CSR Guidelines for the Financial Sector - page 23

CSRGUIDELINES FOR THE FINANCIAL SECTOR
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Make sure todo this
Create a list of all the possible elements of aCSR approach and check off what the firm is already doing,
noting any gaps. To create the list, define the firm’s stakeholder groups (such as employees and representatives
of the communities where the firm operates) and come upwith three or four initiatives for each.
Quick tips
- Consider using one of themany existing self-assessment tools
- Engage a consulting firm to do the assessment.
- Ask an industry association or CSR specialist organizationwhether it offers assistancewith
self-assessment.
Step Four: Engaging Key Stakeholders
We discussed in earlier sections the importance of stakeholder engagement and the associated process.
Thismay be a task for theCSR Leadership Team as the team involved in advancing and capturingCSR
directions, needs and issues for the organization.
This engagement with stakeholder just like any stakeholder engagement should bemapped out clearly
identifying the purpose and scope.
Reality check
A lot of our clients are often very skeptical about
undertaking aCSR Assessment in house because
of the resources required since this would take
employees away from their core responsibilities.
From our experience undertaking aCSR
Assessment in-house or otherwisemay require a
lot a lot of resources in terms of time and
financial investment but the return benefit is
exponentially higher than the investment in terms
of providing a clear direction, a focused
approach and amuch needed awareness and
understanding.
Alternatively, organizations can invest in third
party advisors that can provide support in the
CSR Assessment and provide an objective review.
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