Industry sign banking new york presentation free
you you good morning this is Simone depening from the Universal Secretariat here in Geneva thank you very much for joining us this morning for our webinar on the final principles for smoking at their framework documents which we have released this week Monday today for you our members we will go through these principles and the framework documents we will talk a little bit about next steps and also recap the process to date I am joined by three of the banks that have left the development of these principles so we will have with us met Alicia bear from BNP paribas she will be presenting the final principles we will have with us Demetrius Demopolis from Piraeus Bank who will present to you the key steps to be implemented by signatories and we have Radha's love George's from ING and he will be talking you through the reporting and self-assessment home-plate you see in a few agenda items we have lots of time for Q&A because that's really the rationale for this webinar for you to be able to interact with your peer bank to ask lots of questions so please don't hesitate do come in in terms of how that works for those of you who have joined our webinars before I think it might be quite clear but for those of you who haven't there are two options you can either put a question into the question box and then we'll see that and we'll read it out or you can raise your hand and the system and then we'll unmute you you can ask your question directly or have a have a discussion with with one of the banks or all of them that are presenting so please feel free to come in and participate as much as possible for those of you who might be joining us via dial and we will be sharing the slides in in just a second so you can follow offline okay fantastic with that let's get started the first part we will cover here from the Secretariat today why and how the principles were developed so a little bit of a recap of this process in towards the end of 2017 you do unify member banks have expressed the demand to develop principles for responsible banking so to develop a framework that can Knight the banking industry and unifies members into a new era of sustainable banking of responsible banking an era where the banking sector is clearly seen to be contributing substantially to achieving global and local goals around sustainable environmental social and economic development following that your banking governance body the banking committee has given a mandate to start a development of the principles at the beginning of 2018 and then last year April a cool group of 30 banks has come together for the first time and London - on your behalf and in consultation with you develop the principles for responsible banking they have also constituted and engaged with an advisory group of 13 civil society institutions in their development of the principles many of you might recall last year July August we had a membership consultation with all of you on the first draft of the principles over 70% of unified member banks participated it's a really fantastic inputs lots of feedback that helped the core group to further develop these principles until November last year when the draft principles for responsible banking were launched for global public consultation by the core group bank CEOs at the university level roundtable in Paris I think many of you were there in person here real quick the core group of banks and it's truly a global group from all continents of the world North America America Europe Africa Asia Australia and it's banks with very different business models and a very different sizes so truly representative and was that a fantastic group to develop a globally valid framework that is designed to be adapted to local context by each Bank but we will get into the detail on that we ended the six-month global public consultation on 31st of May this year all the feedback and the responses are published you can access them on our website more than 250 banks worldwide participated in this consultation and in total more than 500 stakeholders including lots of civil society we had 17 webinars with 36 live meetings in 34 countries over 70 submissions in the online system there was truly an enormous effort but also really input in conversations around the world and so this Monday following revisions after the global public consultation inputs we have released the final principles for responsible banking and their framework documents and the grant finale before we start implementation of course will be on 22nd and 23rd September in New York when we will have the signing and launch off the principles for responsible banking and we'll be talking a bit more about the details of that in the next steps what will these principles achieve and this is really something that we've defined together with all of you their purpose is to transform the banking industry to enable it to play a leading role in achieving society's goals the vision is a responsible and banking industry that is and remains an integral part of the society in the 21st century because it serves and contributes to an inclusive society that uses its natural resources sustainably and our mission is well for all of you to take a leadership role and use your product services and relationships to support and accelerate the fundamental change that we need in our economies and lifestyles to achieve shared prosperity for both current and future generations the principles do benefit of course society but also signatory banks because they provide you with one comprehensive framework for effectively responding to our changing economy and society across your bank's entire business at the strategic level at the portfolio and at the transaction level so this is really the first framework that elevates sustainability all the way to the strategic level and we'll see this more in detail in the principles they benefit your bank by enabling you to seize new business opportunities created by the emerging sustainable economy by the economic changes we're seeing with the green transformation by the social changes we're seeing by the emergence of the new generations of Millennials while at the same time enabling you to effectively identify and address related risks which is of course as it's the core of what banks do they benefit your bank as a signatory by strengthening trust ensuring that it doesn't only remain competitive and relevant in a new era but increases its value to do that it serves by demonstrating alignment with society's goals and with that you'll be able to respond effectively to the evolving needs and ever rising expectations of clients of regulators of investors of civil society I think the pressure and the expectations have been rising massively in the last year's and of course it provides all of you with direct access to expert knowledge to tools to resources helps you strengthening your banks positioning and capacities within the context of a changing economy and society the key features off the principles once again it's one framework for your whole bank and elevate sustainability tudi turns attitude a strategic level and filters through to the portfolio and to the transaction level it drives your alignment with society's goals as they've been expressed in the Paris agreement and the sustainable development goals the global framework that all parts of society are now working towards target setting is that key mechanism to drive impression and progress where it matters most and we'll get into a lot of detail on that transparency and accountability of course through reporting and review also and that we'll get in detail into detail it's a global framework that has global validity it's applicable for banks in any context but it allows you to reapply this to local power priorities into your own bank's business models and strengths and we will see that in the course of the presentation as well with that I will be handing over to Natalie show Bell from BNP Paribas she will run you through the final principles will go on after that - Demetrius from Piraeus to talk about the the key steps the key to dues for signature a bank and after that we'll be pausing for a Q&A and already feel free now to start putting your questions into the questions box or you to wring your hand so we're ready to go for that Q&A for now I'll be handing over to you not solely for the principles themselves I'll be moving the slides for you thank you hello everybody I'm very pleased to be with you this morning to present the final document and the result of long and very interesting process amongst banks so the principle of for Responsible King are in fact six principle that we will detail just a bit later the first one is alignment second one impact and target setting Tigan State Quarter governance and culture transparency and accountability for those who have been following this exercise from the beginning you will recognize basically all the world with some slight changes we can maybe go into detail of change since the beginning once again not much in the global view but something's in the preamble so now it included reference to the bank's ability to remain profitable which is of course very important for all of us and it also reinforced the social and Human Rights aspect because it was very the the environmental one time into issues were very clear and in the first principle so now the idea to have something with really both social and environmental aspects it also clarified that the principle set up ambition to work to worked and not to be a standard that we can fulfill so that's really this idea that we will once again find later on about setting the target and walking and walking towards this target the principle everything was which was related to impact and dagga setting and now in principle too it used to be in three different principle before one two one five but once again you will probably find the same idea but presented we hope in a you know more in a clearer way so maybe we can go a bit more into the principle themselves the first principle is alignment and the idea is really that our strategy as a bank should be consistent with the needs and goals of the society and those can be expressed either in the sustainable development goal in the Paris climate agreement or in any framework which is applicable in our countries this is key because as expressed Judy the purpose is really to us both profitable bank but all bankers we serve those goal and serve our clients the second principle sorry the second principle is about impact on target setting so this is something which exists in the very beginning of the principle this idea of identifying well impact our and once again we really wanted to stress that our production services can have both positive and negative impact and we acknowledge that but the purpose is really to increase our positive impact as much as possible and to reduce our negative impact the objective of this impact management is of course to manage the risk for the bank but also for the people and from the environment so it's really about the idea of what impact our product and services have on people how we will do that we will define targets set them publish them and the idea is really to define those target where we have the most significant impact and this is an exercise which is really key it's an existence that we did not only for the principal with invented by Babur doing trying to assess really where you impact our positive and negative is from my experience both very interesting and very important to to then set target and discuss with our management if we move to principle 3 clients and customer of course the idea that we won't do that by ourselves it's really to work with our clients and customers and the purpose the end purpose is we'll to encourage sex and sustainable practices and edible activities that will create shared prosperity and we find again this idea for current and future generation so including both social and environmental impacts stakeholder this is something which has been applied throughout the work we have been doing with banks by renting those principle but it's something that we also have to do within our on so we acknowledge that we will practically consult engage and partner with relevant stakeholders keeping in mind that we still have the same purpose which is to achieve the society's goal which were defined at the very beginning of those parodies fifth principle is governance and culture principles do not stand on themselves they need to be really rooted in a good governance and a culture of responsible banking banking so the ideas rule to put in place everything which is the Bank which will make this governance and culture possible and sixth principle also very important to make them real unfaithful a transparency and accountability first we will priority clearance appalled and implementation and the purpose of that is to be transparent and accountable for both positive and negative impact so we go back to the idea that we develop at the very beginning the purpose is not to say that everything is perfect doing smoothly it's also to be transparent about what is going well and what is more difficult in our contribution to society to go and the transparency and accountability will probably be the pillows which will make the principle live and trustful in the coming years perfect thank you very much for that - Nathalie Chabert in Paris Natalie it's they're gonna be 42 degrees today so uh global warming life let me open up maybe a CD audience for a minute for any questions or comments at this point while Demetrios you're getting ready for the presentations on the key steps to be implemented my signatories but to the audience are there any questions or comments at this point that you would have on the process of the principle so far their purpose their value proposition to you and the principles themselves once again you can type questions into the questions box or you can raise your hand and we'll be happy to unmute you I think for now people are good then let's move into the more granular details of the principles the - duze for signatory bangs Demetrios i would be handing over to you for that Thank You Simone thank you everybody I hope that you will enjoy the next couple of minutes as we walk through the steps that need to be implemented by signatories so if a bank decides to sign up to these principles and and wants to ensure that it will have an effective implementation of these principles it will have to follow these three key steps which will continuously help the bank to improve its impact and to contribute to society namely these steps are step one impact analysis step two target setting and implementation and step three reporting and being accountable we will dive into these three steps in the next slides but before we do that we'll move on to what is the time frame for implementing the principles as banks start from different let's say embarked on this journey from different starting points the principles have allocated a period of time where banks can prepare to and set their targets and start working on implementing them everything starts on day one and that is the day the bank becomes a signatory to the principles of responsible banking and of course becomes a member of unify which is very important because that will help the bank to share with the community of hundreds of banks around the world the experience of becoming of implementing the principles and supporting sustainable economies the next major milestone is the reporting the first reporting and that will have to be done within the first 18 months of becoming a signatory and once you have released your first report from there after you are required to do that on an annual basis so it is very very important that banks following the principles that we just mentioned before and specifically principle six will have to report their progress on how their May the target how they are impacting positively the economy society and how they're meeting the SDGs and the Paris climate agreement setting targets and and and and being ready to setting the internal infrastructure that is needed to implement the principles the banks will have the maximum four year
time to do so of course the sooner the banks set their targets and start working and on implementing them the better would be to it acquired the experience that is needed and have to be able to achieve what they want to achieve through implementing the principles so banks have a four year time period to set targets and make sure that they're on track implementing them in the mean time the first milestone is to report within the first 18 months you you Dmitry's are you still with us can you hear me sorry have you now we near you again now we hear you I think accidentally I pushed a little button so step one which is refers to impact analysis this requires banks to analyze and to map their significant positive and negative impacts they have on society on the environment and on the economy then the banks will have to identify where they have the greatest positive impacts and of course try to improve and increase their positivity while at the same time reduce significant negative impacts when you want to do this impact analysis you'll have to keep in mind the following first you must cover your core all your core business areas and in order to do so you will have to take into account the following elements element 1 the scale of your bank's activities with regards to specific industries technologies and geographies so if your bank that is operating in various countries you will have to take that into country's consideration if your bank that you are exposed to different and specific industries or technologies you'll have to definitely take that into consideration the second element is context that means the most relevant challenges and priorities related to sustainable development in the countries or regions in which your bank operates as you understand each country or each region has its own priorities in how it would develop in a sustainable matter these will have to be taken into consideration when you're doing your impact analysis and the third element is the scale and intensity / salience of the social economic and environmental impacts identified and of course how urgent these impacts are in the areas in the countries in the region that you are working in and based on this analysis once you've finished doing the analysis you have to identify strategic business opportunity and increase your positive while at the same time decrease your negative impacts and this is very important this is the crux of the principles that we have a holistic approach towards towards impacts increase impacts on the one side but also in decrease impacts on the other side and of course in order to achieve and your impact analysis it is very important that you work very closely with your stakeholders let's move on to step 2 this is the step where you set targets and you start implementing them you set SMART targets that address the significant impact of your bank that you have identified and you work towards achieving them now in order to set SMART targets you have to keep in mind that and it is required that a bank will have to set and publish ambitious targets minimum of two targets a bank has to set at least two targets that address at least two of your bank's most significant potential positive and negative impacts and you have to make sure that these targets align your efforts with the appropriate sustainability sustainable development goals and the Paris agreement goals and also with the relevant national frameworks and of course if you want to be successful with setting targets and most of all they implementing your targets these will have to be specific measurable either in quantitive or in qualitative terms achievable relevant and time-bound hence the initials smart so your target will have to be very smart and to do so you have to work in a very smart way implement the targets that we set it is very important that we set milestones we define and implement actions to meet these targets and of course we have to measure and monitor progress and put in place governance and oversight structure it's very important when you're starting your journey implementing them principles like you've worked you have the right oversight structure within your bank and also the right structure that we'll be implementing because these principles touch upon all businesses within the bank it's not only the core business in terms of you know like how you deal with your customers or your clients it's all has to do with how you deal with your with all the stakeholders and employees included as well and you will have to set targets and and implement actions that touch upon all six principles not just the two major at least targets that you will have set in the beginning and then we move on to step number three which is the final step and it's refers to the accountability now banks are required through their existing reporting this is not we do not want to create different reporting templates or different reporting requirements to describe how your bank is implementing the principles for responsible banking to provide an assured assessment of the progress that your bank is making it is very very important that it's that when you when the banks are ready and start reporting that they do assure how they actually make their progress what do we keep in mind during this stage the step transparency and reporting we have to report on how we are implementing the principles for responsible banking the targets that we have set and the progress that we make we have to be transparent about our significant impacts both positive and negative and how we contribute to the society's goals there's no need to produce an additional report for their principles for responsible banking it is very important that we do follow a template a self reporting template but all this is required as information to be included in your existing public reporting as I've mentioned before there will be an S there is an ax self assessment and assurance says you provide self-assessment for your progress and you do that by following the reporting and self-assessment template we'll be talking about later on and your assurity to provide limited assurance of your self-assessment so this wraps up the three steps that are very very important to follow in implementing the principles I thank you and I hand it over back to Seymour thank you very much Dimitri's fantastic presentation I think quite a bit to digest but I think also very clear steps very clear to do for banks very clear guidance of how to go about implementing the principles how to set up the structures the mechanisms to ensure your banks aligning with society's goals and to drive this alignment in practical terms and steps so I am giving it back to the audience for questions comments views please do Ida raise your hand or put your put your questions into the questions box the three banks here BMP ing periods are here you know to answer your questions to have discussions with you to receive your feedback and views so please do take take take them up on this opportunity okay I think Demeter's for now you've been very very clear so well done and I think we will move on to the last part of the framework which is the reporting and self-assessment template and then after that we'll really open up for QA get into discussion so please put in any questions you have or just raise your hands if you have Commons if you have used on this if you want to engage with the banks for now I'll be handing to Radu from ING for the reporting and self-assessment template we will switch here to the actual document for those of you who are following offline if you just go to the principles for responsible banking home page you will find this document on the landing page as well I am putting it up here for everybody to see who's in the webinar system so it should be large enough let me to check I'll make it a little bit larger and with that I would hand over to rudder from ing for walking you through how this will work in practice righto over to you thank you mone good morning everyone so I'd like to start before we go into the actual template I'd like to just mention a few key aspects that guided us in developing the template and again reiterate the fact this template was not created only by the banks and the core group or the tasks in developing the template but also in consultation with key stakeholders who be involved in reporting processes and ensuring transparency around the principles with consulted assurance providers non-member banks and other stakeholders who may have a view on this and guiding us in developing the template were a few principles of course and we as mentioned earlier and the webinar we wanted to address transparency so we want to make sure that banks performance including positive and negative impact mentally also mentioned around impact analysis a really interesting area and the process that can help you identify positive and negative impact opportunities so we wanted to make sure that transparency is is key to perform lines on the principle we wanted to ensure credibility we wanted to make sure that the principles are seen as a credible framework and so we introduced the requirement of assurance and and we wanted to make sure the progress can be tracked over time so so this is where the annual self-assessment template really helps to show how each Bank is improving over time in the process of alignment with the principles and now if we look at the template and I think it's important also to note it was mentioned already banks are expected to disclose such a self-assessment and document or a template and within 18 months of signing the principles however that doesn't mean that we expect banks to be aligned within 18 months on the contrary we understand that this process is a continuous improvement process and so banks have up to four years to align with the principles however each year we expect banks to identify these improvement areas and to show progress in this area and Dimitri's mentioned we're not asking you to produce a separate report but really to organize your disclosures or actually references to existing disclosures that these references be made in this template under the principles and the requirements of the principle so the template covers six self-assessment areas these are impact analysis target setting plans for target implementation and monitoring progress on implementing target's governance truck for the implementation of the principles and progress on the implementation of the principles there are several aspects of response of bank responses that we want to be covered in the scope of limited assurance and as I mentioned we want to make sure that this framework is seen as credible that we ensure that there's some sort of accountability so we see a third-party assurance as a way to really prove that these areas are impact analysis target setting governance and culture transparency and accountability and so we ask banks to cover their statements in the template in those areas with limited assurance and we also ask banks to provide an overall conclusion or statement on how on whether they fulfilled the criteria under each principle or not so that follows each each principle if you look at the structure of the template and you see that there's three colors the first one is the actual principles and under each principles the requirements that are included and as part of fulfilling the requirements of the principles the second column is banks responsive so this is where you're expected to provide statements that address the requirements in the first column and in some cases those fields are highlighted in yellow so Simone if you if you scroll down just to show what this looks like through impact analysis so this is an area where we expect banks and to cover in in the scope of limited assurance so the second column or the banks response or statements should be covered in the scope of limited assurance practically you can carve this out in agreement with your assurance provider you can include it in an appendix of an existing sustainability report or an annual report you could even include the whole table in an assured document if that's if that's what you wish the requirement is to have that second column in the areas highlighted in scope of limited assurance and the third column is for you to provide links to the public domain where stakeholders can find more information as to how you're addressing the requirements under the principles so the second column of course cannot fit a full response with all of the details so that is why we expect banks in the second column to summarize how they address the requirement but actually give links to the detailed information in the third column and maybe small we can open - oh yeah this is this is what what Simone is showing now on the on the screen in gray is the area where banks are expected to provide a statement on fulfilling the principles so you're expected to say yes or no are you fulfilling the requirements under this principle this is not covered by insurance as you can see the statements made per requirement are covered by insurance I think we can open to questions lon perfect thank you very much for for that Rhonda so on I'm giving this now to the audience to the floor here we've we've heard the full framework now with the most detail of course now with the reporting and self assessment template so once again this is something you start filling in within 18 months of course in the beginning it's maybe not you're maybe not able to provide all information yet but that's fine you have up to four years to put everything in place you provide a high level summary and then references links to the relevant information and four key area your response needs to be assured and you need to let us know in a public statement if you fulfill the requirements or not so hopefully fairly straightforward with that we have received a couple of questions so let me go into that as collective questions in the region please respond to the following three questions greatly appreciate if you could respond yes or no okay we will try question number one here reporting and self assessment template does not have to be complete in the first four years but the template itself needs to be public from the first reporting yes no from secretary side a quick yes that is correct I don't know if our three core group banks want to add any detail here Demetrios Natalie Radha so once again reporting in South assessment template it doesn't have to be fully complete in the first four years but it does need to be published from starting 18 months and then every year it can get better and complete or until year four I don't know if you guys have anything to add there or any practical experience you want to share there and maybe I can I can start so yeah the answer is yes but I think it's really important to note here the flow externally in order to ensure the framework the initiative is seen as credible and also we address many concerns about the banking industry not being transparent to now I think it's important to be open about the areas where you still need to improve and and you actually increase credibility or the perception of credibility if if you're more open and transparent about what you still need to do in order to to get there internally from from our own experience at least ing reporting really helps to drive progress by identifying areas for improvement by identifying next steps it's easier to get this on the on the board agenda on senior management's agenda if it's really out there and and if it's identified as a clear next step and or or is a clear gap so I do believe that reporting helps drive progress fantastic thank you very much for that righto very true Demetrius nothing any additions from your side to this question Simone I just wanted to add to what rather just said and I agree that you know reporting is also a stimulant in to to to make make things work forward but I also like to say that you know this is from our experience that reporting also brings together the various functions within a bank the various divisions that normally do not talk to each other so it is very very important that you know through reporting you you build this this
kind of team team working in and and and and and understanding as and that will help much very much in implementing the principles because as as we said before the principles do touch upon all functions within a bank and it's very important that you create the right culture within that within the bank to be able to be as more successful as possible fantastic thank you very much Demetrius a very practical insight not only I don't know you sounded like you had a couple things to add from your side as well no nothing nothing to add okay fantastic then let's see the second question here assurance is good to have but not a must in the first four years so quick response from the secretary yes the it's it's true assurance is absolutely required after four years because that is the time when you have to have everything in place before that it would be very good to have it for credibility purposes but it is not an absolute must if a bank gives its first reporting without assurance that will be accepted giving back to Rado Demetrios naturally any additions there from from your side any comments you want to make night ali speaking on outside the idea will probably be to add this reporting in our existing reporting which is already revised so perhaps during the first year everything will not be set and everything will not be in the reporting but from outside the idea we really try to implement step by step and use everything we have with which can answer the principle and all and which is already revised to make the link okay fantastic yeah so very very practical and easy no Natalie Simone can I add something as well after you come in Dimitri yeah I agree with what Natalie said it is very important that you start acquiring experience so it is I would suggest that you start doing from you if possible waiting into year four you might be surprised you know and and you might have problems trying to get you know the what what you should be getting assured so I suggest that you we start step by step year one we do a little few things step two and next year a few more until you know by the end of year four we're fully well prepared to do the proper surance for all the aspects of the principles thank you very much if I can answer that all valid point and maybe an additional point is assurance can really help your case internally quite often insurance providers challenge you when you make sense statements so they they want to see what these statements are based on so on the one hand side they can really help you improve the process and identify real gaps on the other hand side I think it's it's a way to to manage senior management for example editing parts of the disclosure or maybe making things sound a bit better than they actually are I think assurance providers can help you get a more realistic idea of where you stand perfect thank you very much Rada thank you very much to all three of you and then we have the third question from the same person here and it is about the assurance provider if there are criteria or specific definitions or if they're got is guidance for assurance providers in my very limited understanding assurance providers to have to have a license to call themselves assurance providers so there should be a very clear case for for who banks can use but righto you are our assurance expert so I let you maybe come in here yeah they should be there should be certified or licensed assurance providers and maybe there's regional differences in the Netherlands there's a national insurance organization and assurance providers are members of that so I'm I think there's there's a similar body in every country okay fantastic thank you very much Anna Solley Demetrius anything from your site to add on that not really I think that writers said it really nice vesting okay perfect then to the person who has submitted these questions if you just let me know real quick in the questions pane if your questions were sufficiently answered if it's all clear to you or if you have follow-up questions or feel some things haven't been fully addressed just give us a quick feedback yeah that would be great let me move on to a few more questions we have regarding the highlighted items should we disclose within 18 months thanks very much for that question so I think from our perspective you should try to disclose as much as possible on everything and where you can't disclose just state that this information is not available yet for specific reasons but I will give over to our to our banks here for for answering that maybe rather we start with you since reporting is your speciality here so regarding the highlighted items should we disclose within 18 months and I guess we can extend that to to all items in the template as well and well I think it's more or less the same question as the first question you have to report well the answer is no you don't have to but ideally for the reasons that we just outlined it makes sense it will make your life easier it'll help you address the reporting requirements by the deadline of four years so I think it it makes sense to start early on in the first year also because this is how you identify gaps and this is how you prioritize future work perfect thank you very much rado any additions Demetrius and Leslie from your side well she born again when Roger speaks there's very little I can add to what he says but you know I would just second that yes it is very important that we start from day one start working on reporting and how to report reporting actually helps you in many ways to identify where you are week where you are strong and where you have to put more emphasis and more and more effort so I suggest that it's very important that we start there reporting it's also very important that our assurance become educated and trained in what they should be looking at I mean the template is a general template it will help in many ways but at the same time because the principles are new and and and what we're trying to do here is quite new it's not exactly the way that you know like assurance work you know they have the little boxes and they tick they have to really get into and understand the spirit of the principles so I think it's a two-way thing we have to learn through reporting and our assurance and the third party whatever reviewers will have to become trained and educated in looking at this new way that the principles introduced in the world of banking perfect thanks very much Demetrius I will move to the next question because we have a few more to get through what should the first reporting after signing the pier be definitely include I think it's a question that goes very much in the same direction so maybe Natalie we start with you on this one I get the official answer should be depend so I can probably share what we think how reporting would look like and for the ideas only to work on the impact assessment really define where are the areas we want to set targets so this is not an official recommendation or anything but it is more the idea that for when one of the things which is really new or important in the principle is assess why you impact are and then define your target so I guess probably in the the four bank which has not done any impact assessment to materiality assessment this would be a good first step okay thanks very much Natalie Roger what should the first reporting after signing the pier be definitely include well I agree with Natalie the impact analysis is really the foundation of the reporting work until making sure that you conduct a proper impact analysis looking at both positive and negative impacts looking at actual impacts and opportunities for impacts addressing the other elements like significance or sealians that are described in in the template I think this is the first and most important piece of the work perfect okay thanks a lot once again also to those who asked the last two questions if you just write back to us real quick letting us know if you feel your questions have been fully answered or if you have follow-up I've one more here just to be sure with regards to the first reporting and self assessment on principles which is needed to be reported within latest 18 months after signing should we prepare a separate report for one time only respecting your template or can we also include the first reporting framework in our existing reporting as you mentioned such as annual integrated reports I'll stop here because it's actually two questions in one so quick answer here would be there needs to be no extra report but what you've seen here should be included in your existing reporting would be my quick answer but once again giving to the three banks maybe Demetrius we start with you here Simone I I agree with you there we we have to include it in our existing reporting sustainability reports or annual reports or whatever and we just have to make very clear to reference you know where that information can be fair and so there is no need to create any other standalone reports okay fantastic Demetria Rondo and noting anything from your site to add no I guess I from my side the idea would be to make to use the template to check that we're not missing anything and to make the reference to in you and in our integrated report answers can be found and say my I agree it should be an existing reports will probably also make use of our website so in making progress and aligning with the principles we may change some disclosures on our website or our annual report but the references will be in the template so we're not planning to issue in your report we'll probably have for communications purposes somewhere on our website a micro page or like a link that describes the fact that were now signatories and pointing to the template okay perfect writer okay so you can see the banks that have been most in this for over a year now I already have some very practical ideas for how they will be doing this I hope that was helpful to you do let us know in the questions box if you have follow-up questions on that yet a second questions here will there be any advisory guidance or a specific tool for understanding how to assess impact as well as targets against impacts absolutely so part of becoming a signatory to two principles and a unified member is joining this community that works together to implement the principles and they have already started several months ago to work on impact analysis and we will be in fact in September together with the final launch of the principles producing rep reducing publishing some guidance and some approaches that the banks have developed together on impact analysis there of course not mandatory but it is one approach that you might want to use or look at similar for target setting we have various working groups communities of practice there are several banks that work together on setting targets on climate so if you join if you become a signatory there's plenty of access to peer learning to working groups to guidance etc because old banks are in the same boat and will need to do this I'll stop here maybe I don't know if our banks have anything to add here sumo I love that question because it was something I wanted to share and this is the importance of peer learning the importance of exchanging information and experience in being a member of a community because we are embarking on a journey that no bank is really or some banks or others started a little bit earlier than other banks but no bank has really all the answers to the questions and the challenges that we'll be facing but all the banks working together can possibly find good solutions good answers to the questions that will arise so we will be developing tools along the way the impact assessment tool we've been working on is a very good sign of what you know the benefits that we can that we can gain from working and and and being together so I strongly urge the banks to join these principles and be part of the community and benefit from sharing information absolutely thank you very much Demetrius I have another question here and this is the last one we will treat apologies to dothe who have put in more questions but we otherwise we'll go but over time but we'll answer your question in writing after the call so don't worry it doesn't get lost but there's one more I think we should look at its could you repeated details we have to complete in the second column so rather I think that refers to the reporting and self-assessment template so I'm reopening that you explain one more time what needs to go into the second column sure the second column should include per requirements a high-level statement so your own statement made in response to the sentences that are actually the principal's requirements so you see one point one for example says described high level your bank's business model including the main customer segments or types of products and services main sectors sites facilities and where relevant the technology financier call is the main geographies in which your back is operations or provides products and services in the second column you're expected to list those types of products those segments you serve for example for ing we would list retail banking wholesale banking and those are only two segments in terms of business model we'll just explain a couple of things and then work for actually in the third column to our website a few places in our website where we describe our strategy we describe our business model there's another part where we talk about our business segments like retail and wholesale so the details should be in those public links that you include in the third column while the second column in just a couple of sentence should summarize that okay thanks a lot radha maria eugenia i hope that was helpful to you and also to to others so really in the second column you provide an answer or you provide a response to what you're asked for in the first column but it can really it should really just be a summary and then the more and more details can be available in your reporting on your website and you just provide references and links to dads with that we will end the Q&A session to give us a little bit of time to talk about next steps because this will be quite important for all of you we hope that all of you will become founding signatories of the principles for a responsible banking in order for that to happen we would need for your bank to sign the principles by 22nd of August that's not very far away just about a month from now so that on 22nd September month later you can be one of the founding signatories of the principles for responsible banking can be part of the global launch etc it's very easy you sign the principles for responsible banking signing documents we will also recirculate that in the follow-up it's linked here in the slides as well if you're not already a member many of you are then you join your number five and we publicly announce that you've joined so very easy process in addition to the thirty core group banks the banks you see here have already committed to becoming a signatory in total its seventy two banks at the moment we're hoping that by September will be around 100 banks that together will be the founding signatories off the principles for responsible banking so May sure you one of them and that will be done the big moments on 22nd and 23rd September so the official signing and launch off the principles for responsible banking will take place at United Nations headquarters on 22nd September 2019 that is not a random base that is the start of the United Nations General Assembly so the one moment every year when all hundred and ninety three heads of states are coming together to discuss the most pressing global challenges to discuss how to achieve global objectives and so this year this will also be the moment when bank CEOs from around the world through signing the principles for responsible banking will commit to playing a crucial role in tackling these challenges and achieving these objectives and contributing to our joint sustainable future we already have 42 bank CEOs from around the world confirmed to attend in person it would be fantastic to have your CEO there as well even if you co can't p
rticipate in person this is a global launch events it will make absolutely sure all banks and all bank CEOs are featured and included in the global communication the 22nd will be a small private event at United Nations headquarters in terms of participants of course with lots of media going out the day after on 23rd September is when we'll have the industry launch so a big event hosted at BNP Paribas and there will be speaking opportunities for all CEOs during the morning session so the morning will be very high-level and then in the afternoon will drill down will focus on implementation with discussions and speakers at practitioner levels so that's really going to be quite interesting I'm sure for all of you so you can register here and for more details for your CEOs we also have a CEO guide to the events on 22nd 23rd September you find the link here so you can share that with your CEOs teams with that from our side thank you to all of you for joining and we're asking for a favor I know there are many banks in this webinar that are in the process of getting time off to join the principal's if you haven't done so yet please let us know that you are in the process so we have an overview of what banks are still in the process maybe your process will get delayed you'll have problems with the deadline is separate just let us know so if you're thinking of becoming a founding signatory then just make sure you're in touch with us and we'll guide you through the process together and we'll make sure that it'll happen and that you will be a founding signatory with that a big thank you to our speakers Demetrius from Piraeus and that's a leaf from BNP and Radha from I&G as I said the remaining questions will answer in writing and a recording of this webinar will also be provided to all unify members so if you have colleagues that want to look at this later absolutely no problem with that have a fantastic day or evening depending on where you are and again thank you very much to everybody bye-bye bye thank you you
