Sustainability is building CSR resilience and wisdom for stakeholder happiness
All companies must be involved in CSR activities on daily basis. However in order to create value in real terms, chart a 360° approach to get the right culture and particular perspectives. By combining the current CSR processes to the Gross National Happiness model, as we will explain at the Bhutan conference in 1-3 October 2014, we will also support and maintain the insight to integrate, embed and fix your CSR business processes together with people and technology.
Current historic times need a different set of Corporate Social Responsibility (CSR) and Environment Social Governance (ESG) standards to create stakeholder value and sustainable business happiness solutions.
Corporate Social Responsibility (CSR) is no longer a new corporate process or plan to use buzz words typically used by consultants in the annual report. CSR is now a part and parcel of everyday corporate business.
Emerging trends in risk management
In order to get to the source of CSR, it is essential that companies discover the cultural link between compliance and CSR. CSR comes in a variety of different forms because the real benefits and potential drawbacks go beyond simple CSR compliance, as part of the soft law.
Step one in the corporate decision making process is that sustainable development is everything. However in order to integrate sustainability in the daily decision making process, management has to decide how sustainability has to be interpreted.
Is it CSR relevance to compliance beyond being green or is it just green washing the CSR actions for stakeholder delights. Both ideas and models have to be evaluated and endorsed.
Future of sustainable development lies in financial services
After the initial steps the key ingredient to sustainable CSR processes lies in the true understanding of the key components of Corporate Governance. Group the risk management to compliance and regrouping the other way around.
How corporate governance interrelates with compliance and risk is nicely explained in The Walker Review. Principles and Practices of Copenhagen Compliance are regularly rewritten and reviewed as global code change. At a recent workshop on evaluating CSR governance compliance for value creation purposes, the following CSR issues at different organisational levels were discussed.
- The Chairman of the board must face the music and determine the tone-at-the-top
- What are entity level CSR risks and does the Risk committee have the necessary authority to inspect key CSR transactions
- Increase public disclosure on benefit to high-paid executives, remuneration principles for all employees, deferred element in incentive schemes and related issues.
- Management faces tougher CSR scrutiny under the authorization process to monitor conformity
Therefore, principle based CSR regulation is it here to stay. Come to Bhutan to learn about the reasons behind a global move towards CSR principles and how principles may provide a way forward to embed an ethical CSR compliance culture
As usual, we firmly believe that if you cannot measure it you cannot manage it. At the conference, we will provide guidance on how we measure ethics, CSR and Sustainability, by focusing on CSR outcomes as well as CSR process. Other issues include; the links and cultural factors, collecting useful CSR KPI’s and future trends in CSR monitoring and compliance.
For a complete program of the CSR conference please visit the websites for periodic updates and http://www.copenhagencompliance.com/2014/bhutan/Brochure.pdf
