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Social risk management (SRM) is a conceptual framework developed by the World Bank, specifically its Social Protection and Labor Sector under the leadership of Robert Holzmann, since the end 1990s. [1]
Social Risk Management: The World Bank’s Approach to Social Protection in a Globalising World. Library. R Holzmann, L Sherburne-Benz, E Tesliuc. 2003. Full text [PDF - 8 MB] - 24 pages. Summary. The World Bank’s rethinking of traditional Social Protection approaches has inspired a new conceptual framework named Social Risk Management (SRM).
The paper presents the concept of social risk management and explains how CSR programmes are a means to provide strategic advantage by managing social risks.
Any organization, institution or individual can be its next target. Leaders can nonetheless take steps to be better prepared for social risk, see it coming, and react to it before it becomes a true crisis that plays out in public. These five recommendations can help identify and mitigate social risk: 1.
Social risk arises when firm’s behavior or the action of others in its operating environment creates vulnerabilities. In the case of social risk, stakeholders may identify those vulnerabilities and apply pressure on the corporation for behavioral changes.
A key strategic risk that companies often miss or misdiagnose is “social risk.” 2 “Social risk” is defined as challenges by stakeholders to companies’ business practices due to real or perceived business impacts on a broad range of issues related to human welfare—for example, working condi-
Social risk management (SRM) is a new means of looking at poverty, risk, and risk management that was recently presented in the World Bank's Social Protection Strategy Paper.