New IMA Sustainable Business Management Standing Advisory Committee; Upcoming Workshop on COSO and Sustainable Business
As part of its leadership role within the global management accounting profession, IMA® (Institute of Management Accountants) in July established its Sustainable Business Management Committee as a full standing advisory committee. This marks the evolution of IMA’s commitment to this important topic, which began with the creation of the Sustainable Business Management Task Force in September 2021.
The new committee has three focus areas: (1) advocacy on behalf of the profession; (2) developing thought leadership, professional content, and educational materials; and (3) supporting IMA's organizational efforts around sustainable business information and management as well as environmental, social, and governance (ESG) reporting.
Members of the committee include academics and practitioners, with Paul Juras, Ph.D., CMA, CSCA, CPA, former IMA Global Board chair, serving as committee chair. Other members include Mario Abela, Ph.D., vice chair; Liv Watson; Rosemary Amato, CMA; and Jacques Alexis, Ph.D. Shari Littan, J.D., CPA, IMA director of corporate reporting research and policy, is the IMA staff liaison.
“I’m honored to lead this committee of accomplished colleagues, all of whom are invested in advancing IMA’s engagement and resources in this critical topic, and I thank Brigitte de Graaff for her incredible leadership of the task force from which we evolved,” said Juras. “At its core, sustainable business management means operating in a way that recognizes that resources are limited and valuable. IMA’s work in this field began as a CEO task force, created to offer the perspective of professionals who are leading the way on business sustainability, delivering on environmental, social, and governance aspects of performance and value. It’s exciting to see how IMA’s work and commitment in this area have expanded.”
Added Mike DePrisco, IMA’s president and CEO, “It’s imperative that management accountants have the skills required to guide their organizations through the evolving intricacies of sustainable business practices. IMA stands poised at the forefront of this emerging topic, and our elevation of this former task force to a full standing committee demonstrates our leadership within the profession. IMA is committed to providing members with resources to excel in their careers, and the efforts of this committee, particularly in the areas of thought leadership, education, and advocacy, will provide practical tools for our global membership community.”
Upcoming Workshop and Other Resources
In keeping with its commitment to education on this topic, IMA is excited to be delivering a timely, valuable workshop, “Bridging COSO and Sustainable Business Practices,” in collaboration with the Gabelli School of Business at Fordham University on November 30-December 1, 2023. This unique event will help business professionals master ICSR (Internal Control Over Sustainability Reporting) by using the gold standard COSO internal control framework for sustainable business management, ESG reporting, and new regulatory mandates. IMA’s perspective on sustainable business puts the emphasis on the “how to”—governance, processes, and controls. Registration for this workshop is now open.
The committee will soon launch the IMA Sustainable Business Information & Management virtual community. Hosted on myIMAnetwork, the SBI&M virtual community will facilitate knowledge-sharing on emerging trends and best practices not only among members but also with an invitation for nonmembers—including professionals outside the accounting and finance disciplines—to highlight the core competencies and solutions for meeting accelerating demands for sustainable business performance and disclosures.
On the topic of sustainable business management, IMA also offers its IMA Sustainability Business Practices Certificate®, a program of six online self-study courses that provides practitioners with the education needed to navigate the developing complexities of the management accountant’s role in sustainable business practices.
More information on IMA’s sustainable business management activities can be found at: https://www.imanet.org/about-ima/sustainable-business-management.