CSR Guidelines for the Financial Sector - page 50

CSRGUIDELINES FOR THE FINANCIAL SECTOR
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• Ensure that all staff, suppliers and creditors are paid on time
• Ensure that your staff feel they areworkingwithin a culture that supports a responsible approach to every aspect of
how business is carried out
•Communicate your commitment and actions on responsible business practices to suppliers and customers and
seek their feedback
MarketplaceResponsibility
• Ensure your procurement processes are open to local firms and social enterprises regardless of size and ownership
•Adopt a supplier code of conduct
• Provide constructive feedback to your suppliers whether their bids are successful and unsuccessful
• Expand supply chain to include sourcing from community enterprises and not for profit organizations
• Seek to collaboratewith suppliers to improve business practices, human rights and labour issues in the supply chain
• If you are a large business offer training and resources to suppliers to help themmeet these standards
•Know-more about were and how the products your purchase are being produced
Responsible Procurement
• Treat your customers with honesty and integrity and keep your promises
• Promote responsible and safe use of products and limit potential misuse
• Ensure your advertising is responsible and based on honest statements
Responsible Communication
•Minimise social or environmental problems in new product designs
• Produce new products that offer social and environmental benefits
•Checkwhether there is amarket opportunity for your product or service serving the poorest communities
Responsible Products
For example:
In promoting the responsible and safe us of products and to limit potential misuse, a financial institutions can
provide a financial course on loanmanagement as applicants get approved for loans.
Community
Local communities are often a key stakeholder group and in some cases they are also the clients and the pool of
resources fromwhich the organization recruits its personnel. Therefore, consideringCSRwithout the “Social” aspect,
i.e. the community would not be advisable. In consideringCSR for the community, organizations need to consider
the notion of sustainability and possibly even sustainable development. It is not enough for organizations to invest in
the community in an ad hocmanner or philanthropically without thought and foresight into the sustainable nature of
such investments. In other words, the long term value of such investments.
Investments are sustainable if they can grow into something that would benefit the community on a regular basis.
Investing in sustainable development would yield a developmental impact.
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