Sustainability Language

Reporting, Disclosure & Frameworks

Impacts, risks and opportunities (IROs)

Impacts, risks and opportunities are the effects an undertaking has or may have, the sustainability-related uncertainties it faces, and the potential benefits it may realise.

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Definition

Impacts, risks and opportunities (IROs) are the actual or potential effects of an undertaking on people or the environment, the sustainability-related uncertainties that may affect the undertaking, and the opportunities that may create benefits for the undertaking or others.

Overview

What it means in practice

IROs are more specific than broad topics. Climate change may be a topic; a factory's water impact, a transition-related cost exposure or a low-carbon product opportunity is an IRO that can be assessed, managed and reported.

Why it matters

Separating impacts, risks and opportunities prevents materiality work from becoming a generic list of sustainability themes. It connects evidence to decisions, disclosures, policies, actions and targets.

Common misconception

An impact on people or nature is not automatically the same as a financial risk to the undertaking, although the two can be connected. The relevant lens and time horizon should be stated.

Review

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How comments are used

Editors compare reviewer cards side by side. AI may help find agreement, conflicts, unsupported claims and possible source issues.

What gets published

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Review board

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1Separate reviewer cards

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2AI comparison

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3Editor synthesis

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