Table 1 Overview of the referenced idea... | Emerald Publishing

Table 1

Overview of the referenced idea and model structure of CEPAR® and CFA Framework, with respect to the four-step Risk Management process

CEPAR® Model	CFA Framework	Reference Ideas	Four-Step Risk Management
Challenge	Identify	Challenge: includes identifying core corporate-level challenges or potential ESG-related challenges Identify: involves identifying the challenges or dilemmas in general	Risk Identification
Evaluation	Consider	Evaluation: involves evaluating the materiality of the challenges identified and considering ethical aspects in the decision-making process Consider: emphasizes the importance of ethical considerations in the evaluation of challenges and decision-making processes	Risk Assessment
Planning	Act	Planning: involves developing a comprehensive and organized action plan that is adaptable to changing circumstances Action: allocates resources and implements action plan Act: make a decision and act	Risk Treatment
Action	Act
Review	Reflect	Review: evaluates the outcome of the actions taken against various specific evaluation criteria and identifies areas for improvement Reflect: encourages a rigorous examination aimed at identifying areas in need of improvement and informs subsequent ethical decision-making processes.	Risk Monitoring and Reporting

CEPAR® Model	CFA Framework	Reference Ideas	Four-Step Risk Management
Challenge	Identify	Challenge: includes identifying core corporate-level challenges or potential ESG-related challengesIdentify: involves identifying the challenges or dilemmas in general	Risk Identification
Evaluation	Consider	Evaluation: involves evaluating the materiality of the challenges identified and considering ethical aspects in the decision-making processConsider: emphasizes the importance of ethical considerations in the evaluation of challenges and decision-making processes	Risk Assessment
Planning	Act	Planning: involves developing a comprehensive and organized action plan that is adaptable to changing circumstancesAction: allocates resources and implements action plan Act: make a decision and act	Risk Treatment
Action	Act
Review	Reflect	Review: evaluates the outcome of the actions taken against various specific evaluation criteria and identifies areas for improvementReflect: encourages a rigorous examination aimed at identifying areas in need of improvement and informs subsequent ethical decision-making processes.	Risk Monitoring and Reporting

Source: By authors