6. Your existing enterprise risk framework is the right foundation for climate risk
There's no need to create a separate climate risk methodology. Using the business's existing risk management framework — its rating language, thresholds, and integration points — keeps climate risks credible and connected to the broader risk register.
7. Risk teams need to be at the table from day one — not consulted after a draft is written
One of the most consistent failure modes: sustainability teams build a climate risk assessment in isolation, then hand it to risk for sign-off. Effective ASRS compliance requires risk professionals to be involved from the very start, not after the fact.
8. Climate risks must be sized against other business risks — not assessed in isolation
Ending up with a register of 20 disconnected climate risks, scored separately from the rest of the business, is both unhelpful and potentially misleading. Climate risks need to be calibrated using the same standards applied to operational, financial, and strategic risks.
9. AI can streamline up to 80% of the ASRS reporting process
This was one of the most-discussed points of the morning. Examples covered during the session included: invoice extraction, emissions-factor suggestions, mapping emissions to activities, and generating initial long-lists of climate risks. The efficiency gains are real and material.
10. "Treat AI like a junior analyst"
Aletta's framing landed well with the room. AI is fast, capable, and genuinely useful — but it needs to be reviewed for accuracy, relevance, and alignment with your specific context. The value isn't in removing human judgement; it's in removing manual work so that human judgement can focus where it matters.
The Minimum Viable Compliance Lens
Throughout the session, Trace's framework of Minimum Viable Compliance provided the practical organising principle. Rather than over-engineering Year One reporting, MVC focuses on meeting the essential requirements of AASB S2 credibly and defensibly, while building a foundation that strengthens over time.
The key insight from both speakers: the goal isn't perfection. It's a report that stands up to auditor scrutiny, reflects the business accurately, and doesn't cost more than the problem warrants.
About the Partnership
This event was hosted by Trace with guest speaker Aletta Boshoff from BDO Australia. BDO is one of Australia's leading professional services firms, with deep expertise in IFRS and corporate reporting.
We are proud to be working alongside firms like BDO to help Australian organisations navigate the ASRS transition with confidence.
Want to Talk Through What This Means for Your Organisation?
If you're a finance, risk, or sustainability leader grappling with AASB S2 preparation, we'd be happy to walk you through the Minimum Viable Compliance approach and where technology can genuinely reduce the burden.
Get in touch with the Trace team or explore our Minimum Viable Compliance toolkit.
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