmental impact analysis or assessment, and it is usually used by an environmental expert to be more informed. We also have, in addition to the scenarios mentioned by Mr. Mandis, we have things called life cycle assessment.

speaker

Abdulrahman Al-Majed

reason

This comment introduces specific tools and methodologies used in ESG risk assessment, providing practical insights.

impact

It moved the conversation from theoretical concepts to practical applications, enriching the discussion with concrete examples of ESG implementation.

Overall Assessment

These key comments shaped the discussion by progressively deepening the understanding of ESG and sustainability concepts. They moved the conversation from defining basic terms to exploring practical implementation challenges, the role of leadership and organizational culture, and specific tools used in ESG practices. The discussion evolved from a general overview to a more nuanced exploration of how ESG principles are applied in real-world organizational contexts.

How can organizations effectively implement and measure the impact of ESG practices?

speaker

Abdulrahman Al-Majed

explanation

This was implied when discussing the challenges of implementing ESG practices, particularly the need for clear measurement mechanisms to determine maturity levels in organizations.

What strategies can be employed to overcome resistance to change in implementing sustainability and ESG practices?

speaker

Abdulrahman Al-Majed and Mohandad Khaled

explanation

Both speakers identified resistance to change as a major challenge in adopting ESG practices, suggesting the need for further exploration of effective strategies to address this issue.

How can organizations better integrate ESG considerations into their risk management processes?

speaker

Dr. Zahra Al-Nasir

explanation

Dr. Zahra mentioned the need for better integration between ESG management and risk management, indicating an area for further research on practical integration methods.

What are the most effective ways to use artificial intelligence and big data in supporting ESG decision-making and risk assessment?

speaker

Abdulrahman Al-Majed and Dr. Zahra Al-Nasir

explanation

Both speakers mentioned the potential of AI and big data in ESG practices, suggesting a need for further research on practical applications and best practices.

How can organizations develop a culture that supports and embraces ESG practices?

speaker

Abdulrahman Al-Majed

explanation

This was mentioned as an important factor in successfully implementing ESG practices, indicating a need for further research on cultural change strategies.

What are the implications of upcoming mandatory ESG reporting standards, such as those in Europe, for global organizations?

speaker

Mohandad Khaled

explanation

The speaker mentioned new mandatory standards, suggesting a need for further research on their global impact and how organizations can prepare.

How can organizations effectively balance the environmental, social, and governance aspects of ESG in their strategies and operations?

speaker

Dr. Zahra Al-Nasir

explanation

The discussion touched on the different aspects of ESG, implying a need for research on how to effectively balance and integrate all three components.