FAB Archives - SustainCase - Sustainability Magazine Insights on how you can protect the environment, maintain and increase the value of your company, through a structured CSR/Sustainability process with the use of the GRI Standards. Learn how Today's Best-Run Companies are achieving Economic, Social, and Environmental Success - and How You Can Too... Fri, 03 Mar 2023 09:11:45 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.1 Case study: How FAB combats financial crime https://sustaincase.com/case-study-how-fab-combats-financial-crime/ Fri, 21 May 2021 06:04:28 +0000 https://ccprowebs.com/new-sustaincase.com/?p=12599 With a presence across five continents in addition to the UAE, FAB is UAE’s largest bank, offering a wide range of tailor-made solutions, products and services, to provide a customised experience. , including fraud, corruption, bribery, money laundering, terrorist financing, and breaching of international sanctions. This case study is based on the 2019 ESG Report by FAB published on the Global Reporting Initiative Sustainability Disclosure Database that can be found at this link. Through all case studies we aim to demonstrate what CSR/ ESG/ sustainability reporting done responsibly means. Essentially, it means: a) identifying a company’s most important impacts on the […]

The post Case study: How FAB combats financial crime appeared first on SustainCase - Sustainability Magazine.

]]> With a presence across five continents in addition to the UAE, FAB is UAE’s largest bank, offering a wide range of tailor-made solutions, products and services, to provide a customised experience. FAB invests heavily in crime prevention strategies and maintains robust controls to combat various types of criminal activities  Tweet This!, including fraud, corruption, bribery, money laundering, terrorist financing, and breaching of international sanctions.

This case study is based on the 2019 ESG Report by FAB published on the Global Reporting Initiative Sustainability Disclosure Database that can be found at this link. Through all case studies we aim to demonstrate what CSR/ ESG/ sustainability reporting done responsibly means. Essentially, it means: a) identifying a company’s most important impacts on the environment, economy and society, and b) measuring, managing and changing.

Abstract

FAB aspires to run its business in an open and transparent manner, firmly committed to conducting its global activities with integrity. In order to combat financial crime FAB took action to:

  • combat fraud
  • fight bribery and corruption
  • raise employee awareness
  • screen customers and transactions

What are the material issues the company has identified?

In its 2019 ESG Report FAB identified a range of material issues, such as financial and economic performance, systemic risk management, responsible customer relations, financial inclusion and accessibility, responsible lending and investing. Among these, combatting financial crime stands out as a key material issue for FAB.

Stakeholder engagement in accordance with the GRI Standards

The Global Reporting Initiative (GRI) defines the Principle of Stakeholder Inclusiveness when identifying material issues (or a company’s most important impacts) as follows:

“The reporting organization shall identify its stakeholders, and explain how it has responded to their reasonable expectations and interests.”

Stakeholders must be consulted in the process of identifying a company’s most important impacts and their reasonable expectations and interests must be taken into account. This is an important cornerstone for CSR / sustainability reporting done responsibly.

Key stakeholder groups FAB engages with: 

Stakeholder Group                Method of engagement
Customers

 

 

 

 ·      Branches

·      Digital channels and social media

·      Relationship managers

·      Customer Experience Department

·      Customer surveys
Employees

 

 

 

 ·      Training and development programmes

·      Employee engagement

·      Recognition programmes

·      Transparent, accountable management

·      Whistleblower hotline
Shareholders and Investors

 

 

 ·      Board of Directors meetings

·      Public reports

·      Road shows
Government and Regulators

 

 

 ·      Group Internal Audit, Group Compliance and External Audit

·      Code of Ethics Policy

·      Public reporting
Environment

 

 ·      Sustainability report

·      Green bond report

·      Engagements with NGOs

·      External memberships
Local Community

 

 

 

 ·      CSR activities

·      Local procurement

·      Social media and website

·      Partnerships
Suppliers

 

 ·      Bidding and tendering

·      Supplier portal

·      Supplier Environmental & Social Code of Conduct

How stakeholder engagement was made to identify material issues

To identify and prioritise material topics FAB conducted interviews and workshops with stakeholder groups, to identify what is important to them.

What actions were taken by FAB to combat financial crime?

In its 2019 ESG Report FAB reports that it took the following actions for combatting financial crime:

  • Combatting fraud
  • FAB’s global financial crime unit includes dedicated experts who specialise in crime prevention and managing threats posed to FAB. They undertake activities including fraud risk assessments, review new products before roll-out from a fraud risk perspective, conduct mystery shopping and spot checks to proactively test fraud controls, and update staff and customers about the latest trends in financial crime. The financial crime unit also works together with law enforcement agencies and industry peers to share intelligence, coordinate efforts and help fight financial crime in the wider community. FAB has a Group Vulnerability Assessment and Penetration Testing Policy and procedures to identify possible vulnerabilities on all bank assets and infrastructure, including payment card systems. FAB also uses advanced analytics that provide better insights and real-time data to uncover and act on potential threats.
  • Fighting bribery and corruption
  • FAB does not tolerate any deliberate breach of anti-bribery and corruption (AB&C) laws and regulations. The group AB&C policy was revised in December 2019, incorporating UK Bribery Act and Foreign Corrupt Practices Act (FCPA) requirements. Also, proper AB&C related controls have been embedded into the relevant business and support functions, to mitigate any bribery and corruption risks. The AB&C function provided a tailored training programme to certain functions with heightened bribery & corruption risks, along with the mandatory AB&C e-learning programme. The training programmes were provided to the Board, Senior Management and the wider bank personnel.
  • Raising employee awareness
  • FAB’s approach to fraud prevention includes an employee background check process, mandatory fraud awareness training as part of staff induction and an annual mandatory Anti-Money Laundering (AML), AB&C and Sanctions e-learning programme, which requires a minimum pass rate of 80%. FAB trains its people on how to identify, prevent and deal with financial crime and provides risk-assessment tools and models. Various polices are in place to guide employees and articulate FAB’s commitments, including AB&C Policy and the Prevention of Money Laundering and Counter Financing of Terrorism and Sanction Compliance Policy.
  • Screening customers and transactions
  • To verify and onboard legitimate customers, FAB’s due diligence process reflects international best practices and complies with relevant laws and regulations with respect to Know Your Customer (KYC) and other client identification requirements. FAB continuously updates its deterrence and detection infrastructure, which includes sophisticated tools to monitor, track and report criminals and any suspicious transaction activity across channels. Customers and counterparties are regularly screened against listed terrorist organisations and sanctioned names issued by the UN, US, EU, UK and UAE.

Which GRI Standards and corresponding Sustainable Development Goals (SDGs) have been addressed?

The GRI Standards addressed in this case are:

1) Disclosure 205-1 Operations assessed for risks related to corruption

2) Disclosure 205-2 Communication and training about anti-corruption policies and procedures 

 

Disclosure 205-1 Operations assessed for risks related to corruption corresponds to:

Disclosure 205-2 Communication and training about anti-corruption policies and procedures corresponds to:

 

78% of the world’s 250 largest companies report in accordance with the GRI Standards

SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.

Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.

7 GRI sustainability disclosures get you started

Any size business can start taking sustainability action

GRI, ISEP, CPD Certified Sustainability courses (2-5 days): Live Online or Classroom  (venue: London School of Economics)

  • Exclusive FBRH template to begin reporting from day one
  • Identify your most important impacts on the Environment, Economy and People
  • Formulate in group exercises your plan for action. Begin taking solid, focused, all-round sustainability action ASAP. 
  • Benchmarking methodology to set you on a path of continuous improvement

See upcoming training dates.
References:

1) This case study is based on published information by FAB, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original, please revert to the original on the Global Reporting Initiative’s Sustainability Disclosure Database at the link:

http://database.globalreporting.org/

2) https://www.globalreporting.org/standards/gri-standards-download-center/

Note to FAB: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

The post Case study: How FAB combats financial crime appeared first on SustainCase - Sustainability Magazine.

]]> Case study: How FAB promotes employee wellbeing https://sustaincase.com/case-study-how-fab-promotes-employee-wellbeing/ Wed, 14 Apr 2021 06:05:41 +0000 https://ccprowebs.com/new-sustaincase.com/?p=12441 With a global network across five continents, FAB is the largest bank in the UAE and one of the world’s largest and safest institutions, offering an extensive range of tailor-made solutions, products and services. Recognising the important part its employees play in the success and sustainability of its business, This case study is based on the 2019 ESG Report by FAB published on the Global Reporting Initiative Sustainability Disclosure Database that can be found at this link. Through all case studies we aim to demonstrate what CSR/ ESG/ sustainability reporting done responsibly means. Essentially, it means: a) identifying a company’s most […]

The post Case study: How FAB promotes employee wellbeing appeared first on SustainCase - Sustainability Magazine.

]]> With a global network across five continents, FAB is the largest bank in the UAE and one of the world’s largest and safest institutions, offering an extensive range of tailor-made solutions, products and services. Recognising the important part its employees play in the success and sustainability of its business, FAB looks after the wellbeing of its people, offering a range of tools and services to its employees to maintain their physical, mental and financial wellbeing.  Tweet This!

This case study is based on the 2019 ESG Report by FAB published on the Global Reporting Initiative Sustainability Disclosure Database that can be found at this link. Through all case studies we aim to demonstrate what CSR/ ESG/ sustainability reporting done responsibly means. Essentially, it means: a) identifying a company’s most important impacts on the environment, economy and society, and b) measuring, managing and changing.

Abstract

To help its people stay well and perform at their best, FAB supports their ‘whole-being’ by focusing on three key aspects of their wellbeing: physical, mental and financial. In order to promote employee wellbeing FAB took action to:

  • promote employees’ physical wellbeing
  • protect employees’ mental wellbeing
  • improve employees’ financial wellbeing

What are the material issues the company has identified?

In its 2019 ESG Report FAB identified a range of material issues, such as financial and economic performance, systemic risk management, responsible customer relations, financial inclusion and accessibility, customer privacy and data security, responsible lending and investing. Among these, promoting employee wellbeing stands out as a key material issue for FAB.

Stakeholder engagement in accordance with the GRI Standards                                     

The Global Reporting Initiative (GRI) defines the Principle of Stakeholder Inclusiveness when identifying material issues (or a company’s most important impacts) as follows:

“The reporting organization shall identify its stakeholders, and explain how it has responded to their reasonable expectations and interests.”

Stakeholders must be consulted in the process of identifying a company’s most important impacts and their reasonable expectations and interests must be taken into account. This is an important cornerstone for CSR / sustainability reporting done responsibly.

Key stakeholder groups FAB engages with:

Stakeholder Group                Method of engagement
Customers

 

 

 

 ·      Branches

·      Digital channels and social media

·      Relationship managers

·      Customer Experience Department

·      Customer surveys
Employees

 

 

 

 ·      Training and development programmes

·      Employee engagement

·      Recognition programmes

·      Transparent, accountable management

·      Whistleblower hotline
Shareholders and Investors

 

 

 ·      Board of Directors meetings

·      Public reports

·      Road shows
Government and Regulators

 

 

 ·      Group Internal Audit, Group Compliance and External Audit

·      Code of Ethics Policy

·      Public reporting
Environment

 

 ·      Sustainability report

·      Green bond report

·      Engagements with NGOs

·      External memberships
Local Community

 

 

 

 ·      CSR activities

·      Local procurement

·      Social media and website

·      Partnerships
Suppliers

 

 ·      Bidding and tendering

·      Supplier portal

·      Supplier Environmental & Social Code of Conduct

How stakeholder engagement was made to identify material issues

To identify and prioritise material topics FAB engaged with its stakeholders through interviews and workshops, to identify what is important to them.

What actions were taken by FAB to promote employee wellbeing?

In its 2019 ESG Report FAB reports that it took the following actions for promoting employee wellbeing:

  • Promoting employees’ physical wellbeing
  • FAB seeks to achieve zero injuries across its buildings, ensuring a safe and healthy workspace for its people. In 2019, FAB became one of the first institutions to comply with Hassantuk, a new regulation as part of the smart city initiative to improve UAE civil defence and installed the recommended fire and safety alarm systems in its facilities, to enable faster emergency response and safer workplaces. In 2019, FAB achieved the following:
    • Was among the first companies worldwide to re-certify its workspaces to the ISO 45001: 2018 standard for Occupational Health and Safety (OHS).
    • Redirected its Occupational Health and Safety system team to now report into FAB’s Operation Risk Committee, providing more efficient business and improved risk control.
    • Nominated floor wardens, first aiders and OHS (occupational health and safety) representatives at each of its buildings, to oversee the safety programme.
  • Protecting employees’ mental wellbeing
  • FAB encourages an open workplace, where employees are assisted to seek help and support when required. FAB’s employees have been provided with a support line to assist them with ongoing trauma support, through FAB’s Employee Assistance Programme. Employees experiencing mental health or personal problems such as depression, stress or family issues can use FAB’s dedicated, confidential support line to talk with professional counsellors any time of the day, every day of the year. FAB also has a formal Employee Grievance Mechanism to receive employee complaints and concerns and make sure that these are handled fairly and in a timely manner. In 2019 FAB developed FABCares, an employee wellbeing programme that looks after all three elements of employees’ wellbeing. This programme was rolled out in March 2020 to all employees.
  • Improving employees’ financial wellbeing
  • Recognising that strong financial wellbeing and understanding can lead to greater resilience during times of change, promoting financial security, FAB seeks to educate and promote financial resilience among its staff, customers and their families, to grow financially stronger. To provide FAB’s people and their families with financial security, employees are eligible for a range of comprehensive benefits on top of their remuneration. They include pension (Emirati staff), medical insurance and life insurance coverage. FAB also provides service offerings for education assistance, car loans, mortgage loans and personal loans. FAB’s compensation system is based on a fair and transparent reward system, designed to promote a culture of equal pay.

Which GRI Standards and corresponding Sustainable Development Goals (SDGs) have been addressed?

The GRI Standards addressed in this case are:

1) Disclosure 403-6 Promotion of worker health

2) Disclosure 403-9 Work-related injuries

3) Disclosure 403-10 Work-related ill health

 

Disclosure 403-6 Promotion of worker health corresponds to:

Disclosure 403-9 Work-related injuries corresponds to:

Disclosure 403-10 Work-related ill health does not correspond to any SDG.

 

78% of the world’s 250 largest companies report in accordance with the GRI Standards

SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.

Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.

7 GRI sustainability disclosures get you started

Any size business can start taking sustainability action

GRI, ISEP, CPD Certified Sustainability courses (2-5 days): Live Online or Classroom  (venue: London School of Economics)

  • Exclusive FBRH template to begin reporting from day one
  • Identify your most important impacts on the Environment, Economy and People
  • Formulate in group exercises your plan for action. Begin taking solid, focused, all-round sustainability action ASAP. 
  • Benchmarking methodology to set you on a path of continuous improvement

See upcoming training dates.
References:

1) This case study is based on published information by FAB, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original, please revert to the original on the Global Reporting Initiative’s Sustainability Disclosure Database at the link:

http://database.globalreporting.org/

2) https://www.globalreporting.org/standards/gri-standards-download-center/

Note to FAB: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

The post Case study: How FAB promotes employee wellbeing appeared first on SustainCase - Sustainability Magazine.

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