Risk Management, Governance & Policy, Leadership Development
1 minute read
Feb 3, 2022
Written by: Shawn Sweeney
One of the hottest regulatory buttons coming into 2022 is environmental, social and governance (ESG) risk. In recent years, we’ve seen how the choices banks have made in investing in these areas or supporting clients with aligning missions have directly impacted their bottom line.
Now that focus on ESG is driving shifts in how organizations manage internal and external processes; it’s extending all the way to their financial reporting. With that spotlight intensified, this is the time for you to understand and define your organization’s story – then own how you share that story with your different audiences, as I advised in a recent Forbes Finance Council discussion.
To start, be transparent with your investors, customers and employees around ESG reporting. In particular, these groups are looking at diversity, equity and inclusion (DEI), not to mention climate change mitigation and carbon neutrality; both of these areas have financial and non-financial reporting implications.
ESG reporting allows you to demonstrate what is important to you and where you are shifting your resources to support these priorities. Consider how to tell your stories not only internally, but particularly externally, as consumers are increasingly making buying decisions – which means bringing their money to your bank – based on values alignment.
Forbes Finance Council experts recently offered seven tips on how to adapt to the growing influence ESG is having on financial reporting processes and resource allocation. Check out their insights and be ready to tell your ESG story.
Change is a constant in the banking industry, with pressures coming from both internal and external directions.
Risk Management & Regulatory Compliance, Program Build Out, Change Management 2 minute read
In today’s hypercompetitive environment, every bank needs strong guardrails aimed at keeping every process well managed – and operating within the organization’s risk tolerance. At the same time, a never-slowing pace of change creates challenges on everything from internal pressures for fresh customer products to external demands from the latest banking regulations.
Change Management, Compliance, Risk Management 2 minute read
We’re less than 48 hours into Russia’s invasion of the Ukraine, and my household has been glued to the TV, watching the nightmare unfold. During this time, economic sanctions have been enacted, putting intense pressure on the financial system to be able to comply with these new rules. While federally-imposed economic sanctions aren’t new, many banks are scrambling to tighten up AML/KYC routines, at individual, entity, and regional levels.
Data & Analytics, Compliance, Governance & Policy 2 minute read
Like how we think? Subscribe to have our articles delivered direct to your inbox each month.
Headquarters: 8000 Franklin Farms Drive, Suite 100, Richmond, VA 23229
©2022 Spinnaker Consulting Group. All rights reserved.