Environmental, social and governance (ESG) has been a hot topic throughout 2021, fueled by the momentum of the Biden administration, investor letters, and heightened employee and consumer concern about climate change. Some interpret ESG as an investment philosophy; others might intuitively refer to ESG as a proxy for “good risk management” and alignment with core values. In a risk context, these ESG topics represent underlying risk factors considered by investors and in risk assessment strategies incorporated into both investment decisions and risk management processes.