Following the law, is a necessary condition for a company, to operate in the area where it has been established. The company is subject to the local and national laws, which cover the jurisdiction of the aforementioned area. However, simply following the law is not enough in itself. It is simply the minimum requirement.

Business Ethics also plays an important role in a business organization. For the smooth running of the operational activities, a vibrant work culture, and developing a positive relationship with external agents, the organization needs to formulate and strictly adhere to the set of Business Ethics (Arnold, Beauchamp& Bowie, 2019).

Incorporating ethics into a business's strategy has several benefits such as It improves and sustains a certain level of trust among the company's stakeholders, when the employees' code of ethics and the company's code are consistent with each other, then, employee productivity is enhanced, along with employee loyalty is maintained, it also provides the business with consumer support, and helps in consumer retention.

Corporate Social Responsibility (CSR) usually involves philanthropy, volunteering, social work, and many such initiatives. CSR essentially reflects the company's ethical code. The broad ethical policies followed within the organization determine in part to the scale of social activities undertaken by the company (Ajinaet al.2019).

Some of the benefits of CSR are: promotes the company's brand, develops a positive reputation of the company also spurs organizational growth, which can raise funds relatively easily and quickly. The possible risks with CSR activities are: badly implemented CSR policies can destroy the reputation, and brand value of a business, wrong financial planning for such activities can lead to a strain on the company's resources.

Question

Suggest additional benefits and/or risks of having CSR and/or positive social change as part of a business strategy.