Social Risk Management as a Response to Increasing International Pressure for Social Performance

J. D. Borbor, K. Cranenburgh, C. Luca
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Abstract

In the past decades, financial institutions have led the way for companies to adhere to international standards for social performance. The journey began in the Industrial Revolution, when negative societal business impacts rapidly escalated, which led people to demand for their management. Initially focused on working conditions, impacts on the environment soon started to gain notice. Halfway through the 20th century, a combination of oil spills and mass media attention generated enough public pressure for the United States to sign the first piece of legislation requiring the environmental impact assessment. With this law and its replication abroad, however, came the concern with social impacts as well. Both environmental and social performance expectations soon spread internationally and, by the 1980s, multilateral financial institutions, most prominently the World Bank, incorporated such considerations into their investment and lending practices, which is the source of all such international standards today. These standards require the establishment of a social management system to integrate risk and impact management processes and stakeholder engagement activities. Given the challenge of implementing these requirements, a social risk management development framework is proposed to bring together the extensive and multidisciplinary demands of effective social performance. Five development areas are proposed: governance, social policy, tools, resourcing and capacity, and knowledge sharing. This is an important step to take today as it is expected that the next decades will see these international demands increase, possibly by ever increasing governmental regulation.
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社会风险管理作为对社会绩效日益增长的国际压力的回应
在过去的几十年里,金融机构一直在引领企业遵守社会绩效的国际标准。这段旅程始于工业革命,当时企业对社会的负面影响迅速升级,导致人们对企业的管理提出了要求。最初关注的是工作条件,但对环境的影响很快开始引起人们的注意。20世纪中期,石油泄漏和大众媒体的关注共同产生了足够的公众压力,迫使美国签署了第一项要求进行环境影响评估的立法。然而,随着这项法律及其在国外的复制,人们也开始关注其社会影响。对环境和社会表现的期望很快在国际上传播开来,到1980年代,多边金融机构,最突出的是世界银行,将这些考虑纳入其投资和贷款做法,这是今天所有这些国际标准的来源。这些标准要求建立社会管理体系,以整合风险和影响管理流程以及利益相关者参与活动。鉴于实施这些要求的挑战,提出了一个社会风险管理发展框架,以汇集有效社会绩效的广泛和多学科需求。提出了五个发展领域:治理、社会政策、工具、资源和能力以及知识共享。这是今天要迈出的重要一步,因为预计未来几十年,这些国际需求将会增加,可能会通过不断增加的政府监管来实现。
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