From Compliance to Impact: Understanding Impact Assessment of CSR
With a growing base of socially conscious business leadership, Corporate Social Responsibility (CSR) in India is evolving beyond mere compliance. The vibrant growth in the sector has been complemented through government regulations that continue to focus on integrating social responsibility with business profitability . Financial Audits vs. Impact Assessments: Two sides of accountability Balancing these two goals is full of challenges, as businesses operate in competitive global markets seeking financial returns and profitability. Executing relevant CSR activities is one ‘tool in the kit’ to contribute towards broader development goals of the stakeholders along with the shareholders. How can we determine if a business is successfully achieving this balance? – because what we cannot measure, we cannot truly understand While financial audits focus on business profitability, impact assessments or often referred to as social audits evaluate how its CSR initiatives impact the so...