CSR Guidelines for the Financial Sector - page 44

CSRGUIDELINES FOR THE FINANCIAL SECTOR
30
If starting aCSR Strategy without having undertaken aCSR Assessment first it is important to consider the following:
•What is the core-business?What is the business’ social and environmental impact?
•What social and environmental activities and initiatives has the organization undertaken already?
•Who are the organization’s key stakeholders?
•What would be the best approach to engagewith stakeholders?
•What are the organization’s CSR goals?
It is also important to engagewith the leadership team to:
- Understand the activities and the values of the organization.
- Gauge interest to identify the best approach for the project.
- Understand the current situation and next top business priorities.
- Agree terms of engagement and define a clear process with timelines.
Stakeholder Engagement
A business does not exist in isolation. It relies on amultitude of relationships with customers, employees, suppliers,
communities, investors and others - in other words, stakeholders.We had discussed earlier the role of stakeholder
engagement and how to plan, prepare and undertake a stakeholder engagement.
For the purpose of establishing aCSR Strategy, it is important to consider the following issues to engage on:
•What are the strengths, weaknesses, opportunities and threats of the organization?
•What do stakeholders expect from your organization?
•What are themain issues that could be part of your CSR Strategy that stakeholders would appreciate, buy-into?
As an output of stakeholder engagement, we should be able to come upwith a clear report highlighting
stakeholders’ expectations and issues they face to deal with your organization.
Alignment withBusiness
Asmentioned throughout theCSRGuidelines, it is key to alignCSRwith the business. Therefore, in establishing a
CSR Strategy, it is critical to prioritize leadership’s interests, stakeholder’s expectations and business needs.
This will support the organization tomaximize impact of its CSR Strategy, manage risk better and support business’
growth as well as take its CSR from a philanthropic level to amore integrated and strategic practicewhereby they
gain sustainable long-term value from all the coming initiatives.
As result of this stage, wewill be able to outline themost critical issues that we need to act onwhich are highly
connected and alignedwith core business.
1...,34,35,36,37,38,39,40,41,42,43 45,46,47,48,49,50,51,52,53,54,...87
Powered by FlippingBook