BSBSUS501

Sustainability Policy
Sustainability policy is the policy which meets the needs of present without
compromising the needs of future generation to meet their own needs. The term
sustainability policy gained enough importance in last few decades of the 20 th
century. Sustainable practices must be carried out in our workplace or
educational institution so that the needs of the future generation are not
compromised.

Sustainability Policy for Commonwealth Bank

Sustainability plans are plans made by a company or government to achieve goals
that encourage all kinds of sustainability like environmental, community etc.
Commonwealth groups are doing their business by using sustainable policy in
order to be one of world’s greatest companies by helping their customers,
communities and people prosper and grow. Commonwealth is implementing
different sustainable policies and practices through
 Revised group Environmental policy
 Enhanced financed carbon emissions disclosure
 New human rights position statement
 New wealth management responsible investing framework
 Embedded approach to responsible lending
Purpose of sustainability
 Sustainability skills and environmental awareness is a priority in many corporate
jobs at graduate level and over as businesses seek to adhere to new legislation. In
short, sustainability looks to protect our natural environment, human and
ecological health, while driving innovation and not compromising our way of life.
It involves using current resources in a way that meets the demands of future
generations

My roles
I am working as a health and safety officer at Commonwealth Bank. I capitalized
my roles at Commonwealth Bank by organizing sustainability committee
formulating strategies to reduce environmental Impact and executing eco-friendly
policies that are socially, economically and environmentally responsible. I support
the Consumer finance controls and risk reduction team in maintaining a robust
control environment.

Part A
Information gathering
In this task, I am going to describe about commonwealth bank. There are different
sources for the information gathering in Commonwealth Company which helps to know
more about Commonwealth Bank and they are enlisted below.

I. Banking services
II. Accounting
III. Global banking and financial services professional
IV. Global delivery centers
V. Risk management and analytics experts
Industry guidelines:

There are different guidelines of commonwealth bank.

 Electronic Conveyancing
It encourages the commercial refinance transactions including security and other
documentation of non land nature, property trade Australia, COBA etc to built up
a standard structure
 Conduct background check protocol
This protocol will be utililized by banks when enlisting to discover better data
about vocation candidates past business history and lead record.
 Customer advocate guiding principles
Banks are selecting customer advocates to make it simpler for clients to
determine disputes. These core values are expected to help banks designate
their clients advocate and guarantee the job is performed viably.
 Accessibilility principles for banking services
The principles will be looked into at regular intervals to help stay aware of quickly
changing mechanical progressions.

Industry best practice:

Some of the industry best practice is mentioned below.

 Creating practical viewpoints on the applicability of laws, rules and

regulations across business and processes and how they translate into
operational requirements.

 Creating standard for risk materiality.

  Approving clients, transactions, and products based on predefined risk
based rules.

 Understanding the banks culture and its strengths as well as potential

shortcomings.

Objectives

The main objective of Commonwealth is providing different customer services

contribution through development of information technology. They are
developing new IT management model and Started to selection, sourcing and
implementation of IT capabilities. Furthermore, Commonwealth aims to help
customer manage and build wealth.

Mission and Vision

Their vision is to excel at securing and growing the economical wellbeing of
people, business and communities which builds on their customer focused
culture, our sense of responsibility, and desire to keep getting better.

In order to be the leading bank in world the bank has following mission:
 Delivering superior quality services for customers
 Retaining and developing employees with outstanding capabilities
 Promoting economic growth and stability in our community
 Organizational structure
Different organization has their organizational structure and Commonwealth has its own
structure which is shown below

Policy Title : Commonwealth Bank

Date : [1 April ]
Responsible Executive: [CEO, Chairman of Board, Director]
Responsible Office Contact : [Commonwealth Bank) ,
www.commonwealthbank.com.au
Dial 13 2221 

Legislative requirements

There are some legal factors all need to take into consideration like Competition
and consumer act 2010, Australian consumer law (ACL), Corporations act 2001
etc. Among them Competition and consumer act 2010 covers most areas of the
market like the relationships between suppliers, retailers, and consumers. The
main purpose of this legislative is to enhance the welfare of Australians by
providing fair trading and competition, and through the provision of consumer
protections.

Different methods and techniques:

You will need to research different methods and techniques for writing policy.
Writing is a key to being success in this professional world. There are different
types of writing which are used in various organizations such as e- mails, reports
memos, and so on. All types of organizations have policies to guide the way work
is done in the organization. Consequently, policy documents can be written and
presented in many different ways.

I will structure the document effectively by following ways:

1. Prioritizing
2. Planning
3. Use of visual
4. Scheduling
5. Time management
6. Development

The person who sponsor’s the project needs to authorize the policy document.

Key components of stakeholder

There are numerous methods to identify stakeholders. Our standard

recommended approach focuses on two dimensions.
 The Stakeholder’s influences on organization
 The stakeholder’s dependence on the organization.

The Stakeholders of commonwealth bank are Investors which may include

Government, local community, investors, and technical specialists and so on.

List of the stakeholders:

Stakeholders Name Role and Responsibilities

CEO  Acting CFO

  ASB bank
 Risk management
 Retail banking services
 Int’l financial services
 Legal

Project Manager  Planning and defining scope

 Resource planning
 Cost estimating
 Risk analysis
 Team leadership
 Controlling quality

Director  Provide coaching

 Giving direction
 And leadership
Staffs 1. Tellers :Provide direct service to customer
2. Customer service representative: Assist
opening new account, modifying existing
accounts, completing paperwork
3. Bookkeeper and clerks: Maintain financial
records
4. Loan officers :Assist customer with complete
loan applications

Recommendation for Sustainability:

The Australian government needs to formulate the policies keeping in mind that it
should provide fair justice and equality to the customers and the business
partners. The cost can be minimized by using more the technological devices
which definitely helps a lot to maintain accuracy and also because of this there Is
no need of many manpower through that we can minimize costs. .
Part B

Policy Scope Statement

The purpose of the Policy Scope Statement is to guide the development of a policy,
provide a summary of a proposed policy, and ensure that those who might be
affected by a policy are identified, considered, and consulted. As you complete the
statement, delete the italicized guiding language. Submit completed scope
statement to the University Policy Specialist via e-mail at policy@nd.edu.

Policy Title: Sustainability policy for commonwealth bank

Date: [1st April]

Responsible Executive: [CEO, project manager, Director, stakeholder]

Responsible Office: Commonwealth bank Australia

Responsible Office Contact: [Commonwealth bank, 132221, Commonwealth app]

A. Scope of policy application

The Commonwealth bank of Australia Is dedicated to securing and enhancing the
financial wellbeing of the people, business and communities. We are committed to
assessing and reducing our direct environmental impacts by different factors
 Monitoring and reducing energy use and greenhouse gas emission.
 Developing processes for assessing environmental impacts in our supply chain.
 Doing business in sectors and with organizations that have well established
environmental management practices.
 Continuing to seek opportunities to assist our customers to meet their own
environmental goals.
 Engaging with our customers, the community and other key stakeholders to
promote a broader understanding and more effective management.
B. Policy approach
The objective of commonwealth bank is to ensure that they meet responsibility to both
safeguard the environment and support economic growth and development. The main policy
approach for the commonwealth bank is

 Integrating responsible investment

A new wealth management responsible investing framework has been established

to integrate environmental, social and governance factors with pursuit of sustainable long
term investment outcomes for the customer and clients.

 Respecting human rights

We have developed a new human rights position statement to respect human right
across all of our operations. Our approach to human rights is guided by the United
Nations Guiding Principles on Business and human rights.

 Embedding responsible lending

We have been working to to embed our approach to responsible lending in all of our
business lending. We have developed an ESG risk assessment tool that is integral to
the lending decision process.

C. Adherence to legislation
We have drafted a sustainable policy for organization that will aim to tackle with a
problem and to promote sustainable goals. The main thing for the commonwealth bank
to run successfully is that we should minimize the cost. For this we can do is we have to
use environmental friendly products and service for reducing the energy and to
consume the more use of electricity. The commonwealth bank is investing many money
for the staff so for this we have to rely on both technological and environmental
products.

D. References
https://www.ausbanking.org.au/Industry-Standards
https://www.mckinsey.com/business-functions/risk/our-insights/a-best-practice-model-for-
bank-compliance
 https://www.accc.gov.au/about-us/australian-competition-consumer-commission/legislation
https://www.fdic.gov/regulations/laws/important/

2. Sustainability as an integral part of business planning

Sustainability is important word in the public area, with government

departments all having to meet various environmental targets. Sustainability
policy has helped lots of sectors to meet their approaches and destinations in a
sustainable way. Sustainability policy is important in every sector like public
sector, with Government departments which major aim is to meet the related
targets in a considerable way. There are many advantages with well written
sustainability policy which helps your organization in various way. It helps to
 Save money in terms of consumption, waste, and recycling
 Meet current environmentally related legislation
 Improve reputation with stakeholders

The organization I have chosen (Commonwealth) has following Sustainability

policies which are helpful for environment. Their policy focus on tackling climate
change, carbon reporting and climate disclosures, respecting human right.

3. Develop an implementation strategy as part of the

policy:
The effective corporative policy characteristics of Commonwealth bank are following,

 Have to be clear, specific and easily understood

 General principles missions
 Specify company rules

 Method of enforcement

 Person for cover

The above mentioned characteristics show the organization’s commitment to

sustainability as an important part of business planning.