Responsible Care® companies are doing more today than ever before to improve performance. But how do companies and their facilities benefit from Responsible Care in a business sense?
- Financial Marketplace Recognition. Socially Responsible Investing (SRI) indexes have been taking notice of Responsible Care companies. For example, the FTSE4Good Index (managed by the Financial Times and the London Stock Exchange) has notified ACC members and Responsible Care Partners of significant overlap between Responsible Care requirements and FTSE4Good environmental criteria. Additionally, FTSE has identified the strong possibility of streamlined inclusion on the FTSE4Good index through Responsible Care implementation, should that be something your publicly-traded, large or mid-cap company strives to attain. FTSE selects companies for FTSE4Good participation based on extensive analysis of numerous socially responsible criteria, including environmental performance. For a copy of the letter to ACC members and Responsible Care Partners announcing this initiative, please click here. A copy of the press release is available for download by clicking here.
- Gaining efficiencies. There are many efficiencies to be gained by taking advantage of existing management systems rather than creating new ones. In adopting a Responsible Care Management System®, facilities should draw on as many existing resources as possible. Significant benefits can be realized by implementing, integrating and streamlining existing, segregated management systems. Additionally, the Responsible Care certification process can encourage teamwork by bringing together diverse staff from multiple management teams, including environmental, health, and safety; ecology; community relations; shipping; security; regulatory compliance; and purchasing. Collectively, representatives from these groups can determine a way to combine their current systems into one complete and comprehensive management system.
- Improved community relations. The Responsible Care certification process can encourage and even improve successful communications with facility communities and other stakeholders. Responsible Care outreach, through activities such as Community Advisory Panels (CAPs), can generate positive feedback, and, although it may be difficult to quantify in dollars, can additionally strengthen ties with communities, Responsible Care companies and business allies.
- Competitive advantage. Responsible Care certified facilities will find themselves with a competitive advantage over non-certified facilities. Responsible Care certification represents superior environmental, health, safety, security, product stewardship, and value chain performance, combined with robust community outreach - a combination not provided by ISO certification. The competitive advantage will become even clearer as the Responsible Care ethic is spread along the value chain and government entities and stakeholders become better educated as to how Responsible Care promotes continuous performance improvements.
- Insurance: Many companies have noted that implementation of Responsible Care, specifically the Security Code, has resulted in reduced liability premiums. Companies should openly discuss such possible benefits with their insurance providers.
