May 12, 2021 – It wasn’t that long ago that “climate risk” was an assessment of how climate or weather-related issues could impact business operations and supply chains. That’s certainly still a good and essential practice for risk managers. Today, however, there is a different climate discussion happening in the board room. This discussion focuses on how business operations impact climate. It’s a bilateral relationship, of course, between business and climate. In this discussion, climate isn’t just an operational risk — it’s reputational as well. In simple terms, changing stakeholder concerns about the environment are driving these discussions.