Evaluating Corporate Responsibility (CR)

Corporate responsibility is an evaluation of how efficiently a company has integrated the principles of CSR. The objective of the assessment/evaluation is to get a clear picture of CSR practices like environment, social, ethics, supply chain, etc into their business.

Based on Research and Innovation practices in the industry, it shares the arena with other conceptual evaluation tools to check on, such as technology assessment, risk-evaluation, technology management, and sustainability management. Here, it assumed the word “corporate” limits the possibility of CR principles and tools in research and innovation. However, three main Corporate Responsibilities (CR) – environment, social and economical; are publicly funded.

Carrying out CSR assessment – 

Companies conduct the evaluations as per the request of clients or stakeholders; as to get an accurate overview of the CSR  status and progress. An assessment will help in identifying the CSR loopholes and will improve the opportunities in the decision-making process. Before all, it stakes as a remainder of legal obligations in business practices.

Several organizations have developed a tool i.e, rating methodology. It evaluates the quality of a company’s CSR management through certain policies, implementation measures & results. The rating methodology is based on founding principles like; evidence-based, diversification of sources, technology,  traces & transparency, and assessment by CSR experts.

Though corporate responsibility deals not only the Research and Innovation stage but also the cycle of business life, for a business to address effectively the CR will focus on:

1. Its business impacts – identifying the social and environmental impacts on its operations.
2. The tools or policies mitigate the impacts of adopting management standards to organize their activities.
3. Finally, the stakeholders’ concerns – identifying the stakeholders, and prioritize their concerns through understanding & developing a strategy in addressing them.

CSR evaluation tool, however, the launch of the “CSR Risk-Check” tool has been one of the highlights in recent years, by an Agency for Business development. This “CSR Risk-Check” tool is a highly relevant tool for all companies and their suppliers engaging/investing in development.

This particular tool enables companies to uncover and evaluate potential risks such as violation of rights, lack of decent working conditions, negative environmental impacts, so that leverages space to prepare for better activities. This version of the CSR evaluation tool is an online tool that is crafted by German i.e, free of charge and can be accessed. 

From recent times, companies have accessed to German version to bridge a gap in generating information on human rights, as well as environmental, and other governance issues, notably in developing.