We analyze the ability of extra-financial ratings to predict adverse environmental, social and governance (ESG) events, and thus serve as a measure of ESG-risk. We observe that a firm' extra-financial performance is inversely related to its likelihood of dealing with adverse ESG-related events. This mitigation effect is particularly important for the ‘Product' dimension. We also observe an inter-dimensional effect whereby extra-financial performance in a specific ESG-dimension can affect the probability of occurrence of adverse events associated with other ESG-dimensions. Finally, we observe a stronger effect for concerns than for strengths. Our results can allow institutional investors to better manage the ESG-risk of their portfolios.