Mazars publishes study on responsible banking pr

Mazars, the international audit and advisory firm, has published the results of a study focusing on responsible banking practices.

Keeping in mind the importance which environmental, social and governance factors are assuming in determining the parameters of responsible banking, Mazars has assessed how banks are embedding sustainability into their commercial practices.

Whether it is supporting environmental initiatives or acknowledging its societal impact, the study acknowledges that the banking industry is on a mission to operate responsibly and integrate sustainability into its very purpose and value proposition. More recently, the COVID-19 pandemic has brought to the fore the importance of the positive role the banking sector can play, with both government and regulators looking to banks to provide support to corporates and customers, to keep the economy going and help mitigate the economic effects of the COVID-19 crisis.

In order to assist banks and their stakeholders ascertain where they stand, this benchmarking study examined the sustainability practices of a sample of 30 banks who are UNEP-FI members and/or signatories to the Principles for Responsible Banking. It also compares them and identifies, where possible, examples of best practice. Mazars’ research is based on publicly available information, including the banks’ CSR reports.

Mazars’ assessment shows that although many banks report working towards embedding sustainability, this is still not always reflected in their corporate strategy, governance and policies. Much work remains to be done for environmental, social and governance factors to be fully integrated in the banks’ risk management framework. Overall, only three out