Guiding Question: What existing risk mitigation and management approaches are we already applying?
Identify and acknowledge existing location-specific or enterprise-wide risk mitigation actions that are already being taken
As part of the assessment of which nature-related risks remain material to the organisation, it is important to identify and acknowledge existing location-specific or enterprise-wide risk mitigation actions that are already being taken. These actions may already be helping to eliminate, mitigate or offset nature-related dependencies, impacts and risks in each priority location identified.
Because of the dynamic feedback loops over time between dependencies and impacts, it is important that risk mitigation addresses both in the short term. Unaddressed short-term impacts that continue to adversely impact the integrity and resilience of ecosystems can leave an enterprise exposed to greater dependencies and risks in the future and in ways that are hard to predict given the ‘tipping point’ character of many feedback loops in ecosystems.
Consistent with standard enterprise risk management practices, organisations are encouraged to create a registry of nature-related risks by location and identify current initiatives to mitigate and manage those risks.