Corporate Social Responsibility In The Financial Sector

In my research I shall examine the current level of the CSR activities and strategies of the Hungarian financial sector based on the analysed data. I expect to prove that banks consider CSR as a factor of strategic importance and their scope of used CSR tools could be broaden. I shall present that Hungarian CSR practices of banking sector differs from other sectorsï CSR activities and from the internationally applied strategies. The concept of corporate social responsibility is not new in the banking sector, but nowadays, it becomes highly topical since the crisis has significantly highlighted the need for integration of moral principles in the banking business. Knowledge of business practice indicates the fact that the acceptance of moral principles in business is not integrated into management decisions of companies. Management of a banking organization should have appropriate policy in place for establishing positive organizational culture and social responsible mindset of staff members. If commitment for becoming a social responsible banking organization between management and staff, and accountability and creditability can be demonstrated through effective and efficient internal audit, customers and the community will be benefited with risks reduced and quality enhanced. Banks should involve their employees in CSR acticities, because they will be more committed for the organization.