Environmental, Social, and Governance (ESG) refers to processes, standards, or goals organizations use to implement and measure their sustainability efforts and ethical considerations across the business. ESG increasingly falls under procurement's scope, and it can involve activities like supplier screening, risk or performance monitoring, data analysis, and regulatory research.
When procurement has a strong ESG focus, they can help the business maintain compliance throughout their supply chain, minimize risk exposure and costs or penalties associated with noncompliance, contribute to the brand, enhance employee satisfaction and employer brand reputation, and drive innovation for the business.
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