A2: Existing risk mitigation and risk and opportunity management

Guiding Question: What existing risk mitigation and risk and opportunity management approaches are we already applying?

Introduction

Organisations should identify the specific risk mitigation and risk and opportunity management processes and elements that may need to be adjusted to integrate nature-related risks and opportunities, as well as the functions and departments responsible for those processes and elements. (Aligned with Step 2 of TCFD).

An important aspect of integrating nature-related risks and opportunities into existing processes is to understand how risk and opportunity management and strategic planning tie together and the relevant key stakeholders. In this regard, it may be helpful to review key governance, strategy setting and risk management elements and then identify the various functions involved in risk management activities that support strategic planning. Refer to TCFD for further details on their related Step 2.[1]

Key principles for integrating nature-related risks and opportunities into existing risk and opportunity management frameworks

The TNFD adopts five principles for integrating nature-related risks and opportunities into existing risk and opportunity management frameworks. The TNFD aligns with the TCFD’s four principles (interconnections, temporal orientation, proportionality and consistency) and adds an additional nature-specific principle of ‘location-based’ to emphasise that dependencies and impacts on nature are specific to particular locations.

Additional Content

Useful Tools and Platforms

The following tools and platforms have been carefully selected by the TNFD to help support you in completing this phase of the LEAP process.

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