Corporate Social Responsibility
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Corporate Social Responsibility

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
  • Emission management
  • Carbon footprint reduction
  • Greenhouse gas reduction
  • Alternate energy adoption
  • Board and CEO commitment
  • Environment management
        and measurement
  • Community benefits
   Corporate
   Governance
Establish corporate governance approach
  • Define and practice equitable
        treatment of shareholders
  • Corporate ethics
  • Clarity and transparency in the
        roles and responsibilities of the
        Board and company
        executives
  • Disclosure, transparency, and
        accountability for shareholders
   Community Developing people through community activity
  • Employee engagement
  • Employee volunteering
  • Employee development
  • Community activities
  • Stakeholder communication
        and engagement
  • Selection and recruitment
  • Staff retention
  • Community support
  • Diversity
   Work Safety Developing safe workplace environment
  • Encouraging organizations to
        consider health and safety
  • Report publicly on a range of
        health and safety issues
  • Producing and promoting a
        health and safety index for
        insurance companies,
        investors and others to gauge
        the performance of a
        company

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.