Responsibility in the financial industry
In the financial industry, responsibility means adherence to the principles of sustainable development and the operating principles of the industry. These include for example the codes of good banking practice and good insurance practice . The finance industry pays attention to the needs of its interest groups and the requirements of legislation, and takes into account the social, ecological and economic effects of its operations.
The purpose of corporate social responsibility is not only to minimise risks, but to create additional value. The financial industry is a significant contributor to the whole stability of the society. Companies in the industry are heavily regulated and closely monitored.
The financial industry promotes matters such as loss prevention, responsible investing and lending, e-Services, and the well-being of financial employees. The industry also actively reports its social responsibility activities.
The improvement of financial literacy is one of the industry's central responsibility themes. All Finns should be well-versed in managing their personal economy and understand the principles of operating in the financial market.
Financial companies coordinate matters of responsibility in the Corporate Social Responsibility Subcommittee. Its objective is to advance self-directed responsibility in the financial industry, and, where necessary, to coordinate the formulation of the industry's collective opinion on various regulatory projects and proposals that concern the financial industry's social responsibility either locally or internationally.