CSR Guidelines for the Financial Sector - page 45

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A three-step alignment process is set out below:
1) Understand business priorities.
2) Understand stakeholder expectations and their issues.
3) Identify stakeholder issues that are alignedwith business priorities.
CSR Strategy
It is also of great valuewhen considering your CSR Strategy to look at what other organizations are doing.
Researchwhat others aredoing
Although it is possible for theCSR leadership team, workingwith othermembers of the firm, to develop aCSR
approach entirely on its own, there is considerable value in drawing on the experience and expertise of others.
Three useful sources of information are other organizations, industry associations andCSR specialist organizations.
Stakeholder issues
and business priorities
•Which of the stakeholder
issues are alignedwith the
business priorities or
faciltiate overcoming the
challenges?
•OUTCOME: Matrix of
stakeholder issues, their
priority and how they
affect the business
Stakeholder expectations
•What arematerial
stakeholder expectations
and issues?
•What is the potential
impact of each issue?
•OUTCOME: Stakeholder
mapwith issues prioritized
based onmateriality and
impact on the organziation
Business Priorities
•What are the
organizaion's priorities?
•What are the obstacles
facing the organization
when trying to achieve the
desired objectives?
•OUTCOME: Set of
business priorities and
obstalces
If there are other organizations
emphasizing different CSR
activities, it may beworth
examining them in terms of their
vision, values and policy
statements. Assessing the benefits,
costs, immediate outcomes, and
resource implications to adopt
similar approachesmay also
provide helpful information.
Industry associationsmay bewell
attuned toCSR developments at
home and abroad, andmay have
undertakenCSR-relatedwork or
know of others who have. They
may also offer opportunities for
networkingwith colleagues.
Another resource to tap into is CSR
specialist organizations devoted to
promoting and researchingCSR
activities.
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