CSR Guidelines for the Financial Sector - page 46

CSRGUIDELINES FOR THE FINANCIAL SECTOR
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Decide ondirection, approachand focus areas
Nowwith a clear understanding of the core leadershipwithin the organization, stakeholder expectations and issues
that are alignedwith the business it is possible to start structuring theCSR Strategy startingwith defining a direction,
approach and a focus area.
Direction
CSR direction could be defined as the overall course the organization desires to pursue i.e. health and safety issues
within theworkplace, responsible supply chainwithin themarketplace, increased satisfactionwithin the community or
mitigating product packagingwithin the environment or in different terms its business performance in terms of its
impacts on the economy, the environment and society.
Approach
With a direction inmind, an organizationmoves to define its approachwithin such a direction i.e. will it first communicate
this to employees, provide training on the topics, revise itsmission statements incorporate a new code etc.
Focus Area
This outlines how the direction and approach is alignedwith the business objectives and immediate priorities i.e.
challenges identified that need to be overcome, new opportunities that may be capitalized on etc.
To ascertain direction, approach and focus areas, it may beworth considering the following:
1) Organizations values, leadership vision, business issues.
2) Objectives of earlier prioritized issues.
3) Appropriate directions tomeet the objectives.
4) Best approach to address the prioritized issues.
This stage could be guided by the belowmentioned questions:
•What is themost appropriateCSR direction that the organization should undertake based on the
organization’s vision, stakeholder engagement and business issues?
•What are the objectives of the prioritized stakeholders issues that are alignedwith our business?
•How best tomeet such objectives?
• If any, what are the resources needed tomeet such objectives?
•Are there any obstacles that might stand in theway of taking amore systematic approach to addressing
these issues? If so, what are they (e.g. inadequate training or equipment or inappropriate incentives
structures)?
CSR Aspect
Workplace
Community
Environment
Marketplace
Direction
Health and Safety
Community relations
Waste reduction
Responsible supply chain
Approach
Policies and purchase of new
top of the line equipment
Increase engagement and
discussions
Revisit processes within
organization
Review existing supply chain
policies, procurement policies
and limitations.
Focus Area
Increase employee productivity
and reduce insurance costs.
Minimize recruitment costs and
capitalize on community ideas.
Minimize costs through
reducedwaste and increase
access to financing.
Minimize procurement costs
and ensure better payment
terms.
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