Role Of CSR In Mitigating Corporate Crime: Analysis Of Effectiveness And Implementation Strategies

Ankit Gupta, University of Petroleum and Energy Studies

ABSTRACT

The concept of corporate social responsibility (CSR) has been increasingly popular in recent years. It entails businesses accepting accountability for their social and environmental effect and making a serious effort to improve it. CSR can take many different forms, including as philanthropy, sustainability programmes, and moral corporate conduct. Corporate crime reduction is one area where CSR may make a very big difference.

Corporate crime is a general word that refers to a variety of unlawful and immoral business practises. Among other things, this can involve fraud, bribery, environmental harm, and labour breaches. Serious repercussions from corporate criminality can damage the companies involved as well as the people and communities it affects. These repercussions may include monetary fines, legal action, harm to one's reputation, and loss of public confidence. CSR can play a crucial role in mitigating corporate crime by promoting ethical behaviours and accountability within companies. One way that CSR can achieve this is by encouraging companies to adopt codes of conduct and ethical guidelines that govern their behaviour. These codes can help ensure that companies act in a responsible and ethical manner and can provide a framework for employees to report any illegal or unethical behaviour they may witness. Another way that CSR can help mitigate corporate crime is by encouraging companies to invest in compliance programs and risk management strategies. Companies may increase stakeholder trust and show their commitment to ethical behaviour by being open and responsible.

In conclusion, CSR may significantly reduce corporate crime by encouraging moral conduct, responsibility, and transparency among businesses. By adopting codes of conduct, investing in compliance programs, and promoting transparency, companies can reduce the likelihood of corporate crime occurring and demonstrate their commitment to responsible business practices.