Sustainability - a journey for all of us
Karin Lanigan
Head of Member Experience, Chartered Accountants Ireland
At today’s inaugural sustainability conference, speakers discussed topics as wide-ranging as tax and environmental, social and governance (ESG); greenhouse gas emissions; sustainability leadership and skills; boards and sustainability; sustainability reporting; and the investor perspective. Sustainability is a fast-evolving area, and the volume of material and information can seem daunting. It is now vital for accountants to be up to speed with developments.
That was the purpose of today’s event. This conference – the first Chartered Accountants Ireland conference dedicated exclusively to sustainability – examined what this issue means for accountants.
The changing roles of Chartered Accountants
According to Institute Sustainability Expert Susan Rossney, accountants are well-placed to take on the sustainability challenge within their organisations and for their clients: “Accountants have always been at the forefront of helping businesses deal with new challenges. The challenge to transform businesses to operate sustainably is no different. Chartered Accountants have the skills and expertise to make them ‘tailor-made’ to become sustainability experts and trusted advisors to their clients and partners. These skills include financial reporting, data analytics, project and change management, risk management and mitigation, strategy consulting, assurance, investing, and leadership.”
Existing established roles are evolving to incorporate sustainability. Organisations will always need Chief Financial Officers (CFO); in fact, the CFO’s role has been changing for some time, with broader scope and influence beyond the financial to that of strategic advisor. The sustainability challenge will reinforce this shift. However, we also see entirely new roles emerging that would not have existed 10 years ago, and that represent a strong fit for the skills and expertise of Chartered Accountants – for example, ‘Chief Sustainability Officer’, ‘ESG Finance Lead’ and ‘Chief Impact Officer’.
Knowledge of ESG is already becoming an element some roles, such as internal audit and financial services require. We may soon see a dedicated sustainability accountant role. And it is not just within the C-suite: there will be a demand and an expectation for these skills among accountants at every level. It is an excellent time for those who have reached a ‘natural gap’ in their careers to make sustainability part of their job.
The importance of adaptability
Chartered Star 2020/21 Aisling McCaffrey’s journey is an example of how sustainability can become embedded in a role. For Aisling, an Associate Director with Grant Thornton, sustainability was always of interest to her, but she wasn’t sure if she could combine it with her career. With the COVID-19 pandemic bringing an increased focus on ESG, McCaffrey has seen this as a growth area for career options for accountants: “Businesses are being forced to adapt and review their overall practice management [to include social and governance elements] and increased regulation is leading to conversations about ESG for people new to the concept. There is a definite buzz around it.”
The ESG space also offers the chance to work with people: “Sustainability offers an opportunity for those who want to work, collaboratively and be flexible. This cross-service line approach is the way forward –a ‘full-package solution’ offering clients the highest value service possible”.
Not only that, but the roles combining accounting and sustainability are not fully determined, so it is an exciting time, with opportunities to shape and define it within practice. “We are on the cusp, and it’s a great time to be looking at it. It’s definitely a growth area, for both strategy work and assurance”.
And Chartered Accountants are ideally placed for that – they have the skillset, transferability of skills to move into that area and manage it like a project.
In the past six months, I have also seen a marked increase in demand from employers for Chartered Accountants with an interest or expertise in sustainability. They want people who are passionate and interested in business values, and who are committed to a career in the sector. We need to match this demand with supply.
How we can help you on your career journey
Here, I want to delve into the practical steps members can take to respond to this challenge.
Learning
There is an ever-increasing range of accountant-focused resources dedicated to sustainability available both in Ireland and internationally. For example:
- The Institute has a “Sustainability Hub” with resources from articles, podcasts and webinars to a glossary explaining the acronyms and terms.
- The Institute published a guide on Sustainability for Accountants. This guide for accountants describes what to do – and where to start – to operate sustainably, successfully and cost-effectively.
- Accountancy Ireland, and its associated series of podcasts, as well as its Briefly enewsletter, regularly carry features where you can familiarise yourself with the language of the area.
- Look up conferences related to sustainability and accounting. For example, Chartered Accountants Worldwide Network USA is running a virtual conference ‘The Sustainable Accountant’ (June 17), which aims to inform finance professionals about ESG challenges and opportunities for accountants.
- Look around at companies that might be further ahead in their sustainability journey, and read about what are they doing. For example, check out the case study of Hotel Doolin in the Chartered Accountants Ireland Sustainability Hub, which has practical advice on small steps to take.
- Hear others’ experience. You can find interviews with sustainability leaders in our Sustainability Hub, or in our YouTube Channel (for example, with Aisling McCaffrey).
- Finally, check what competitor organisations in your sector are doing – what can you learn from them?
Experience
Sustainability should not be confined to classroom learning alone. As it’s new, evolving and developing all of the time, Chartered Accountants should volunteer for opportunities to gain experience in this area outside of traditional learning environments. Examine your skills: what would transition well into these areas and enable you to take on a lead role that will facilitate the development of your skills, knowledge, and experience? For example, project management, risk management, data analysis, financial reporting and strategy consulting are all skills that complement ESG well. A lot of this is very new to most organisations and for many people they are learning on the job as they go. Seize opportunities to get involved in projects where you have the potential to learn and demonstrate your experience and interest in sustainability. Don’t be afraid to put your hand up and get involved.
Network
Connect with other Chartered Accountants or professionals who are working in sustainability roles. For example, you could get involved with active groups on LinkedIn. You could also make use of opportunities to be mentored by a colleague or member of your network with expertise in this area. A great group to check out is the Finance and Business 2030 (
FinBiz 2030) network. FinBiz is a joint initiative between Chartered Accountants Worldwide and One Young World. The aim is to establish a wider active and engaged finance and business community globally that is dedicated to achieving the UN Sustainable Development Goals (SDGs) by 2030. The Irish Task Force is run by members Sinead Fox-Hamilton and Michael Walls and new recruits are actively welcomed to join.
Resources available to members
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