Today companies and organizations are operating in a market place where stakeholders expect and demand that their business performs its operations in a more responsible way. Companies are required to adopt standards of accountability, transparency, and sustainability. Many are recognizing the benefits of encouraging responsible business practices and reducing reputational risk through a responsible and sustainable model called Corporate Social Responsibility (CSR).
CSR is not a new approach. But corporate governance and environmental regulations have forced companies to consider CSR as key strategic initiative.
Under CSR, companies will have to recognize certain elements of their business environment, such as:
- Commercial issues of compliance and risk management
- Legislation impacting business operations -- pollution and environmental issues
- Investors' expectations for CSR performance indices
- The influence and expectations of stakeholders such as non-governmental organizations and lobbying groups
- The basis for competitive advantage and brand reputation
Key Stakeholders in CSR initiatives
CSR initiatives can help companies in achieving key strategic goals:
|CSR Strategic Area||Initiatives||Activities|
|Environmental||Contribute to a better environment||
|Establish corporate governance approach||
|Community||Developing people through community activity||
|Work Safety||Developing safe workplace environment||
Companies can follow a 4-step model to comply with the CSR agenda:
MetricStream Corporate Social Responsibility Solution
MetricStream Corporate Social Responsibility Solution allows companies to define and manage CSR initiatives and use them as a strategic tool in achieving compliance and sustainability . The solution has the ability to align with operations, internal policies, and standards.
It also empowers managers with the tools to measure the efficacy of their organization's programs by centrally storing and managing data related to internal and external audits, certifications, training, and corrective action plans. It also helps identify risk issues, prioritize corrective measures, capture and track operations across a number of functional areas, and improve the productivity of employees involved in CSR programs.
The MetricStream solution incorporates powerful functionalities that allow organizations to manage and report their Key Performance Indicators (KPIs) to assure stakeholders that their CSR initiatives meet their goals.