Over the past few years, climate change has been a driving force behind the rapid growth of investments that consider ESG factors. While the focus on the “E” in ESG is warranted, recent and emerging trends suggest we’re entering a new era for the “S” — an era defined by social risks that investors and companies cannot ignore.

Environmental concerns have dominated the conversation when it comes to ESG risks, but the growing focus on the “social” component is prompting a search for ways to better assess corporate performance on issues ranging from diversity to employee mental health to human rights.