Socially responsible banking and Environmental, Social and Governance (ESG) have become popular buzz words, but what does that really mean? What does it take to truly embrace those concepts? Our Kathryn Rock works with banks on their efforts to be socially conscious and aligned with ESG investor values, as well as risk management, compliance, and other areas. In the the latest episode of the American Banker Podcast, our Kathryn Rock sits down with Penny Crosman to discuss how banks can be more socially responsible.
Kathryn Rock defines corporate socially responsible banking as “banking that priorities values based or ethically focused business decisions in addition to driving a profit. These ideas are getting a lot of attention, but it’s not new.” ESG has increased in attention for a myriad of reasons. We’re seeing the government regulators and the media addressing these concerns as well as stakeholders like investors and consumers becoming more conscious of decisions that the businesses make.
Financial institutions want to do the right thing and they are trying to align their values to that of their stakeholders, whether it's their investors or their employees or their consumers or their communities.