Enabling actions and improving performance
Being ahead of competition has always been a key to success. In the sustainability domain this truth even double edged; Customers are more and more requiring suppliers to have clear and transparent sustainability programs, but it is also becoming a regulatory requirement from the financial community. It is not just green bonds that matter these days, investment funds may soon not be allowed to invest in companies not sufficiently proving their sustainability activities and compliance, both by financial and non-financial reporting. .
Detailed and frequent tracking as well as activity logging has three main benefits.
Firstly; as real time narrative information increases in importance for spotting early signals, this enables CSR managers and alike to rapidly apply, act and communicate based on such information in a structured way.
Secondly; from a compliance perspective, company management can rapidly produce reports and metrics when asked to produce evidence on measures, actions taken and follow-ups.
Thirdly; it secures a wealth of documented and timely experiences that can be reused by any employee in the organization when needed and that can serve as key activities and progress towards implementing CSR measures.
The standard setting of the CSR Monitor contains two types of logs:
- CSR activity logs
- CSR incident logs
Adding a log is easy and straight forward. Both can be set to allow for CSR managers only, or all employees, to contribute to the logs. The latter is recommended, at least for the activity logs, primarily in order to save time required by the CSR managers/analysts but also to induce more CSR awareness and interaction by all in the organization.
CSR activity logs
Activity logs are predefined profiles that should be used to track and report the organizations proactive work with CSR matters. It can include anything from attending a relevant presentation to having an in-depth discussion with customers, financiers or other third parties on CRS matters.
Activity logs are compiled for monitoring on the CSR Management Summary dashboard and part of suggested standards weekly reporting. Furthermore, any user can search for, or set an alert on, new activity logs and thereby continuously find out about colleagues that have engaged in a CSR related matter and as such hopefully brought new insights to the team.
CSR incident logs
CSR Incident Logs are predefined profiles that should be used to track alleged, or actual, events that may be, or may become, factors risking to counter, downgrade or hurt the company’s CSR strategy as well as CSR related brand values. Negative CSR related events, accidental or intentional, actual or alleged, can be devastating for any organization in terms of market position and share price (if publicly listed). A dedicated tracking and monitoring model for such events can prove tremendously rewarding when any such matters unearth.
A cause for opening a CSR Incident Log primarily tend be either of these two:
- Alert from, or article found within, the CSR monitor, indicating an incident.
- Notification from any other source, including employees, whistle blowers, customers, suppliers, investors etc.
Open CSR Incident Logs are compiled for monitoring on the ESG Management Summary dashboard and part of the suggested standards weekly report