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Sustainable Finance A look into the Adelphia case presents a serious concern over how organizations are exposed to fraud for lack of Corporate Social Responsibility (CSR). CSR has been broadly defined as “ the provision of financial capital and risk management products and services in ways that promote or do not harm economic prosperity, the ecology and community well-being.” In this regard, business approaches such as corporate governance, transparency and outside safeguarding are constantly being encouraged to protect investors, particularly when it comes to financial planning. The following are some of the ways by which these approaches serve this purpose:
Stakeholder Engagement, Dialogue and partnership: in the spirit of transparency, many organizations have expanded the platform to include shareholders, staff, customers, community, environment and suppliers who are constantly engaged to develop policies, partner for new solutions and resolving issues of public interest. In some cases, they partner with Non-governmental organizations such as Bank Track2 which hold such institutions accountable to the public, a factor that is simply expressed as outside governance
Ethical Policy: corporate governance comes in here, as organizations come up with Ethical stance founded on comprehensively consultation with customers. This policy detail customer’s ethical concerns with regard to how their money should and should not be invested, thus preventing cases of fraud that take crop up through questionable investment.
Establishment of a sustainable development department at the Group management level that reports to the higher authorities. This team serves as the catalyst and knowledge centre for embedding sustainable development through stakeholder engagement, sustainable reporting, and establishment of internal understanding.
Lastly, the CSR works to accelerate the push for more responsible corporate behavior and business conduct, a factor that help maintain reputation and give organization good ground to carry on with their business operations. Internal transparency better external communication and internal dialogue and further help overcome workplace barriers while at the same time assist create diversity.
Works Cited
Strandberg, Coro. ” Best practices in sustainable finance.” Print. 2005
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