Multiple emerging environmental, social, and governance (ESG) and disclosure standards pose legal and operational risks to many companies, but also opportunities to improve reporting and get ahead of requirements, a new report said.

The Conference Board’s report, “Cutting Through Complexity–Managing International ESG Disclosure,” published Thursday, provided guidance on how firms can reconfigure their governance, policies, and procedures to better and more accurately capture ESG and sustainability data.

The report also discussed the benefits of prioritizing ESG and sustainability initiatives and aligning those priorities internally, which help meet varying disclosure obligations that “expose organizations to compliance risks, drive up operational costs, and overburden staff responsible for reporting,” the survey authors said in an accompanying press release.