Addressing Social Risks: The Corporate Social Responsibility Way

Corporate Social Responsibility (CSR) comprehends to what companies do with their revenues but majorly emphasizes on how ethically, and environmentally concerned they have earned it. CSR goes beyond philanthropy and compliance to drive efforts which are focussed on socio, economic and environmental concerns and which can drive larger impacts to the world at large. Corporte social responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large (Baker, (2004). Definitions of corporate social responsibility - What is CSR? Available at: http://mallenbaker.net/article/clear-reflection/definitions-of-corporate-social-responsibility-what-is-csr .). The paper outlines the social issues and discusses at length the development aspects. The paper presents the concept of social risk management and explains how CSR programmes are a means to provide strategic advantage by managing social risks. The paper also attempts to explain the role of government and corporate in addressing social risks. Finally, an attempt is made to link SDGs in addressing social issues and how CSR efforts by corporate entities impact on society.