CSR consists of 2 basic levels, First is ‘Compliance’, which is required for corporate to imply the basic CSR principles and the second one is ‘Opportunities’, it refers to those CSR activities that create or develop business opportunities. Such opportunities can only be created when corporations proactively engage themselves in activities that contribute to sustainable development and also create some economic value at the same time.
Many firms address CSR as risk management & compliance. However in the long run firms will not be recognised or awarded for an adequate CSR compliance.
Businesses that are skipping compliance and are only working in terms of Corporate Social Opportunities (CSO) will tend to face reputational risks. Just by branding or promoting and not meeting the basic responsibilities the firms are giving an open invitation to criticism. Therefore, every corporate should work with CSR and CSO concurrently. CSR and CSO are complimentary to each other. Alone working with a point of view of CSO firms may tend to see great goodwill loss which can affect their market share.Many firms address CSR as risk management & compliance. However in the long run firms will not be recognised or awarded for an adequate CSR compliance.
UN GLOBAL CSR provides services to both CSO initiatives & CSR compliance. They give competent advice whether a firm just got started working with CSR and compliance, or it wants to take a proactive approach towards CSR in order to add value to the business. It also assists a business by providing it an overview to ensure that it makes the right choices and become aware of the upcoming challenges.
Well written article.. keep it up 🙂