Month: March 2024

As investors, customers, and employees demand more transparency and responsibility from organizations, ESG compliance has become a key focus for businesses worldwide. Read more about the compliance journey below. 

Understanding ESG Compliance

ESG compliance refers to the integration of environmental, social, and governance considerations into a company’s operations and decision-making processes. This holistic approach goes beyond traditional financial metrics to assess a company’s long-term sustainability and impact on society and the environment.

The Importance of ESG Compliance

ESG compliance is no longer just a matter of corporate social responsibility; it is now a business imperative. Companies that prioritize ESG considerations can benefit in several ways:

1. Risk Management
   

   By identifying and mitigating ESG risks, companies can protect their reputation, avoid regulatory fines, and enhance their resilience to external shocks.

2. Cost Savings
   

   Implementing sustainable practices can lead to cost savings through improved efficiency and resource management.

3. Access to Capital
   

   Investors are increasingly considering ESG factors when making investment decisions. Companies that demonstrate strong ESG performance may have better access to capital and lower borrowing costs.

4.  Enhanced Brand Value
   

   ESG compliance can enhance brand reputation and attractiveness to customers, employees, and other stakeholders.

The ESG Compliance Journey

Embarking on the ESG compliance journey involves several key steps:

How can Rimm help?

ESG compliance is no longer a choice for companies; it is a business imperative. By embracing ESG principles, companies can enhance their long-term sustainability, mitigate risks, and create value for all stakeholders. While the ESG compliance journey may be challenging, the benefits far outweigh the costs. Rimm’s flagship solution – myCSO, an AI-powered tool that helps companies of all sizes in their sustainability journey. myCSO helps companies create sustainability reports with a high degree of transparency and accuracy. Companies can benchmark against their peers with Rimm’s proprietary database of 20,000+ companies. Our proprietary assessment tool aligns to the emerging winners among industry frameworks (CSRD, TCFD, UN SDGs, UN Positive Impact Initiative etc.) and involves detailed analysis powered by Rimm with input from selected stakeholders (management, Board, investors, colleagues etc). Start your journey today and position your company for success in a rapidly changing world.

Interested to learn more about our solutions? Book a session to talk with our team today. 

Singapore, a global hub for finance and commerce, is taking proactive measures to address climate change. One of these measures involves requiring climate-related disclosures from companies listed on the Singapore Exchange (SGX) and some non-listed entities. Find out what it all entails in our blog below.

The Need for Climate-Related Disclosures:

Global climate change poses significant risks to economies, businesses, and societies. The effects of climate change include physical damage to infrastructure, disruption of supply chains, regulatory changes, and reputational risks for companies.

Risks and opportunities associated with climate change are increasingly recognized by both companies and investors, influencing their business decisions. When companies provide transparent, reliable information on their sustainability performance, they are better equipped to meet demands from their lenders, customers and investors, which will elevate Singapore’s position as a green economy. 

Key Components of Reporting Requirements:

As of 2025, Singapore will require SGX-listed companies and certain non-listed entities to begin disclosing climate-related information in accordance with IFRS International Sustainability Standards Board (ISSB) standards. 

Reporting Timeline 

2025: Scope 1 and 2 Emissions need to be reported
2026: Scope 3 emissions, or value-chain emissions to be reported
2027: To obtain external limited assurance on Scope 1 and 2 GHG emissions two years after reporting from an independent auditor. 
2029: Large non-listed companies will report on Scope 3 Emissions by this year

The Important Details

1. Scope and Coverage: The reporting requirements will apply to a broad range of companies, including publicly traded companies listed on the SGX and some non-listed entities that meet specified criteria. Taking into account companies across different industries, the reporting framework provides a comprehensive view of Singapore’s corporate landscape.
2. Disclosure Standards: Companies will be required to adhere to internationally recognized disclosure standards, specifically the recommendations of the ISSB and other relevant frameworks. Companies can use these standards to disclose climate-related risks, governance, strategy, and metrics uniformly and comparably.
3. Reporting Guidelines: Singapore’s regulatory authorities will issue guidelines and templates to help companies comply with reporting requirements. Reporting formats, deadlines, and information companies need to disclose will be outlined in these guidelines.
4. Compliance and Enforcement: Companies will be expected to comply with reporting requirements and ensure the accuracy and completeness of their disclosures. Companies that do not comply with regulatory requirements may be penalized or sanctioned. Integrity and credibility are upheld by Singapore by enforcing compliance.

What are the Benefits, Challenges and Opportunities ahead? 

How can Rimm help?

Rimm provides their clients with an award-winning ESG solution – myCSO which is fully powered by AI. Our solution can help Singaporean companies to stay ahead of the curve. Our automated reporting is aligned to all major ESG standards around the globe including ISSB. Our unique solution known as Transition Risk 360 (TR360) can assist companies in tracking their climate-related risks and track their carbon footprint more effectively and efficiently. The TR360 tool assesses your company’s transition risk as the market moves towards a low-carbon economy. Other Risk management tools include Risk rating and Risk approximation which can help a company mitigate risks which can predict risk intervals with a high degree of accuracy. 

For a limited time, Singaporean corporations and enterprises will be able to benefit from up to 70% grant support* that is government-approved when you utilize Rimm’s solutions, making climate reporting more accessible than ever before.

Sign up for the grant here!
*Terms and Conditions Apply

Interested to learn more about our solutions? Book a session to talk with our team today. 

Happy International Women’s Day! For this year’s theme of #InspiringInclusion, we take a look into how DE&I are embedded into the core of Rimm and into our own lives.

Why is International Women’s Day important?

Every year since its inception the world celebrates International Women’s Day, placing a spotlight on the achievements of women and raising awareness of the need to continually strive for women’s equality. Through leadership, activism and education, women have profoundly shaped the world we live in today, and the COVID-19 pandemic shined a spotlight on the critical role women play in services essential to society. Despite this, economic disparity and uneven access to certain opportunities still exist between men and women, highlighting the joint need to both celebrate the achievements of women today and raise awareness of the changes needed for the women of tomorrow. 

How are equality and inclusion considered at Rimm?

As an organization that champions the uptake of more environmental, social, and governance-driven decision-making, equality and inclusion are important topics for us to engage with and act on. 

Championing equality and inclusion as a workplace
With offices in Singapore, London and Japan, our workplace is culturally and racially diverse, something which we value as an organization as a diverse workforce means multiple viewpoints and experiences, which supports innovation and creativity. From c-suite to interns, women sit at all levels of our business and represent almost half of our employee base.

Including social factors in our ESG assessments 
Equality and inclusion are key facets of social responsibility, and firms who wish to improve the social aspects of their operations must first measure how they are currently performing. When completing certain ESG assessments on our platform, myCSO, companies are asked questions related to equality and inclusion such as the gender ratio in their employee base, board diversity and certain welfare indicators in their supply chain. By collecting this data and comparing it to global standards or benchmarking it to their peers, organizations can identify where to start and what actions to take to improve equality within their business. 

Hear from the women at Rimm

To celebrate International Women’s Day, we asked Rimm employees what inspiring inclusivity means to them, and how they aim to do so in their everyday lives. 

“Inclusion is essential in creating a harmonious and safe environment for everyone to thrive and flourish, where no one is discriminated against for their background, gender or sexuality. Inspiring this movement starts by putting our foot down against inequality, in all aspects of our lives.”
~ Andrea Sim McWhinney, Brand and Product Communications Lead

“Building an integrated society is critical to address the major challenges confronting humanity.”
~ Geraldine Bouveret, Chief Research Officer 

“To me, inspiring inclusion means creating an environment where people feel psychologically safe to share their thoughts and ideas, regardless of who they are. Establishing this as a foundation is key to allowing people to feel included and valued, both in and out of work.”
~ Lauren Satchwell, Integrated Marketing Lead

“To me, #InspireInclusion encompasses various principles, but foremost among them is the recognition that we all inhabit the same planet and must respect each individual regardless of gender, sexual orientation, or beliefs.”
~ Susana Cristina Moreira Pedro , Product Manager

Interested to learn more about our solutions? Book a session to talk with our team today.