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GRI Sector Standards for Financial Services to help identify, manage sector’s most significant impacts on people, planet
The Global Report Initiative (GRI) has launched the Sector Standards Project for Financial Services. GRI Sector Standards for Financial Services will provide a structured roadmap to identify, manage and communicate the sector’s most significant impacts on people and planet.
Under the project, three new draft Standards – for banking, insurance and capital markets – are currently open for public comment. All stakeholders in the sector are encouraged to submit feedback on the exposure drafts until 31 May, to help shape the development of these new Standards.
As key enablers of economic activities across all sectors, financial institutions are uniquely positioned to influence how the impacts of organizations unfold and play a key role in addressing risks.
In this Medium article, Natalia Abril Bonilla and Lisa van den Hoven highlight how the financial sector can use its leverage to address global challenges and promote positive change: “Tackling global risks: how the financial sector can lead with impact “
“By incorporating impact and embedding due diligence into decision-making, and influencing institutional customers and investees to adopt more responsible business practices, financial institutions can mitigate significant negative impacts. This includes those that give rise to global risks and direct capital toward activities that contribute to positive impacts, for the benefit of people and planet,” said Natalia Abril Bonilla, Senior Standards Officer, and Lisa van den Hoven, Standards Manager.
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