Over the past few years, a rising emphasis has been placed on banks’ Corporate Social Responsibility (CSR). But what does CSR mean anyway? This is indeed one of the most frequently asked questions for all those dealing with CSR matters.
A simple definition refers to CSR as how banks take into consideration the impact on society of their operational activities. Consequently, it requires a built-in, self-regulating mechanism whereby banks would monitor and ensure their adherence to law, ethical standards, and international norms to produce an overall positive impact on society.