Corporate Social Responsibility has long been a driving factor for companies looking to pursue ethical business practices. You need solutions that help you understand your impact on communities and the environment so you can ensure positive outcomes for all stakeholders.
Corporate Social Responsibility (CSR) is an important aspect to ethical business operations. There are multiple areas of CSR that a business may focus on depending on their industry, but generally – environmental conservation, philanthropy, social impact, and sound diversity and labor practices shape a CSR strategy.
CSR differs from Environmental, Social, Governance (ESG). When it comes to CSR, there is a stronger focus on philanthropy, volunteerism, and positive brand perception developed through socially responsible practices. ESG has emerged as an investor view that measures the impact that non-financial environmental, social, and governance factors have on enterprise value creation.
However, there are certain areas where the two overlap. A company with a strong CSR strategy likely takes a proactive approach to environmental sustainability initiatives – like carbon foot-printing and reducing waste, social impact programs – such as ethical sourcing, as well as diversity, equity, and inclusion. These aspects are also considered by many ESG standards setters such as The Value Reporting Foundation (formerly SASB), GRI, and more.
Ultimately, CSR and ESG differ – but each are founded on the idea that considering business impact on non-financial stakeholders can lead to positive business outcomes.
Effortlessly manage and integrate data from your organization to create formatted reports for ESG rating service providers. Resource and other inputs are automatically transformed into ESG-ready data that investors rely on.
Collect and highlight results from natural resources mix and greenhouse gas emission calculations to see how environmental sustainability initiatives are impacted.
Assess third parties to determine their sustainability efforts. Benchmark results against a broader pool of suppliers. Integrate results with RFP/RFI process and Scope 3 data capture that third parties require for reporting.
Integrate supplier data with NAVEX ESG to manage responsible sourcing of conflict minerals. Ensure suppliers are Dodd-Frank Conflict Mineral compliant. Create Conflict Mineral Report Template (CMRT) reports ready for SEC Form SD filing.
Conduct current v. future state assessment.
Define program scope for the next 1-2 years and who needs to be involved.
Select communication plan for internal and public progress including reporting framework(s).
Establish repeatable workflows for sustainability management and responsible supply chains.
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