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Musings over Social Impact and Social Risks

We are quite accustomed to thinking linearly. Last year, I got certification in Social Impact Assessment from University of Strathclyde. Social Impact is about looking at all the various risks and impacts, whether negative or positive, that is created by your business and identifying ways and measures to mitigate and manage them. A simple example is, if you are building a hydropower project, how will the construction and operations activities impact the social dimensions in the communities and in individuals. These could be through loss of access to water resources, pollution, or lost of land and livelihood. On a positive side, it could lead to economic opportunities and increased access to resources. Currently, I am taking advanced course on Social Risk Assessment from Ergon. As I began the course, I fundamentally thought the two were similar, but as I am half-way into the course and implementing my learning, I realize that Social Risk Management is different from Social Impact Assessment. Social Risk Management looks at a Matrix known as ASCOPE/PMESII to identify various social risks that could affect your business and how you categorize and develop mitigation measures. PMESSI looks at political, military, economic, social, infrastructure and information risks in the ASCOPE dimensions of area, structures, organizations, capabilities, people, and events. Social Impact Assessment looks at how your business can impact the society and ecosystem services and means and measures to manage it to not let it disrupt your business. However, Social Risk Management looks at various external factors and events that can affect your business and means and methods to manage it. Though both approaches are to manage social risks and impacts, the approach is multi-dimensional and not linear. You can reach me to support you on any Social Impact Assessment and Social Risk Management support for your business. Thank you.
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