Corporate Sustainability Report - Flipbook - Page 76
Sustainability Report
and net basis, ie without considering existing
mitigations and then with existing mitigations.
Climate strategy scenarios are also used to
quantify the impacts the risks may have on the
business.
The processes for managing climate-related
risks
As mentioned above in the ‘Governance’ and
‘Strategy’ sections, climate-related risks are
identi昀椀ed through horizon-scanning sessions
including subject matter experts and the
Access Management Team. These are tabled
by the Director of Sustainability at the Risk
Committee. Following review by the Risk
Committee, climate-related risks are tabled at
the ESG Steering Committee and the Audit &
Risk Sub-Committee.
Once identi昀椀ed, risks are prioritised using
a risk matrix approach which assesses the
potential impact on the Group and the
likelihood of occurrence. Risks are assessed
over the short-, medium-, and long-term on
both a gross basis and net basis, i.e. without
considering existing mitigations and then with
existing mitigations, respectively.
A formal risk assessment review is undertaken
annually to prioritise principal risks using
the above de昀椀ned risk matrix (impact equals
level of hazard vs likely probability). Potential
appropriate actions are also identi昀椀ed. These
risks and actions are presented to the Chief
Financial O昀케ce, the Access Management
Team, the Audit and Risk Committee, and the
Board, in昀氀uencing business strategy.
Access routinely monitors for emerging
regulatory developments, complies with
reporting requirements, annually benchmarks
its performance against climate and corporate
sustainability targets, and develops speci昀椀c
action plans for carbon reduction.
Good examples of this are the decisions
for Access to reduce its car 昀氀eet as much
as is possible and to move any remaining
leased cars to electric models. Access has
also implemented an energy performance
site selection programme, where the energy
e昀케ciency of new buildings is considered
before leases are secured or renewed.
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How processes for identifying, assessing
and managing climate-related risks
are integrated into the overall risk
management process
A formal risk assessment review is
undertaken. As mentioned above in the
‘Governance’ and ‘Strategy’ sections, climaterelated risks and opportunities are identi昀椀ed
through horizon-scanning sessions including
subject matter experts and the Access
Management Team. These are tabled by
the Director of Sustainability at the Risk
Committee. Following review by the Risk
Committee, climate-related risks are tabled at
the ESG Steering Committee and the Audit &
Risk Sub-Committee.
Potential risks related to existing and future
regulation, reputation and markets, potential
昀椀nancial impacts, and physical climate change
are all considered carefully. Furthermore, as
part of our broader sustainability strategy,
we will continue to review and identify
opportunities to educate employees on the
impact of climate change and what it means
for Access.
Using the insights developed from climate
scenario analyses, our education programme
will support employees to consider climate
risk and opportunities practically as part of
ongoing day-to-day and risk management
activities.
Metrics and targets
The metrics used by the organisation
to assess climate-related risks and
opportunities in line with its strategy and
risk management process
Access uses two metrics to assess its carbon
emissions and measure its climate change
impact: absolute Scope 1 and 2 emissions,
and Scope 3 economic emissions as a function
of gross pro昀椀t (£m) and full-time equivalent
employees (FTE).
Access is in the process of developing its
transition plan to achieve near-term targets
following which we plan to submit it to the
Science Based Target initiative (SBTi) for
validation.
An example of strategy alignment is the
initiative to reduce its car 昀氀eet as much as is
possible and to move any remaining leased
cars to electric models as soon as possible.
