CSR Guidelines for the Financial Sector - page 28

TappingOpportunities for Innovation
Organizations that are heavily engagedwith their stakeholders, gain better insight into their business environment
and becomemore in tunewith their consumers needs, thusmore responsive. Moreover, this engagement positions
the organization to spot opportunities for innovation, growth and expansion.
In Bangladesh, Prof. Muhammad Yunus’ interactions with poor Bangladeshis led him to reconsider some of the basic
premises of conventional banking in setting upGrameen Bank. As a result, he invented the concept of microfinance,
for which hewon theNobel Peace Prize in 2006.
The Case for Engaging Early, Oftenand Interactively
Constant, active, and transparent engagement with stakeholders provides the organizationwith the opportunity for
learning and growth. When organizations effectively engage their stakeholders at early stages with the intent of
gaining a better understanding of their needs with the aim to arrive at common shared values that serves both their
interests and needs, the stakeholders feedback becomes a valuable and strategic asset to gaining a competitive edge
and setting future directions.
“Through experience, we’ve learned that operating responsibly is not enough; it is also critical to really understand
stakeholder concerns. […] Our future success depends on findingworkable solutions to the challenges facing the
world inwhichwe do business.”
How to Engagewith Stakeholders?
Stakeholder engagement is a process that like any other process requires planning, resources and objectives.
Annex C provides a detailed approach on how to engage your stakeholders.
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