Corporate social responsibility as risk management: an instrumental case study on santam limited

Abstract

In a contemporary local context characterised by significant socio-economic challenges, exacerbated by rising systemic risks, and hampered by capacity constraints of the state, we examine the case for a strategic approach to corporate social responsibility (CSR) as risk management for the public good. In this study, we propose that CSR could offer value as risk management to firm stakeholders and broader society, by aligning state, business, and societal objectives in tackling shared risk and by addressing some of the challenges associated with contemporary CSR practice. The objectives of this thesis were, therefore, twofold. First, to explain the relevance between the concepts of risk management and CSR and how a strategic approach to CSR as risk management may operate as a mechanism influencing practice and impact. Second, to analyse such an approach in practice to interrogate our propositions of CSR as risk management and to identify its key enabling and disabling factors. To achieve the first objective, we developed a theoretical and conceptual framework that positions CSR as a necessary and appropriate strategic risk management response to inefficient and inequitable markets. To achieve our second objective, we undertook an instrumental case study of Santam Limited and its proactive, pro-social risk management initiative, Partners for Risk and Resilience (P4RR). Using a critical realist case study approach, we interviewed 22 participants drawn from the company’s social and organisational contexts.