CSR Europe and KPMG publish report on the challenges of implementing and managing ethical values in the European banking and insurance industry
Due to the recent turmoil in the financial industry, stakeholder expectations for banks and insurance companies to act in a more responsible and ethical way have been mounting. The financial industry currently faces the challenges of securing better compliance with guidelines and further improving ethical and value-driven decision making across the organisation to strengthen accountability and regain public trust.
During the CSR Europe and EABIS workshop on Ethics management in the financial industry held at BNP Paribas Fortis offices in Brussels on the 24th of October 2012, CSR Europe and KPMG released a joint report on how European banks and insurance companies approach and implement ethics management within their organisation.
- Financial institutions have ethical values incorporated into their corporate values.
- Ethics is seen as reputational risk but is not included in risk management of organisations as such.
- Financial institutions have ethics policies in place but lag behind in setting targets and objectives implying that the level of integration and progress cannot be evaluated.
- Most financial institutions do not have a separate business function or dedicated person in place to manage ethics.
- Financial institutions are facing difficulties in finding the balance between ethical and commercial matters.
Read the full report here (members-only)
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30 October 2012