Risk and Opportunity Assessment Model for CSR Initiatives in the Face of Coronavirus

Abstract

This paper concerns an important and current problem of taking Corporate Social Responsibility (CSR) initiatives in the specific market conditions of the COVID-19 pandemic. CSR activities, aimed at combating COVID-19, contribute to creating favorable conditions for the sustainable development of enterprises and the entire society. In this work, analysis of the survey results, interviews with the initiatives’ beneficiaries, and brainstorm sessions with CSR specialists and companies’ employees allowed us to identify risk and opportunity categories, factors, and develop scales for their probability and consequences assessment. Survey results revealed that socially responsible actions are important in the fight against the coronavirus pandemic, and social expectations, in this regard, are growing. Two-parametric risk/opportunity matrix was used to calculate risk/opportunity level. The aim of this work is to present a new model of risk and opportunity assessment dedicated to organizations carrying out of CSR ventures in the pandemic era. The proposed risk and opportunity assessment model is an effective tool to identify the CSR initiative advantages and drawbacks, as well as a starting point for managing them, to maximize chances and minimize threats. Three examples of practical applications of the proposed model confirm that it can be successfully used in practice. The developed model is based on universal assumptions and criteria, so that it can be used in any country struggling with the pandemic.

Pre- And Post-Pandemic Corporate Social Responsibility (CSR) and Organisational Risk Management Practices

“…More than only the public has been affected by the negative effects of legal regulations. Additionally, terrible business circumstances were caused by individual government decisions (Krechowicz & Katarzyna, 2021). Several businesses were forced to cease operations or close their doors to comply with the new regulations because they were struggling to turn a profit and were unable to fulfil basic obligations to co-workers and the government.…”

Towards Sustainable Project Management: Evaluation of Relationship-Specific Risks and Risk Determinants Threatening to Achieve the Intended Benefit of Interorganizational Cooperation in Engineering Projects

“…CSR initiatives should be associated not only with benefits, but also with risks. Risks connected with taking CSR initiatives are presented in [68]. However, those risks do not include relation-specific risks.…”

Controlling – An Empirical Study and Proposal of a Relevant Model for Sustainable Business and Development in Slovakia

“…SRB is understood and evaluated within the EU as part of the competitive performance not only of the individual enterprises but also of the country. The carried-out evaluations of SRB in individual countries and their international comparison indicate a certain correlation between the economic performance and achieved a level of SRB -"socially responsible" countries reach generally a higher level of economic performance and at the same time invest more into individual SRB areas (Dahlsrud, 2008;Cek & Eyupoglu, 2020;Ashrafi et al, 2020;Lu et al, 2020;Šabíková, 2018;Krechowicz & Kiliańska, 2021).…”

“…At the same time, the pandemic also clearly highlighted the existence of environmental factors and the issues related to quality of environment. Enterprises need to take account of all stakeholders their activities have an effect on (Ashrafi et al, 2020;Cek & Eyupoglu, 2020;Lu et al, 2020;Krechowicz & Kiliańska, 2021;Ding et al, 2021;Boubakri et al, 2021). One of the possible solutions to ensure balance between the economic, social and environmental objectives of an enterprise is to link SRB with supportive management tools, the example of which is controlling.…”