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Two ways business be socially responsible

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You have identified the strategies that you want to implement in your business in the letter to your relative.

1. What safeguards and controls would you and your partners put in place to ensure that the goals identified can be pursued ethically?
o Safeguards are policies, procedures, or mechanisms that when effectively applied serve to reduce or eliminate risks that could result in harm or loss. Examples include: personnel policy and procedures, risk management policies, safety training, loss (theft) prevention training, loss prevention devices (cameras, etc.)
o Controls are: Management process of monitoring an organization's performance to ensure that it is meeting its goals. Examples include: sales volume monitored, customer service complaints monitored, monitoring inventory levels, keeping track of overtime expenses, and monitoring expenses and budgets.

2. What two ways will your business be socially responsible?

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You have identified the strategies that you want to implement in your business in the letter to your relative.

1. What safeguards and controls would you and your partners put in place to ensure that the goals identified can be pursued ...

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This explains the two ways by which business be socially responsible

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Corporation Behaving in a Socially Responsible & Ethical Way

We are witnessing a large number of multinational corporations (MNCs) getting involved in philanthropies and local communities? development activities (such as providing financial aid to remove illiteracy and poverty, creating health and safety awareness programs, etc.) in the countries in which they have operations. Discuss the following:

Why are MNCs getting involved in such activities? Are they displaying a sense of social responsibility, or is this merely good business?

Does motivation matter if either way the effort contributes to society? Why or why not?

What is the responsibility of the multinational corporation in the countries in which it has business?

How can your corporation best behave in a socially responsible and ethical way toward the societies it has entered?

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