Economic Resposibility

It is about adding value to and creating wealth for a wider economic system. 

The system comprises of

Economic  system and Economic Value to Stake holders

Economic responsibility means:- 

"An organization ensures that it is profitable, while at the same time continues to provide value to all its stakeholders"

In order to accomplish this goal, an organization must adopt sustainable Policies, Programs and Management System

In the context of sustainable business, an organization will have economic impact over its stake holders as shown in above table. The Economic value generated, distributed and retained will be as result of:- 

1. How well Risks of Enterprise Resource are managed?
2. The quality of  corporate governance
3. The standards of Management Systems
4. Sustainable business policies and programs

Such a Quality Management System will focus on :-

1. Legal compliance
2. Risk based control
3. Reduction of variation and waste
4. Continual improvement
5. Fair distribution of economic returns amongst stakeholders
6. Profitability that can provide for environmental stewardship & social accountability

ISO and other Standards provide comprehensive Management System Requirements for various sectors to help comply with economic responsibility