As the company grows in scale and scope, it starts drawing attention, but on the other hand, risk to its reputation also increases. This makes regulatory bodies sit up and watch for alarm bells. It is risky to use Corporate Social Responsibility (CSR) as a window dressing at this stage. SSR is not just an oxymoronit is also the strategic use of CSR, ensuring mutual gains for the company as well as the society. Companies which actively look at the emerging concerns in the market, environment, community, and workplace, and try to address them through new products, processes, policies or services, have a greater chance of emerging as winners in the long run.

Every other day, Corporate Social Responsibility (CSR) makes news. Sometimes, it is about how companies are discharging their social responsibility and flourishing in the process or how they are at peril for ignoring this new age mantra. Its importance could be gauged by the fact that in the last one year the venerable Economist magazine has devoted more than one issue to the topic; Harvard has a full- fledged course (for executives) designed around it and (almost) all CEOs sing the praise of CSR. It is a politically correct stance that businesses do not want to miss. Around the world, there are scores of consultants who can advise companies to design their `CSR strategy'.

There are multiple definitions of CSR, which go to show that there are multiple interpretations of the concept. That's not a bad thing either. Some of the basic concepts in business have myriad interpretations depending on the functions we are talking about. The term `value' has different connotations in marketing, HR, operations and finance. But that does not dilute the power of the concept. However, all definitions of CSR has a common theme _ that of doing right. Most also include the concept of doing more or `giving back' to the society. Let us take one commonly quoted definition coined by the World Bank Council for Sustainable Development (WBCSD) _ Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large.

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