Data and CSR

What it is, why it matters and what you need to know.

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Why CSR is important

Corporate social responsibility (CSR) refers to the decisions and behaviour of a business in the context of social responsibility, such as ethics, the environment, diversity, human rights, transparency, accountability, sustainability, values and community.

 

 

CSR and ESG are often considered to be the same thing, however they are not quite the same. They are two different frameworks that businesses use to assess sustainability. While ESG is a quantifiable assessment of sustainability and business practices, CSR is a self-regulating business model that aims to improve society and the environment. 

 

 

Although the concept of CSR has been around for a long time there has never been a more important time for businesses to become more socially responsible. With advances in Artificial Intelligence (AI) and the growth of the digital economy businesses need to become more transparent with their stakeholders about what they do with digital assets such as personal data.

 

 

We have developed a package of Data as CSR and Responsible AI services that can help businesses prepare for the challenges and opportunities presented by the rapidly changing area.

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Drivers for CSR

The drivers for CSR include:

  • Demand – more demand for CSR from shareholders, other stakeholders their (for example, customers/users) and interest groups particularly in the area of AI.
  • Legal – growing regulation, for example the Companies Act 2006, which introduced for the first time the mandatory requirement to report on various social and environmental issues. Many businesses embrace CSR as an instrumental motive to pre-empt future regulation.
  • Ethical – businesses have become more aware and socially conscious of the setting in which they operate and recognise that they can play a key part in sustainable development and the environment.
  • Moral – some businesses may simply have more moral values.

 

Whatever the reason, adopting a CSR strategy will only benefit a business by:

  • creating competitive edge/advantage.
  • enhance reputation.
  • managing risk.
  • avoiding controversy.
  • assist staff.
  • recruitment, retention, and job satisfaction.
 

Data protection, CSR and ESG

By implementing a data protection CSR strategy businesses will also begin building an ESG strategy in time for further regulation!

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Data as CSR (external measures)

We can help with:

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