The Journey of Embedding Sustainability within the Group
FirstBank has put in place an environmental, social and governance management systems (ESGMS). This encompasses a policy, a set of guidelines that ensures all transactions that the Bank is considering funding include adequate provision for actions necessary to prevent, control and mitigate negative impacts on the environment and communities, and to improve environmental quality.
The alignment of the ESGMS process with FirstBank new credit workflow began in 2017 and the plan was to complete it in 2018. The process unfortunately wasn’t completed as planned. With the current pace, the Bank will hopefully complete it in 2019. The goal is to ensure efficiency through automation as relevant implementation documents such as the environmental, social and governance risks screening checklist (which is to be completed by a relationship manager and verified by analyst against the EIA report) will be fully automated.
Sustainability performance management and reporting is a key component of the sustainability strategy as it enables the Bank to effectively measure, manage and report its sustainability performance and also meet its NSBP obligations to report a wide range of metrics. While we haven’t been able to kick-start the performance management, reporting and implementation tool to make reporting efficient; more effective, we have adopted clearly defined KPIs that align with international best practice such GRIs.
Sustainable procurement remains one of the opportunities identified as part of our stakeholder engagement designed to embed sustainability in the Group. We believe sourcing and engaging suppliers who support our Group’s code of business ethics, commitment to environment stewardship and standards for labour can help us attain our sustainability ambitions.
The internet has opened up organisations as well as consumers of product and services to unprecedented opportunities never experienced before with the dawn and evolution of the World Wide Web. The entry of the smartphones and other electronic methods of mass communications into the financial service sphere have created huge consumer privacy concerns. Personal information, when misused or inadequately protected, can result in identity theft, financial fraud, and other problems that collectively cost people, businesses, and governments millions of Naira each year.