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Corporate Social Responsibility - PR Fashion or Urgent Need - Term Paper Example

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The focus of the paper “Corporate Social Responsibility – PR Fashion or Urgent Need” is on responsible banking when the bank embraces own responsibility towards its sustainable development. Following this strategy gives long-term benefits, as happened with Eurobank, and ignoring can be catastrophic…
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Download file to see previous pages Eurobank demonstrates that if CSR is integrated into the overall strategy of the bank, it yields higher profitability and enhances the customer base. Lack of risk management strategies, lack of accountability and responsibility in the banking sector can be disastrous or the economy, for the bank and for the nation. This is evident from the irresponsible indulgence of the investment banks in supporting the energy giant Enron. CSR is no more a choice but a commercial imperative. Banks have the responsibility to establish order in the current global scenario. Both CSR activities and CSR reporting have to be transparent if the bank sector wants to sustain the confidence of the customers. CSR activities should be taken as a strategic imperative, as it is can be a driver of growth and profitability. The banking sector must accept CSR not merely as a commercial imperative but as a force of necessarily good and long-term sustainability. CSR can then be a sustainable practice. CSR encompasses legal, environment, financial and social issues and all have to be complied with.
Corporate social responsibility (CSR) till a few years ago was virtually a PR fashion but over time competitive business environment has exerted pressure over firms to examine and accept their social responsibility (Perrini, 2007). Socially responsible behavior can be directly related to performance and those that do not support CSR or consider it to be at the core of their corporate strategy, pay for it.  No doubt the business of business is to maximize profits, in the words of Economist Milton Friedman, but the recent collapse of the banking system proves that lack of accountability and responsibility can be disastrous to the economy, to the society and to the nation.
The financial and banking sector have been trying to create a new organizational culture and business model to keep up with the changing demands of the market place. It is no more sufficient to help towards the economy or provide for employment. The consumers have become conscious of ethics and environment. This has prompted the organizations to take stock of their CSR initiatives and try to improve upon them. Besides, in any countries, it is now obligatory to pursue certain policies which also make the banks adhere to them. In the words of the British Bankers’ Association, it is now less of a choice and more of a necessity for businesses to flourish (BBA, 2002). The banking sector is implementing CSR activities as a strategic imperative, as a driver of growth and profitability. However, the banking sector has to accept CSR not merely as a commercial imperative but as a force of necessary good and long-term sustainability. CSR can then be a sustainable practice. ...Download file to see next pagesRead More
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