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Corporate sustainability concept'close down' = to shut
'fight against' = to make an effort to stop something happening
'go back on something' = to change an agreement
'put back' = to postpone, delay in time
'fall behind' = not risen as fast as, fail to do something as fast as required
'turn down' = to refuse, not accept
'fill in for someone' = to replace someone during an absence
'back someone up' = to support or to help
'work out' = to calculate
'drag on' = to last a long time, go on longer than anticipated
Common Phrasal Verbs 2 In English, we use a lot of phrasal verbs. These are verbs with more than one part; the verb and one or two particles. Let's continue looking at some of the most common in the area of Human Resources: 'get on' = to have a good relationship · I don't like my boss. We just don't get on. · The atmosphere is terrible. He doesn't get on with his co-workers. 'follow up' = to find out more about or take further action on something. · Before we offer her the job, we need to follow up on her references. · The training is followed up by regular refresher courses over a six-month period. 'set up' = to arrange for an activity or event to happen · I'd like to discuss it further. Can we set up a meeting? · I've set up interviews with the remaining three candidates. 'make up' = do or pay extra to cover a difference. · I'd like to leave early on Friday. I'll make up the time next week. · There was an error in your expenses. We'll make up the difference next month. 'hand in' = to give something · He's leaving at the end of the month. He has handed in his resignation. · I haven't handed my time sheet in yet. I must do it now. 'work out' your notice = to continue working through the period after you have resigned. · They asked him to leave immediately. He didn't have to work out his notice. · He negotiated a deal so he didn't have to work out his notice and could leave sooner. 'sort out' = to resolve · We don't know who is going to replace Sue. We have to sort it out soon. · I have finally sorted out the error on the time sheets. It's all correct now. 'carry on' = to continue · We still haven't found a suitable candidate. We'll have to carry on looking. · Until we get the new software installed, we'll have to carry on using the old. 'back out' = to decide not to do something previously agreed. · They had agreed to do it but then backed out. · He had accepted the post but backed out at the last minute so we're considering other candidates. 'go with' = to adopt or support an idea or plan. · I think your idea is a good one. I think we should go with it. · We're not really sure which agency to go with. We don't think any of them are really what we are really looking for.
Corporate sustainability concept The corporate sustainability has obtained potential significance among risk managers and is also been examined in academies many times, still the vision of corporate sustainability is not well defined. It residues all-encompassing characteristics, in particular appropriate integration of economics, environmental and social aspects, it is surprising to recognize that the best attribute of corporate sustainability is the heuristic, multi criteria triple bottom line viewpoint, which aims to integrate economic, social and environmental aspects of business management. Corporate sustainability three extents of need known as triple bottom line “economic prosperity and opportunity” social equity and quality of life; ecological resource prevention. Corporate sustainability is organizational promise for accomplishing modest advantage through the strategic implementation and development of ecologically and socially helpful production process, products and services and innovative human resource practices.
v Sustainable development v Corporate social responsibility v Stakeholder theory v Corporate accountability theory The integration of these four concepts is shown in next figure. Corporate sustainability concept as defined by Salzmann, Steger and Lonescu-Somers (2005) as a profit driven corporate response to environmental and social issues that are caused through the organization primary and secondary activities. A more focused business perspective definition of corporate sustainability is “a business approach that create long term shareholder value by embracing opportunities and managing risk derived from economic, environmental, and social developments” (Dow Jones Sustainability indexes 2009) Figure 2
Enterprise sustainability Risk management includes corporate sustainability based aims. Enterprise sustainability risk management concept is based on triple bottom line concept and strategic and cultural dimensions of business management. v Financial v Social v Environmental v Strategic and cultural dimension (values, norms, communication, leadership styles and conflicts) Corporate sustainability concept could be explained in functional and institutional standings. From a functional point of view corporate sustainability management is designed to guide ecological, social and economic influences of business in a way that an organization in grows in direction of sustainability. The primary aim of sustainability management is to integrate social and ecological and social aspects in conventional business management process. From an institutional point of view corporate sustainability management describes the group of personnel and organizational hierarchy with in enterprise which are concerned with social, ecological aspects and their integration in conventional process of operational management of business activities. (Schaltegger, Herzig, Klieber and muller 2002)
The united nation environment program finance initiative reports the interaction between financial institution and four broad groups of stakeholders: suppliers, internal (employees), clients and shareholder, society and environmental, also four primary ways in which sustainability management and reporting (SMR) can provide benefits to financial institution, especially in emerging and developing economies, are identified by UNITED NATION ENVIRONMENT PROGRAME FINANCE INIATIVE (2006). Business leaders have realized that some risks are unavoidable in order to create value through operation and some of the risks are really important opportunities if successfully utilized. Enterprise risk managements as an agenda for portraying risk that are significant from the achievement of strategic objective point of view. According to Trade Way Commission recent authoritative definition is “enterprise risk management is a process affected by an entity board of directors, management and other personnel’s, applied in strategy setting and across the enterprise, designed to identify potential events and manage risk to be within its risks appetite, to provide reasonable assurance regarding the achievement of entity’s objective (COSO, 2003:6)
Apart from measurable risk silos, this conception of enterprise risk management encompasses risks that cannot be readily quantified or aggregated. These non-quantifiable risks include, the risks of strategic failure, environmental risks, reputational risks, operational risks that materialize only rarely (mikes, 2007) The relation between enterprise risk management and sustainability management is a transpiring field of research. This paper serves as a specific agenda to form a company’s sustainability risk management model. The model is built on following basis… v Shared product vision – A shared vision of success based on common goals, purpose and collective commitment. v Open communication – A free flow of communication between all levels of organization through formal and informal communication. v System perspective – Systems within an organization should be on large level, design and development. v Proactive strategies – Planning and executing program activities based on anticipating future events. v Systematic and adaptable methodology – A systematic approach that is acceptable on programs structure and culture. The concept of sustainable development praise three dimensions economics, ecological and social aspects and seeks to integrate them. In the past few years this phenomena has grown up and got so much importance on the same time its status has developed from an abstract to tangible task. The idea of sustainable development faces these sustainability challenges (Schaltegger, Herzig, Kliebe and muller 2002) v Ecological challenges – Increasing ecological effectiveness. v Social challenges – Accumulative social effectiveness, improving eco efficiency, economic challenges to environmental and social challenges. v Integration challenges – Grouping together all challenges and integrate them in conventional economically oriented management. The enterprise sustainability risk management theoretical model presents a broad map which gives us suitable framework for businesses that are serious about accommodating challenges and opportunities of sustainable development. The process of enterprise sustainability risk management theoretical model is made of five phases. v Phase 1 = Strategic management – Strategic plan and orientation v Phase 2 = Management and organization – organizational and infrastructural orientation, strategic and cultural dimensions, values, norms, communication, leadership style and conflicts v Phase 3 = Framework set up – framework orientation v Phase 4 = Report and monitor – Internal control Orientation v Phase 5 = Enterprise sustainability performance optimization – corporate orientation The decision to go for sustainability is relatively easy. Hard thing is to be sustainable in a way that balance opportunity and risk is a big challenge and to measure the sustainability, that how far we reach after deciding being sustainable, and communicate it to other important stakeholders. For this reason breakthrough thinking is required to deal with sustainability into every aspect of business model. Prominent companies chose to take a top-down sequential approach when they implement sustainability into their organization. Leadership commitment is the very first and important step then through non-traditional collaboration, systematic assessment of value-chain impacts and rebuts governance structure’s leading companies ensures that sustainability is woven into very fabric of company (deloitte 2007). Corporate sustainability requires to be measured from both financial and non-financial parameters. Cost reduction attained with better environmental, health and safety performances (less accidents, fines, lost work days). Increase in revenue through gain in market share due to new environmental friendly products. Companies will not be able to determine time frames or anticipation for managing sustainability. Executive management, Federal and state agencies are driving the development of sustainability. This is the time to start and integrate the sustainability into the organization, though sustainability is not the immediate response to environmental threats, as sustainability develops in business, companies can move on from short term risk evasion and regulation compliance to long term developments of brand, modest and corporate advantage.
Proactive sustainability initiatives are an opportunity for companies to differentiate themselves as leaders in the industry, the environment, the society, ensuring long term business success (deloitte 2007). This paper presents theoretical enterprise sustainability risk management framework model as a precise management and organization system to manage incorporation between the corporate goals of forming economic and financial value and aspects of environmental and social responsibility. Enterprise sustainability risk management framework has been industrialized as an effective mechanism for enhancing corporate sustainability performance. It can defend, create and enhance business value through measurement and management of sustainability, it also helps businesses to fully respond to accumulative anticipation of corporate stakeholders. The enterprise sustainability risk management framework helps managers on how to establish an all-inclusive and methodical sustainable risk management process that create the risk indicators, risk sources, objectives and reporting systems needed to make sure efficient handling of sustainability risk and increased overall organizational performance. I believe that integrating sustainability consideration into corporate systems and processes is the most effective way to implement sustainability into corporate business rather than creating new systems and processes. The enterprise sustainability risk management model helps companies to enhance their competitiveness and failure orientation while minimizing their business risk. Companies should implement sustainability based approach in their decision- making process and activities in pursuit of corporate goals and objectives.
The phrase Triple Bottom Line was evolved by environmentalist and economist John Elkington in 1997 and has become and general common place to describe an environmental and social mode of corporate reporting that encompasses social, environmental as well as economic concern. The term is now widely used while describing corporate sustainability John Ellington’s expression is very clear that it is not possible to obtain desired level of ecological, social and economic sustainability without achieving a basic level of all three kind of sustainability. In John Elkington own words (1999) the sustainable agenda, long understand as an attempt to harmonize the traditional financial Bottom line with emerging thinking about environmental bottom line is turning out to much more complicated than some early business enthusiast imagined.
Progressively we think in term of Triple Bottom Line”, focus on economic success; environmental quality; and the element which businesses tended to overlook social justice (McKenzie, 2004). Sustainability agenda create enduring value for stake holders in organization. The enterprise sustainability risk management agenda is designed to provide support to managers on how to establish a whole and logical sustainability risk management process that produce risk indicators, risk sources objectives and reporting system needed to make sure operative treatment of enterprise sustainability risk management process, and increase overall organizational performance and values. Enterprise sustainability risk management implementation and related process have potential to create value addition for corporation. Enterprise sustainability risk management is inclusive of all risk that corporate could face like social, environmental and economic. Enterprise sustainability risk management is a process in which company consider all interest of stakeholders from both point of view from organization and from society, and consider those interest while making strategic road map which provides an appropriate framework for businesses serious about accepting challenges and opportunities of sustainable development. The enterprise sustainability risk management framework model aims to provide methodical process for integrating sustainability into all company departments and function, including strategic and business planning, business development corporate governance, project management, risk management resources, human resource process, stakeholder management, performance management and corporate social responsibility. The enterprise sustainability risk management process presents an agenda for sustainability factor to build in corporate systems, function and operations. I believe enterprise sustainability risk management is a kind of enterprise risk management which is not just to maintain capacity to realize the risk of new socio-environmental businesses. In a world where policies and expectation for social responsibility of financial institution are growing enterprise sustainability risk management assist in appropriate assessment of these risk with in institution overall credit risk analysis(UNITED NATION ENVIRONMENT PROGRAME FINANCE INITATIVE 2006). Integrating sustainability means that environmental social and broader economic factors, as well as more traditional factors incorporate into business decision making activities and performance. Companies are increasingly integrating sustainability into their key business processes for different reasons whether to manage new risk, gain business opportunity and extend their role in society (Stratos 2007). Corporations are rebuilding themselves to implement sustainability into their business strategies and policies. Global companies have realize that sustainability is an important part of good enterprise risk management and effects triple bottom line and long term profitability. Corporate sustainability requires the companies to identify the issue of economic prosperity, social quality and environmental quality simultaneously. No individual company could become sustainable in an unsustainable economic system. Managing for long term benefits requires the full integration of the sustainability into an organization enterprise risk management. Working on the goal of corporate sustainability is a complex journey in which different process concerns may be emphasized at different phases. The new enterprise sustainability risk management framework model is designed as a process to help following subjects mainly.
v Increase mindfulness of the requirement of sustainability risk management v Classify sustainability risk and opportunities v Promote innovation and operation efficiency v Develop company specific sustainability risk management model, policy and parameter v Integrate sustainability into decision making process and practices v Manage sustainability fund v Proactively manage risk and achieve competitive advantage v Enhance value and innovation practices v Go for sustainable business practices v Promote corporate social investment, citizenship and social responsibility v Enhance financial social and environmental contributions v Improve the corporate reputation Date: 2015-01-02; view: 1094
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