In the current business and regulatory environment, which is constantly changing and evolving, companies aspire to meet today's requirements effectively, while creating value on sustainable terms.

Now, the application of good corporate governance principles, continuous compliance with the regulatory framework and ensuring sustainable development are interconnected concepts, and consist part of every company’s strategy, regardless of the industry in which it operates.

Utilizing our experience and knowledge in matters of risk management, compliance, corporate governance and sustainability, we provide personalized solutions that will strengthen the structures of your business, while significantly improving its performance. Through a wide range of specialized services, Grant Thornton contributes to the correct decision-making of your organization, having initially evaluated both your way of operating and the external environment, as well as creating value for all stakeholders.

Our Environmental, Social, Governance, Risk Management & Compliance (ESGRC) team offers you all the necessary equipment in order to fully understand the regulatory framework, to draw up a strong strategic plan and to take firm steps ahead.

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Risk Management & Compliance

Our solutions

We deliver bespoke solutions that strengthen governance structures and improve the effectiveness of internal control and risk management system, which will underpin corporate performance as well as ensuring regulatory compliance. Our risk assurance and advisory services include:

Internal Audit Services

We work as a collaborative partnership with you through our senior, certified and high experienced internal auditors, covering all aspects of an internal audit function.

Our services include:

  • Internal audit outsourcing / co-sourcing
  • External Quality Assessment Review (QAR)
  • Internal Audit Advisory (Bespoke training and advice)
  • Internal Audit Activity Transformation

The business issue today

The increased regulatory demands require organizations to improve and mature their business practices, gain independent and objective assurance over the effectiveness of internal controls and risk management.

Benefits expected

  • Better, accurate, timely and complete monitoring
  • Greater transparency and accountability for the integrity of internal controls systems that support business decisions and governance of the company
  • Use of, and reliance on, evolving technologies
  • Helping protect assets and reduce the possibility of fraud
  • Improved efficiency in operations
  • Increased financial reliability and integrity
  • Compliance with laws and regulations

Corporate Governance advisory

As organizations seek to give stakeholders greater confidence, they face ever increasing pressure to demonstrate best practice corporate governance.  Whether your company is fully listed or a private company wishing to adopt best practice, we work with you to develop bespoke solutions that strengthen governance structures which will underpin corporate performance as well as ensuring regulatory compliance.

Our services include:

  • Comprehensive gap analysis of corporate governance framework, development of recommendations (roadmap)
  • Benchmarking to the leading National and International Corporate Governance frameworks / codes
  • BoD and BoD Committees’ effectiveness assessment
  • BoD and BoD Committees’ bespoke training and awareness
  • Governance operating model advisory (Policies, charters and processes mapping)

The business issue today

Key stakeholders’ needs for greater confidence and increased regulatory demands act as a pressure lever for organizations to demonstrate best practice in corporate governance.

Benefits Expected:

  • Ensuring compliance with laws and regulations through tailored made solutions
  • Adopting a more efficient and transparent decision-making process
  • Enhancing the company's reputation
  • Smoother adoption of changes in complex business and operating environments
  • Strengthening business performance and satisfaction of investor expectations

Risk & Compliance Services

We provide the advice necessary to help you manage risk, realize opportunities and improve your business performance. We regularly work with organizations of all sizes and sectors to assist them develop and embed their risk. We support them in connecting risk thinking to their business or strategic objectives as well as day-to-day management activity.

Our services include:

  • Enterprise Risk Management advisory
  • ISO 37001(anti-bribery) advisory
  • (Regulatory) Compliance
  • AML - KYC advisory
  • SOX compliance
  • Internal Controls Attestation (ISAE3402, SOC etc.)

The business issue today

Risk management as well as Compliance are recognized as integral components of good management and governance and enable organizations to minimize losses and maximize opportunities.

Benefits expected:

  • Substantive business continuity
  • Successful treatment of risks has important benefits of operational efficiencies and profitability
  • Compliance with laws and regulations
  • Quality Improvements
  • Greater operational efficiency which improves returns to stakeholders
  • Trust and brand loyalty are strengthened
  • Drive better outcomes
  • Reduced organizational risk
  • Relationships with regulators and other stakeholders are enhanced
  • Firm’s reputation is protected

ESG & Sustainability

 

Why should businesses comply with sustainable development principles and strategies?

Decreasing expenses and reducing risks

Internal procedures are carried out more efficiently, making the most limited use of resources and energy, while increasing productivity. Moreover, the risk of sanctions or fines imposed for environmental, human or labor rights issues is reduced.

Attracting investors / Access to financing

The “Global Sustainable Investment Review 2018” released by the Global Sustainable Investment Alliance reveals that globally managed total assets, committed to sustainable, responsible or ethical investment strategies, increased by 34% within two years. The trend suggests that there is a significant shift in investors’ interest in socially responsible companies, since such enterprises are recognized as those demonstrating lower exposure to risks and, at the same time, recording better growth prospects.

Increasing sales and clients’ satisfaction

Consumers are further and further showing their interest in the way businesses address the particular issues. GlobeScan Radar/BBMG Survey reveals that 52% of respondents estimate that they have already "punished" a company that acted irresponsibly in respect of environmental or social matters. Thus, communicating Corporate Responsibility strategies is an issue of great significance.

Satisfying employees and partners

The corporate culture is being adapted and diffused throughout the organization, improving employees’ engagement levels. At the same time, new channels of communication are created with customers, suppliers and the wider society, in order to effectively respond their needs and expectations.

Ensuring business success

An organization sets a sustainable base for long-term economic success, effectively enhancing its contribution to addressing environmental and social issues. The organization strengthens its professional reputation, ensuring an additional competitive edge.

Protecting the environment

This issue goes beyond just feeling "good" about the environment. Among the many benefits are cost reduction, especially in terms of energy consumption, increased recognition of the company for its environmentally friendly efforts, which help its brand, but also gaining a lead over the competition, leading to attracting new customers looking for products and services from environmentally friendly companies.

Businesses that remain committed to the principles and strategies of sustainable development, improve their: 

  • Competitive advantage
  • Brand image
  • Mutually beneficial relationships with stakeholders
  • Employees’ engagement
  • Value generated and distributed to all the stakeholders
  • Legislative compliance
  • Transparency

Businesses that remain committed to the principles and strategies of sustainable development, reduce:

  • Environmental risks
  • Social risks
  • Operating costs
  • Risks associated with health and safety at work
  • Deviations from legislation regarding all the pillars of Corporate Responsibility
  • Supply chain risks 
  • Governance risks

How we can support your strategic plan

We acknowledge the significance of sustainability in developing a strong business strategy. Therefore, we undertake a leading role in its understanding and implementation, at a global level.

We support businesses in management of risks and opportunities related to non-financial issues and implementation of best practices in order to reduce the impact of their operations on the environment, the people and the society.

Our solutions

Preparation of Non-financial / Sustainable Development Reporting

Starting from 2017, listed entities, employing over 500 people in Greece, are obliged to publish Sustainability Reports in accordance with international standards and reporting frameworks, in order to inform the stakeholders about their effects and performance.

Grant Thornton provides advisory services, ensuring high quality for the preparation of Sustainability Report regarding all the business industries. In the last 5 years, our team of experts prepared over 70 Sustainability Reports, in line with international standards and guidelines such as GRI, AA1000, EU Non-Financial Reporting Directive, UN Global Compact, Greek sustainability Code, and ISO 26000. Our services include:

  • Sustainable Development Report (annual/ biennial) based on international GRI Standards
  • Communication on Progress Report (UN Global Compact & SDGs)
  • Integrated Reporting
  • Non-Financial Statement

Non-Financial Issues - Materiality Analysis

Evaluating the substantial issues of a business is the basis of Sustainability Reports and a valuable tool in setting out business strategy. Grant Thornton has developed its own methodology and materiality analysis tool, assisting companies to identify all the significant issues related to their operations - issues that may significantly affect not only their economic, environmental and social performance, but their corporate reputation just as well. Our services include:

  • Materiality workshops
  • Benchmarking and competition analysis
  • Preparation of materiality matrix
  • Online stakeholders’ surveys (survey monkey)
  • Overall evaluation of significant issues

Environmental Responsibility & Climate Change

Businesses are constantly called upon to assess and manage their environmental impact, since non-compliance with environmental legislation and regulations entails having to address financial risks. Furthermore, monitoring the impact of a company's operations on the environment is an essential criterion to meet stakeholder expectations regarding climate change and transparency of the respective information. Grant Thornton executives understand environmental, business, financial and technical issues and help you identify and comprehend the new demanding environmental protection framework. Our services include:

  • Preparing studies on energy and energy consumption analysis
  • Designing energy efficiency improvement plans
  • Recording carbon dioxide footprint
  • Planning Environmental Policy
  • Planning Sustainable Travel Policy
  • Evaluating investments in RES
  • Life Cycle Assessment (LCA)
  • Climate change risk analysis
  • Certifications of gaseous pollutant emissions

External Verification / Assurance Report

The fact that the procedures, applied under the preparation of a Report - as well as its content - are certified by an independent auditor, significantly increases the reliability of such a Report. Grant Thornton certified auditors examine the extent to which the presentation of corporate performance is well balanced and meets the reporting requirements, carefully evaluating validity and documentation of the data included in the Report. Sustainability assurance services are implemented in a transparent and systematic manner, following the procedures defined in international standards (ISAE 3000, AA1000 AS etc.). Our services include:

  • Independent Non-Financial Information Assurance Report under ISAE 3000
  • Proposals for improving the Corporate Responsibility Report
  • Review and evaluation of procedures and controls

Responsible Supply Chain Management

Developed markets of Europe and the USA require promoting and disclosing the issues related to responsible business operations throughout the corporate supply chain. To facilitate the preparation of a supply chain management plan/system, based on globally accepted sustainability standards and control structures, we emphasize the planning and control stages during the collaboration. Our services include:

  • Responsible Procurement Policy Management or Supplier Code of Conduct
  • Supplier evaluation methodology (scorecard) and risk identification in the supply chain
  • Proposals for improvement based on ISO 20400: 2017 Sustainable Procurement guidelines

Sustainable Development Strategy

Sustainability changes the way businesses define and achieve their goals. Planning Sustainable Development strategy ensures development of the company’s corporate responsibility through setting appropriate and ambitious objectives and programs. It also provides an approach, according to which the companies will achieve maximum effect at minimum cost, since sustainability related risks are now inextricably linked to business risks.

Grant Thornton executives support the companies and enterprises, taking their first steps in planning their Sustainability strategy, as well as the companies that in the recent years have already set their goals. The latest survey conducted by the World Business Council for Sustainable Development (WBCSD) reveals that 44% of companies have already assessed the connection between the Sustainable Development Goals (SDGs) and their corporate strategy, while 41% of companies have already taken measures in order to integrate these Goals into their strategy. Our services include:

  • Development of Strategy in line with the UN Sustainable Development Goals (SDGs) and the international framework of ISO 26000 social responsibility guidelines
  • Defining strategic action plan in term of 3 years / 5 years
  • Targeting and performance monitoring indicators
  • Review and proposals for improvement in corporate policies & procedures

Social Impact Assessment

Social impact assessment is gaining ground, proving to be another way - beyond the financial – to measure the social benefit of every investment. Applying our methodology and tools, we are in position to indicate how effectively a Company can use its funds and resources in order to create value for society or depict the essential value of the social actions that a company develops. Our services include:

  • Social Return on Investment (SROI) Report
  • CSR Social Impact Report
  • Socio-economic impact of businesses

Seminars & Training Programs

Grant Thornton offers integrated training in sustainable development, enabling companies to better comprehend the broader context of sustainability, international reporting frameworks and best practices, through workshops and personalized examples. All the members of the participating team are actively involved in training, which aims at raising maximum awareness of sustainability issues. Our training programs include:

  • Corporate Social Responsibility and Sustainable Development
  • Integrated Reporting
  • Environmental Awareness and Protection
  • Health and Safety at Work
  • Human and Labor Rights
  • Responsible Supply Chain Management
  • Good Corporate Governance
  • Transparency and combating corruption
  • Certificate of attendance issued by Grant Thornton and / or Certification issued by an international organization

Why Grant Thornton

Grant Thornton Greece and the Environmental, Social, Governance, Risk & Compliance are characterized by professionalism, coupled with expertise and know-how, and provide high quality services to strengthen the Corporate Governance structure of your business and improve the effectiveness of your Internal Audit. As your business grows, so do your responsibilities to manage potential risks. Whether risks come from internal or external factors, they may affect your growth and your ability to achieve your strategic goals.

At Grant Thornton, we have extensive experience to help you better manage risk, make the right decisions and improve the performance of your business. At the same time, our priority is to understand your problems and adapt to your needs, in order to provide high value-added services that will maintain the profitability of your business.