CSR Guidelines for the Financial Sector - page 30

Annex C –How toUndertakea Stakeholder Engagement?
Undertaking aCSR assessment can be as simple or advanced as an organizationwould like it to be. However, for
the purpose of theseCSRGuidelines, outlined below is a straightforward four-step process for aCSR assessment that
is applicable to financial institutions and can be done in-house to gauge the organizations CSR status. Please note
this is not the only way to do an assessment but it is a suggestive approach.
To undertake a stakeholder engagement an organization should consider the following:
- Identifying and prioritizing stakeholders and their respective issues
-Material Issues
-Ways to Engage: Methods andChannels
- Using Information from Stakeholder Engagement
- Communicationwith Stakeholders
IdentifyingandPrioritizing Stakeholders and Their Issues
To avoid being overwhelmedwith the number of stakeholders and the issues that affect them, an organization needs
to plan its stakeholder engagement strategically to benefit the organization. In planning a stakeholder engagement,
an organization needs to identify its stakeholders and identify the issues it desires to engagewith the stakeholders.
However, the organization needs to prioritize and it can do this in twoways, prioritizing by stakeholder group or by
Where tobegin?
Organizations generally find starting difficult sowe aim to break the engagement process down to simplify the
process asmuch as possible.
From our experience, organizations begin their engagement process around “issues” that aremost material to the
organization. Alternatively, organizations can begin engagingwith immediately affected stakeholders, those that
have an urgent issue or thosemost likely to have an obvious, direct impact on the organization.
Below is a list of questions that areworth consideringwhen starting the stakeholder engagement planning process:
1.Who are our stakeholders?
2.Which groups are voluntary stakeholders (e.g. employees and shareowners) andwhich are involuntary
stakeholders (e.g. people exposed to pollution from operations)?
3.What dowe think their interests are?
4.What opportunities and challenges do they present?
5. If any, how canwemaximize opportunities and limit challenges?
6.What responsibilities and obligations (economic, legal, ethical, and philanthropic) dowe have to different
stakeholder groups?
7.What strategies, actions, or decisions shouldwe take to best deal with these responsibilities?
8. How canwe align their interests with that of our business objectives?
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