Guiding the way to convert risks as a tool for sustainability

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Entitled 'Corporate Responsibility Risk Assessment and the UN Global Compact', under the patronage of His Highness Sheikh Hamdan bin Mohammad bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, the day-long seminar drew in the attendance of a diverse assembly of delegations from major public and private sector companies.

Facilitated by Det Norske Veritas (DNV) and the United Nations Global Compact Office, the seminar engaged the delegation in aiding companies to use international codes and standards to better advantage and to embed ESG (environmental, social, governance) issues in their corporate strategy.

The first half of the workshop was rolled out by Dr. Vijay Rao, HSEQ and CSR Specialist from DNV(a leading international provider of services for managing risk), who provided a framework for companies to assess and manage emerging social risks which they encounter and emphasized the contribution of CSR programs to managing such risks.

This was followed by a panel discussion on the methodology outline of risk assessment; which received active participation from both the panelists and members of the delegation.

The panel comprised of Dr. Rao, EEG Chairperson Habiba Al Marashi, and top-level representatives from Sama Dubai and W.S. Atkins.

Media Relations and Public Affairs Manager of the UN Global Compact Office and focal point for the MENA region, Matthias Stausberg, led the second session of the workshop.

Adhering to the day's theme of assessing social risk, Mr. Stausberg introduced the UN Global Compact initiative as an example of a code of conduct to help companies understand and address such issues.

This second session was supported by firsthand perspectives from the Swiss Experience of the Global Compact presented by Swiss Ambassador to the UAE His Excellency Wolfgang A. Bruelhart; and the Global Compact Participant Experience of Energy Management Services presented by Environmental and Sustainability Manager Samuel Keehn.

The workshop could not be timelier as increasingly, companies in the region are entering global markets and vice versa, global companies are entering the local arena.

Globalisation offers an array of opportunities to companies, but also poses new sources of uncertainty and risk for both local and global corporations.

Due to the combined nature of the workshop, there was also an opportunity for EEG's CSR Network members as well as GCC Global Compact participants to interact and exchange knowledge and experiences.

Further, a unique networking session ensued between representatives of the GCC Local Network Steering Committee, Matthias Stausberg and the GCC participants.

This was also the first time that a workshop has been catered by the EEG CSR Network to both its members and Global Compact participants from the Region.