Management: Royal Bank of Canada's Corporate Social Responsibility

This project analyzes the Corporate Social Responsibility (CSR) practices of the Royal Bank of Canada (RBC). The report examines RBC's commitment to CSR 2.0, detailing its initiatives in environmental sustainability, community support, and financial services. It highlights RBC's unique approach in the industry, including its innovative programs for youth, environmental protection, and arts funding. The analysis covers RBC's CSR model, achievements, and the awards it has received, showcasing its leadership in sustainable development. The report also explores the company's adoption of the CSR 2.0 model, emphasizing creativity, scalability, responsiveness, glocality, and circularity in its operations. Overall, the project concludes that RBC effectively integrates CSR into its business strategy, contributing to both environmental protection and community support, thereby establishing itself as a leader in the financial industry.

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CORPORATE SOCIAL RESPONSIBILITY
ROYAL BANK OF CANADA

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Table of Contents
Introduction......................................................................................................................................2
Royal Bank of Canada.....................................................................................................................2
Model of CSR 2.0............................................................................................................................3
Uniqueness in the industry...............................................................................................................4
Achievements of Royal Bank of Canada.........................................................................................4
Conclusion.......................................................................................................................................5
References........................................................................................................................................6

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Introduction
Corporate social responsibility is considered the self-determining model of business that
assists the corporation to be socially responsible to all of its stakeholders and the community
(Chandler, 2016). If the company is engage in Corporate Social Responsibility, it shows a
company is functioning in the behavior that improves the society and the environment, rather
than giving something unenthusiastic to them. In this, companies handle their operations in such
a way that it creates an optimistic influence on the society (Pedersen, 2015). Due to the increase
in the competition and business internationally, it is very significant to perform under the CSR
efficiently. For this report, selected company is Royal Bank of, Canada; the objective of the
report is to find out the new trends and the practices accepted by the business, and the resulted
benefits.
Royal Bank of Canada
The Company is a multinational corporation of Canada, providing services of financial as
well as biggest bank regarding capitalization of market. The bank serves up more than sixteen
million customers and has the 80,000 staff members globally. The headquarters of the company
are situated in Montreal, Quebec and Toronto (Annual Report, 2018). The business takes various
initiatives for the social responsibility, which includes.
 The business done the distribution of the funds in the year 2018 among the youths
investment is done up to $29.9 million for giving the advice, services of banking and
finance the products for the youthful audiences as well as for the students of the post-
secondary. The investment made for the Environment is $7.8 million; this is made not
only to decrease the pollution of water but also to increase its quality and raises the
information and awareness for managing water (Royal Bank of Canada, 2019). In the
year 2016, the distribution of the funds were also made on the absorption of the water
through the habitat of natural, space of riparian green and the habitat of aquatic. In the
Arts the funds invested is up to $7.8 for supporting the talented artist all the way through
the programs of transformative (Royal Bank of Canada, 2019).
 The Company supports the customers by generating the opportunities and ensures the
sustainability. It adds up $100.7million internationally for supporting the 6,700

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communities by the Diversity and Inclusivity and leads sustainable development by using
the statement of “How we will win”, this assists the company to recognize the key focal
point in the year 2018 (Royal Bank of Canada, 2019).
 The Company also paying attention on giving the support to the poverty suffering and
women, which is marginalized, by providing shelters to them, counseling, as well as
support for the employment also provides various classes of skills to authorize them to be
more self-determining (Salvioni & Gennari, 2016).
 In this council of Halton Multicultural also supports beginner to make settlement into the
Canada by providing the support of employment, classes for the language and the
proficiency (Jamali & Dima, 2016).
Model of CSR 2.0
All these practices are adopted by this business, which shows that the entire series is
engage in the practices of sustainable growth and for safeguard the environmental. The model of
CSR 2.0 has five philosophies, which includes creativity, scalability, responsiveness, glocality
and circularity (Camilleri & Anthony, 2016). Through analyzing the practices as well as the
initiatives provided by the business, it acknowledged that the business used these philosophies
while developing the practices and the company effectively exhibits the principle of Creativity
because no other company or business adopt the practices of distributing the funds in the three
segmments, even the third segments is for the artisians. The company also made the absorption
of the water through the space of riparian green and the habitat of aquatic. The business also
followed the Glocality principle, which describes global localization, shows an approach of
adjusting the techniques of farming to the conditions of local (Örtenblad, 2016). The business
uses the various practices to safeguard the environment, which includes diminishing the water
pollution, and enlarge the knowledge for managing the water. The business implemented the
principle of Responsiveness, which describes that the organization have to be energetic
sufficient for reacting to the issues of the society and the requirements of the society, so that
superior assistance should be developed for enhancing society and the community (Visser &
Tolhurst, 2017). The financial services business also develops various practices for solving
the problems of the society and the community by providing shelters, employment
opportunities and training classes.

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Uniqueness in the industry
From the above analysis, it can be said that the company is considered the industry leader
in providing services of financial. The company develop various initiatives and describes that
business can be operate effectively taking into account the various aspects of the society and
environment. The business is performing unique in the industry by generating the innovative
ideas for the society and safeguard the environment, which leads sustainability development, The
Company reduce the emissions of GHG intensity by 20% and enhance the efficiency of the
energy in operating the business in 2018 (Royal Bank of Canada, 2019). The company also
adopted the new model of CSR, which includes-
 Reason- In this the business finds the problems which the society and environment
faces.
 Measurement of the opportunity- In this stage the problems areas are analyzed and
opportunities are measured, also in this company audience which is targeted is also
segmented.
 Transform levers- In this intangible technique are recognized, to change the system.
 Governance- In this Royal Bank of Canada comprises enthusiastic resourcing for
engagement of citizenship crossways, to manage control and contribution across the
business.
 Evaluation- In this business develops the framework of Impact measurement, which
determines the affect of the practices as well as investments made by the company
(Aidoo, 2019).
Achievements
To identify business success, in the area of the CSR, the following are several
achievements and accomplishments of the business, which shows the uniqueness of the
company:
 The company has been named one of Canada's "Top 50 Most Socially Responsible
Corporations" in 2012.
 In the year 2011, the company gets the award of Lexpert Zenith for the corporate social
responsibility.

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 The company is also awarded for the Top Canadian Bank for the standards of supplier
labor as well as most excellent corporate citizens of Canada in the year 2011 (Royal Bank
of Canada, 2019).
Conclusion
From the above, it conclude that the business has adopted various practices for
safeguarding the environment and support to the society, which includes allocating the funds,
supporting the community, reducing the emissions, water management. It also concludes that the
company performs excellent for the sustainable development and upholds the position to grow
and turns out to be the leader in the industry. The company also received awards in the area of
corporate social responsibility, which shows that company is successful in supporting the society
and protecting environment.

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References
Aidoo, R. (2019). The Politics of Economic Reform in Ghana. Abingdon: Routledge.
Annual Report. (2018). Retrieved 7 20, 2019, from annualreports.rbc.com:
https://annualreports.rbc.com/ar2018/
Camilleri, & Anthony, M. (2016). CSR 2.0 and the New Era of Corporate Citizenship. Hershey:
IGI Global.
Chandler, D. (2016). Strategic Corporate Social Responsibility: Sustainable Value Creation.
Thousand Oaks: SAGE Publications.
Jamali, & Dima. (2016). Comparative Perspectives on Global Corporate Social Responsibility.
Hershey: IGI Global.
Örtenblad, A. (2016). Research Handbook on Corporate Social Responsibility in Context.
Cheltenham: Edward Elgar Publishing.
Pedersen, E. R. (2015). Corporate Social Responsibility. Thousand Oaks: SAGE.
Royal Bank of Canada. (2019). Retrieved 7 20, 2019, from rbc: https://www.rbc.com/about-
rbc.html
Salvioni, D. M., & Gennari, F. (2016). CORPORATE GOVERNANCE, OWNERSHIP AND
SUSTAINABILITY. Corporate Ownership & Control , 13 (2).
Visser, W., & Tolhurst, N. (2017). The World Guide to CSR: A Country-by-Country Analysis of
Corporate Sustainability and Responsibility. Abingdon: Routledge.

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