- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Neil Hodge2022-01-20T12:13:00
The United Kingdom has paved the way for companies to report on the future financial impact of climate risks, but the process is far from easy and rates of noncompliance—at least initially—could be high.
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A study of leading global companies including Amazon, Google, Walmart, and Volkswagen has found many firms are exaggerating or misreporting the progress they are making to meet their own environmental targets.
SEC Chair Gary Gensler has hinted the agency’s highly anticipated climate-related disclosure rules will likely be pegged to an international framework, specifically mentioning the Task Force on Climate-Related Financial Disclosures. How can the TCFD help companies prepare for what’s ahead?
The U.K. Financial Reporting Council will prioritize climate-related financial disclosures in company accounts and climate risks in audits as key areas of supervisory focus for 2022/23.
Breaches of the EU’s GDPR can cost companies substantial sums and huge reputational damage. Now some are warning that the implementation of the EU’s AI Act will be just as far-reaching, and could potentially lead to similar numbers of cases.
Any product that uses AI needs to be safety assessed for its entire lifespan under new rules that went into effect recently across the EU. Experts warned companies using AI to tailor products could be classed as “manufacturers” and face the same duty of care as developed.
When lawmakers slam the U.K.’s chief financial regulator as “incompetent,” it not only opens the doors for others to pile criticism on it, but it sparks a debate about how the organization can be improved–or removed.
