Insurance is the "Achilles heel" of the fossil-fuel industry, with the power to drive climate change progress, because projects are unlikely to attract capital if they can't get insurance.
In general, a compliance culture will help you avoid costly pitfalls like having to rebuild a product or service offering due to legal issues or negative publicity; it will also lower the risk of lost trust and lawsuits, which can be game-ending.
Companies should perform a thorough review of business practices and how they could give rise to intellectual property exposure, and also consult with their insurance broker on how to insure against risks.
The Marsh 2022 "Political Risk Report" indicates areas—both geographical and by economic or political risk factor—in which companies need to be paying more attention to their potential exposures.
Public companies and their stakeholders often struggle with effective environmental, social and governance programs in the absence of clear and common standards and regulations. But the landscape is rapidly changing in a way that will likely impose new risks and costs on companies.