SOURCE: PYXERA GlobalDESCRIPTION:
In August, nearly 200 Business Roundtable CEOs dominated the news cycle declaring the purpose of a corporation is to deliver value to all stakeholders, not just shareholders. They may have also catalyzed the risk inherent to corporate purpose in this new social landscape with a web-empowered public auditing ALL of a company’s actions, not just its self-selected, carefully curated positive examples.
“Purpose washing” has become a thing. And the backlash of getting outed when actions do not meet high-minded purpose statements disrupts business and erodes value.
Given the ramp speed of viral moments, anticipating negative social impacts embedded in a business has never been more urgent, as investors like BlackRock examine social risk in their portfolio reviews. The problem is breaking through the corporate cultural bubble to see social risks coming.
Social risks are serious business, but they lie hidden in corporate blind spots. This excerpt from RESET: Business and Society in the New Social Landscape introduces a new model for conducting a social risk assessment.
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KEYWORDS: James R. Rubin, Barie Carmichael, Darden Graduate School of Business, University of Virginia, APCO Worldwide, risk, Pyxera