CSR Guidelines for the Financial Sector - page 12

IX
How touse theseGuidelines:
Put simply…
TheseCSRGuidelines consist of a set of six core practices that describe the process to integrate
responsible business decision-making and embedCSR throughout an organization coupledwith 5 levels of maturity
for each practice.
Financial institutions can identify theirmaturity level of each practice and identify the next steps to further their CSR
maturity using the tools provided for any given practice or all based on their needs.
Practices
Commitment
A commitment to implement the true nature of CSR and benefit from the advantages of effectiveCSR
is necessary. The journey for comprehensive implementationwill have its challenges and therefore, a genuine
commitment toCSR is of great value.
Stakeholder Engagement
Identifying stakeholders, building relationshipwith internal and external stakeholders,
engaging in consultation and balancing demands to understand the role of each player is key to a value addedCSR
approach.
Strategy
Taking a strategic view of the overall operations environment is valuable to ensure a holistic and
integrated approach toCSR and not a segmented and fragmented approach.
ImplementationA great strategy without implementation is not so great. Implementation is key to reap value from
CSR and the above practices - the key that brings everything together. Implementation is divided into two categories:
- Policies
- Culture
For implementation to succeed and for CSR to become an integral part of every day business, policiesmust exist to
provide guidance. However, without that being coupledwith a culture for CSR, implementation and existing policies
can become an additional burdensome layer.
Audit
An assessment of successes and failures is what makes CSR a growing business tool ensuring alignment with
market and stakeholder needs.What works todaymay not work tomorrow ormay work better with certain tweaks.
Reporting.
Many organizations undertakeCSRwork but neglect to report on their activities, successes, lessons
learnt which takes away from the value of their CSR performance. Reporting onCSR investments and activities is key
to a healthy growingCSR practice.
Maturity Levels
TheseCSRGuidelines sets out five levels of maturity for each practice, depending on the depth of knowledge
required. These range from basic awareness (compliance) through to leadership (full integration).
Each practice requires a set of unique skills, competencies, achievements, goals and targets appropriate to that
particular practice.
Maturity Levels: FromReactive toProactive
Compliance.
This is a basicmaturity level whereby the organization is simply reactive to legislation andmarket
trends by complyingwith basic requirements.
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