Internal and external stakeholders

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Knowing the expectations involved with maintaining operational sustainability and who is responsible for meeting these expectations is an important part of being an effective practitioner. In this assignment, you will create a guide that can be used throughout this course and in the future to help you better understand the roles, influences, and responsibilities of internal and external stakeholders involved in maintaining ethical business practices related to the triple bottom line (TBL). This assignment will also support you in completing your course project, which is due in Module Seven.

Scenario
You are working on a collaborative project regarding sustainability initiatives. During recent meetings, the group has realized there is a lot of confusion surrounding who is responsible for what regarding regulations, governance, and responsibilities surrounding the new initiatives that are being planned. To help everyone understand the roles and responsibilities of both internal and external stakeholders, you have volunteered to create a brief guide.

Prompt
Use course and external resources to complete the Module Three Assignment Template Word Document, making sure to clearly and concisely identify key stakeholders and their roles, responsibilities, and level of influence in upholding sustainable business operations regarding each aspect of the TBL.

For the purposes of this assignment, you can select one of the following industries to help contextualize your response:

Food service
Office supply
Accounting and finance
Specifically, you must address the following rubric criteria:

Identification: Identify key internal and external stakeholders, groups, and organizations involved in enforcing and maintaining operational sustainability regarding each aspect of the TBL.
Roles: Briefly describe the role of identified internal and external stakeholders, groups, and organizations involved in enforcing and maintaining operational sustainability.
Responsibilities: Briefly describe the responsibilities of identified internal and external stakeholders, groups, and organizations involved in enforcing and maintaining operational sustainability regarding each aspect of the TBL, specifically in regard to their level of responsibility and accountability in the following:
Evaluating or enforcing sustainable operations
Determining which aspects of the TBL framework they support most strongly
Explaining how their responsibilities can help justify prioritizing the TBL
Influence: Briefly describe the level of influence of the identified internal and external stakeholders, groups, and organizations involved in enforcing and maintaining operational sustainability regarding each aspect of the TBL. Make sure to note their ability to make decisions, enforce requirements, and justify prioritizing the TBL for an organization.

 

Sample Solution

An organization’s stakeholders may be internal or external. Internal stakeholders are those who have a direct interest in a firm, such as through employment, ownership, or investment. External stakeholders are those who don’t work for a company directly but are still impacted by its decisions and results. Suppliers, borrowers, and government agencies are all regarded as external stakeholders. Investors are internal stakeholders whose performance and the accompanying concern have a big impact on them. The firm becomes an internal shareholder of the startup, for instance, if it decides to invest $5 million in a technological startup in exchange for 10% stock and significant influence.

controversy around tort reform has turned into a two-sided debate between citizens and corporates. With the examination of various cases in recent years, it is clear that the effects of tort reform have proven to be negative for both sides. This issue continues to exist today, as public relations and legislature show a clear difference in opinion. In the event that tort reform occurs, victims and plaintiffs will be prevented from being fully replenished from the harm and negativity that they suffered, making this process of the civil justice system unfair.

In the justice system, there are two forms of law: criminal law, and civil law. The most well known form of law is probably criminal law. Criminal law is where the government (prosecutor) fights a defendant regarding a crime that may or may not have been committed. Contrary to this, civil law has a plaintiff and a defendant who fight over a tort. As stated in the dictionary, a tort is “a wrongful act or an infringement of a right (other than under contract) leading to civil legal liability”. In hindsence, a tort correlates to that of a crime in a criminal case.

Tort reform refers to the passing legislature or when a court issues a ruling that limits in some way the rights of an injured person to seek compensation from the person who caused the accident (“The Problems…Reform”). Tort reform also includes subtopics such as public relations campaign, caps on damages, judicial elections, and mandatory arbitration. Lawmakers across the United States have been heavily involved with tort reform since the 1950s, and it has only grown in popularity since then. Ex-president George W. Bush urged Congress to make reform in 2005 and brought tort reform to the table like no other president.

The damages that are often referred to in civil lawsuits are economic damages and non-economic damages. An economic damage is any cost that is a result of the defendant’s actions. For example, medical bills or money to repair things. Non-economic damages refer to emotional stress, post-traumatic stress disorder, and other impacts not related to money. A cap on damages “limits the amount of non-economic damage compensation that can be awarded to a plaintiff” (US Legal Inc).

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