Developing a Conceptual Framework for Corporate Sustainability Strategy through Enterprise Risk Management and Knowledge Management Implementations

• Main Author: Lai, Fong Woon
• Format: Conference or Workshop Item
• Published: 2012
• Subjects: HB Economic Theory
• Online Access: http://eprints.utp.edu.my/8021/1/KM_%26_ERM_for_CSS_Lai_FW_Camera_Ready.pdf; http://eprints.utp.edu.my/8021/

The global phenomena of rising energy prices, diminishing natural resources, rampant changes in our climate, growing competition from emerging economies and trade liberalization, as well as rising consumer concern about the quality of life, health and safety, will have great impact on socio-economic development across the world. Due to this, all stakeholders who include governments, businesses, local communities and the likes should promote sustainability. In the business setting, corporate sustainability is synonymous with corporate survival. For corporations, focusing on sustainability is to ensure the enterprises to be able to continue manage the businesses risks and stakeholder expectations. Fine corporation citizens which aspire to carry out their businesses in socially responsible and holistic fashions should endeavor to put in place a corporate sustainability framework within their management structure. The vision for this is to ensure continuous growth and success for the benefit of both the current and future generations. In this light, corporations need to recognize the necessity to strike a balance between profitability and social responsibility. However, all is not lost. It is imperative for enterprises to realize that corporate success is a function of its sustainable development, both of which can be measured either in financial or non-financial terms. Hence, ensuring corporate sustainability does not mean incurring more expenses or earning less profit. This paper aims to explore a framework through which corporate this “rethinking of how business is being performed” as mentioned above can be undertaken in order to achieve sustainable development for corporations. The conceptualized framework incorporates knowledge management as well as enterprise risk management implementations as the two core pillars supporting the explored corporate sustainability strategy.