Corporate Social Responsibility (CSR) and Social Risk Management

This paper focuses on the increasing importance of corporate social responsibility (CSR) and social risk management in business. Firstly, CSR and social risk management are defined and the development of CSR as a discipline is highlighted. The paper also gives a brief introduction of how community, human rights and labour can be examples of social risks during oil and gas operations. Social risks are typically identified during the assessment of the local context of the operations. Furthermore, the paper shows how a business can manage social risks and an operational example is provided. The main items to be considered during any operations are; early assessments and pre-warning to the project, timely understanding and alignment internally and collaboration with partners, like operators and contractors. Finally, mapping the stakeholders and creating stakeholder communication plan is of great importance