The Role of CSR in Risk Management: A Case Study of the Extractives Industry in Australia

Abstract

So far, little consideration has been given to investigate beneficial impacts between corporate social responsibility (CSR) and risk management. This research investigates the role of CSR in risk management in Australian extractives industries to enhance business value through CSR’s positive aspects. A large contributor to Australia’s economy, this sector was selected because it deploys separate programs for managing risk and CSR. The study confirms CSR plays a critical part, demonstrating links between business success, CSR as social value, and holistic risk management. Organisations should consider optimising integration of CSR and risk management to maximise value and minimise corporate failures.