Outcomes

Aside from the obvious business benefits of participating in the Corporate Responsibility Index there are many other positive outcomes associated with becoming part of the CRI Network which will further help your business on the corporate responsibility journey.

You will join a network of leading businesses implementing their CR strategy at its various stages. There are many benefits to participating in the Index. See below for just a few.

Set the boundaries

By defining what corporate responsibility means in practice, the Index helps set the management and reporting boundaries against which businesses will be assessed.

Participating companies receive a comprehensive set of guidance notes that provide a framework for corporate responsibility and assists companies develop and improve responsible practice in line with their business.

The Index seeks to understand through consultation and engagement how businesses are integrating corporate responsibility at a strategic and operational level.

Provide focus

Feedback is a critical part of the Corporate Responsibility Index. This allows participants to take stock of relative progress and inform areas of performance and opportunities for improvement.

All company submissions are validated by PricewaterhouseCoopers on a sample basis to check responses are supported by appropriate evidence and that questions are interpreted consistently by participants. This involves an initial meeting with companies, a high level review of the full submission and onsite testing of sample questions.

Feedback is presented as confidential gap analysis, allowing companies to take stock of progress and strive for continuous improvement.

Know yourself

Some of the companies participating in the CRI have commented that it has helped them to realise they are doing more across this agenda than they originally thought. Others noted that they were not conducting their activities in a systematic or integrated manner, preventing colleagues from being able to benefit from any lessons learned or from maximising benefit of credible external communication of achievements.

The Corporate Responsibility Index provides a useful internal communications tool providing a means of discussion on material issues with senior executives from business divisions and functions.

Company you keep

St James Ethics Centre is building an Australian alliance of international leaders in corporate responsibility reporting and indexing comprising the Corporate Responsibility Index (CRI), the Global Reporting Initiative (GRI) and the UN Global Compact (UNGC), with the purpose of working together to promote responsible business practice, harmonising approaches to increase the uptake of measuring monitoring and reporting in corporate responsibility and sustainability.

The alliance has the potential to be a powerful mechanism - symbolically and practically. Now more than ever companies and individuals are looking for guidance and reliable information on responsible and sustainable business practices. 

The Ethics Centre will provide a neutral trusted hub, utilising a web platform from which to reflect on the meaningful purpose of tool development and to make the way clear for newcomers trying to understand the responsible business practice landscape. By participating in the Corporate Responsibility Index your company will be involved in this broad community.