An Alternative Stakeholder Management Tool Conflict-Consensus-Collaboration

This paper is based upon the concept of stakeholder theory and integrated corporate social responsibility. The paper has tried to present how interest of stakeholder has been integrated in to the business interest through CSR. Community and community groups have been taken as the main stakeholder in the process of formulating and implementing Corporate Social Responsibility, which we usually mean in the context of a social and philanthropic responsibility of a company. The crux of the paper is to present two cases where in one case presents corporate social responsibility in operational risk management approach and other one presents the CSR in a value creation approach. Both the approaches in this paper has been presented as an integration approach, one is integrated with business objective to manage the risk, mostly in reactive way, where as the other one is integrated with core business value chain and purpose in proactive way. Both approaches are equally necessary and if can be combined in an integrated development approach becomes effective and sustainable.