Australian companies are increasingly vulnerable to risks associated with the natural environment. Although climate-related regulation is increasing, the strategic challenges facing companies are developing faster than the law and the regulatory environment, requiring directors to make decisions in an uncertain context. In this article, we explore nature-related risks and the practical steps which can be taken by directors (including representatives of financial investors) to assist with their assessment and mitigation of these risks to avoid consequences such as penalties from regulators and the risk of litigation.