1.

What is the meaning of Corporate Social Responsibility (CSR) and Environmental

Considerations?

Corporate social responsibility is a common concept in general business and

management. It is defined differently by different scholars and researchers. Corporate
Social Responsibility (CSR) is the absolute social responsibility of a corporate
organization to its business operations and to all interested parties, including itself,
society, and other related stakeholders. By practicing CSR, businesses and businesses
are accountable for all activities they carry out and their general impact on the public, the
general social and physical environment. The idea of corporate social responsibility and
environmental considerations is to ensure that the activities of a corporate organization
are more concentrated in ensuring that the impact on the society of the company is
beneficial and not negative. It aims to reduce any damaging effects on the environment
that business processes may have it focuses on some activities like (Energy use, water
use, waste management, recycling, emissions, ecofriendly office and business travel
policies).

2. How Business Operations are affected by a Corporate Social Responsibility (CSR)

thinking?

The impact of Corporate social responsibility on business operations can include but are not limited
to:

● Improvement of public image. This is very important as the buyer sees your candid pictures when
deciding whether to buy from you. Simple things like having employees volunteer for charity one
hour a week are like brands that promise you to make a difference to others. As a result, it looks
much cheaper to the buyer.

● Brand awareness and awareness have improved. If you are devoted to moral practices, this news
will spread. Therefore, more people will listen to your brand and your brand will become more
recognized.

● Cost reduction. Many basic changes that support features such as e.g. Helps reduce bundles and
lowers power generation costs.

● Advantage over competitors. Understanding CSR stands out from the competition in the industry.
You are building yourself as a company that promises to take a step-in consideration of social and
natural variables.

● Improved employee engagement. As with customer loyalty, you also need to make sure your
employees are familiar with CSR methods. Representatives have proven to value working for a
company that has a large and open image more than a company that does not.

Summative assement 1

An MFI's everyday operations are subject to operational risk, which includes the
possibility of financial losses as well as negative social performance due to the failure of
people, processes, and systems in the organization. Operational risks grow in
importance when microfinance institutions (MFIs) decentralize and offer a broader range
of financial products and various delivery methods. Effective risk management becomes
increasingly vital as these risks grow in importance. It is possible to classify operational
risks into five categories: people risks, process risks, systems risks, external events
risks, as well as legal and compliance risks.
The risk of financial losses and unfavorable social performance associated with
shortcomings in human capital and the management of human resources is referred to
as "people risk." This includes the inability to attract, manage, motivate, develop, and
retain competent resources, which frequently leads in human errors, fraud, or other
unethical behavior on the part of both internal and external stakeholders in the
organization.
Process Risk - Process risk is the risk of financial losses and unfavorable social
performance associated with failed internal business processes in every area of a
company's operations. Process risk can occur in any part of the organization. Product
design defects and internal project failures are examples of what can be considered.
Systems Risk - Systems risk refers to the possibility of financial losses and poor social
performance as a result of internal systems that have failed. Inter-branch connectivity,
management information and core banking systems, information technology systems,
power backup systems, and other technical systems are all included in this category of
systems.
External Events Risk - External events risk refers to the possibility of financial losses and
unfavorable social performance as a result of the occurrence of external events that are
often outside the control of a microfinancial institution. Natural catastrophes such as
storms, flooding, earthquakes, and fires, as well as man-made events such as civil
unrest, war, robbery, arson, road blockades, and terrorist attacks, are all included in this
category.
Legal and Compliance Risk - Legal and compliance risk refers to the possibility of
financial losses as well as unfavorable social performance as a result of a company's
failure to comply with internal and external rules and regulations. Non-compliance with
microfinance regulations, anti-money laundering (AML) requirements, tax laws, human
resource laws, mandatory car registration, internal codes of ethical conduct, and other
restrictions are all included in this category.

Explanation:
Management Responsibilities
Director's and officer's liability insurance protects the directors, officers, workers, and the
company itself from the numerous risks associated with the administration and running
of a corporation. Those involved in the ownership or operation of a business bear unique
responsibilities that may subject them to personal liability for any actual or suspected
wrongful act. Read on to learn more about Management Liability insurance, which is
available through insurance brokers.

Professional Indemnity Insurance provides you and your business with comprehensive
protection against claims for financial loss, bodily/personal injury, or property damage
arising out of an act, error, or omission in the provision of professional services covered
by the policy. It is important to note that professional indemnity insurance is not the
same as liability insurance. Learn more about Professional Indemnity insurance, which is
available through insurance advisers and brokers.
Directors and Officers are Subject to Liability
Individuals who serve as company directors, officers, and employees may be subject to
personal liability claims as a result of the conduct and activities they engage in while
performing their duties, regardless of whether they are acting in a part-time, honorary, or
non-executive capacity. In the event of a lawsuit, Directors and Officers Liability
insurance will cover the costs of the defense. Learn more about Directors and Officers
Liability insurance, which is available through insurance consultants and brokers.
Associations and non-profit organizations are subject to liability.
A not-for-profit organization and its directors, executives, and employees are protected
from the risk of litigation originating from the provision of professional services and from
the commission of any actual or claimed wrongful conduct in the management and
operation of the organization's business. In addition to the two hours of free legal advice
provided by our expert team of lawyers, CGU's Association and Not-for-Profits Liability
policy includes two hours of free legal advice. Read on to learn more about Associations
and Non-Profit Liability Insurance, which is available through insurance brokers and
advisors.
 
Coverage for Information and Communication Technology Liability (ICT) is specifically
designed to address the unique risks encountered by ICT enterprises. This insurance
combines Professional Indemnity with Broadform (Public and Products Liability)
coverage. For small organizations, tailored insurance for select IT specialists is offered
directly from CGU; for bigger or more complicated businesses, tailored insurance is
accessible through an insurance broker. Learn more about Information and
Communication Technology Liability Insurance, which is available through insurance
advisers, by visiting their website.
A claim for financial loss, bodily injury, or property damage arising from acts, errors, or
omissions in the provision of health care services is covered by Medical Malpractice
Insurance. Medical Malpractice Insurance protects both professionals and
establishments in the fields of medical and allied health from claims for financial loss,
bodily injury, or property damage. Find out more about Medical Malpractice insurance,
which is available through insurance brokers and consultants.
 
Liability in the Multimedia Environment
It shields organizations in the media, marketing, and advertising industries against
lawsuits arising out of the provision of Multimedia Services, such as video games. The
following are examples of Multimedia Liability claims: breach of duty, defamation,
violation of copyright, false attribution of authorship (and other intellectual property
infringements), and invasion of privacy. Read on to learn more about Multimedia Liability
insurance, which is available through insurance brokers and agents.