In response to your peers, comment on what you liked about their approach and suggest a way to enhance their strategy. Be sure to evaluate risk in the context of the triple bottom line and sustainability.

National and international authorities have mandated CSR for businesses to promote environmental sustainability and social well-being. CSR, in return, yields significant benefits for the company in terms of higher productivity, quality of the final output, competitiveness, and retaining skilled resources (Tencati, Russo, & Quaglia, 2010). Most importantly, CSR paves the way for businesses to participate in the international economy. However, developing countries such as Vietnam possess significant challenges to meet the standards and requirements of CSR. This has become a major trade barrier which has prompted western corporations to reconsider their procurement strategies in developing countries. Developing countries lack the knowledge and fundamentals of CSR. Their overall economic framework is built on a weak institutional environment, poor governance structure, and various social, economic, and political challenges (Sachs, Madenda, & Mugova, 2017). Considering these facts, businesses must initiate outsourcing in developing countries with a balanced approach that encompasses their economic, social, and legal characteristics. Additionally, the monetary and non-monetary cost of compliance with international standards has turned out to be unsustainable and prohibitive for many small and medium-sized suppliers in developing countries. In such a situation large corporations must be willing to absorb the cost of certification, annual audits, technical updates, monitoring, and training to enable developing countries to participate in the global economy. Lastly, the companies must collaborate with it national and international authorities to spread awareness about the importance of sustainability and tailor CSR requirements based on the countries' local capacity instead of just imposing all-inclusive rules and regulations.

My recommended risk mitigation strategy would be risk avoidance since it deals with identifying risks, planning, and developing appropriate action to avoid them. It accounts for all the possible risks that not only hinder the organization but also the stakeholders, in this case, the small and medium businesses in developing countries. CSR is a long-term and expensive investment and the inability to meet social and environmental standards means the impossibility of doing business in the international market (Tencati, Russo, & Quaglia, 2010). Since risk avoidance deals with high-risk and high-reward situations, the strategy is most suitable for initiating businesses and developing countries. Risk avoidance helps to pre-determine all the risks associated with doing business in developing countries. It also promotes the restructuring and reorganizing of their operational framework within the capacity and capability of the local suppliers while in compliance with national and international rules and regulations.