CIMA E1 Syllabus B. Technology In A Digital World - Corporate Digital Responsibility - Notes ^{5 / 5}

Corporate Digital Responsibility (CDR)

CDR is an extension of CSR to the world of data and tech. It is about going beyond laws and ensuring that new technology and data are used in a productive manner in ways that are acceptable by society. 

There are 5 key areas to the CDR strategy:

• Digital stewardship

  This is using data is a responsible and secure way that is line with customer and employee expectations about what is reasonable.

• Customer expectations

  Customer expectations around data use and transparency are increasing Customers should be given the choice to opt in and be rewarded for sharing data, this will empower the customer.

• Giving back

  An example of this could be a bank with knowledge of financial information could help to inform a customer about choices that could improve their financial management, even if it meant that it was a loss to bank in terms of fees earned.

• Data value

  This is becoming increasingly apparent to customers and businesses, therefore the need to provide incentives to customers to provide more data will become the norm.

• Digital Inclusion

  This sees that businesses share data in a kind way to other causes that may benefit from the data. For example, if a pharmaceutical company donated clinical trials data to a university for the betterment of society.