Responsibility – what is it? Corporate, financial, business and moral definitions

What is a responsibility? Corporate, financial, business or moral responsibility – how can they be defined? Let’s find out. 

What is Responsibility?

The definition of responsibility highly depends on the context under which it is being used. Nonetheless, generally speaking,  responsibility can be seen as a person’s conscious decision and behavior that seek to improve oneself and/or help others. More accurate definitions of < responsibility > can be given, depending on the context.

Corporate Responsibility

Corporate responsibility can be seen the policies that companies put in place to support the principles of sustainable development. These principles mean that companies want to be not only economically viable and create profit. They’re also committed to having a positive impact on society and respecting and preserving the environment.
In this way, organizations that follow a corporate responsibility philosophy are expected to integrate environmental concerns into their internal management systems to reduce waste, resource consumption or environmental impacts.
On the other hand, they’re also expected to make to contribute to the development of a better society. This can happen in two main ways. Because companies feel the responsibility to minimizing the impact of their activities. Let’s imagine that some lands are bought for agricultural purposes and locals need to leave. To make it up for them, companies can build houses in villages close by or pay for kids’ studies. It’s becoming common as well that some companies help fighting other challenges that aren’t straightly connected to their businesses.

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Financial Responsibility

Financial responsibility is the process of managing money (and other kinds of assets) in a way that is productive and works in the best interest of an individual, his/her family or an organization. To be financially responsible means to live within a person’s or company’s means. And doing it means spending less money than the money that’s made.

Business and Management Responsibility

Business responsibility is someone’s duty (that often depends on the job level) to perform or complete a task. This task might have been assigned by someone (hierarchically superior, or a colleague’s request) or created by the own person.
In a broader sense, the often called VP’s (vice-presidents) are people within companies responsible for specific business areas such as HR, marketing, sales or engineering. In this way, they are responsible for what happens within these departments, from a macro to a micromanagement perspective.

Moral Responsibility

The term “moral responsibility” applies to the responsibility that individuals and groups have. In this way, they must act in accordance with the moral principles that are important to their social communities and to humanity.
Wisneski, Morgan and Bauman also give a definition of moral responsibility in the paper they wrote. They defined moral as “the extent to which a person believes that another individual or group is blameworthy and ought to be accountable for violating standards of conduct by either behaving in an unacceptable manner or failing to behave in an acceptable manner”.
 
Image credits to responsible person on Shutterstock