Sector Standards Project for Financial Services

Standards for Banking, Insurance and Capital Markets

The importance of this Standard

The financial services Sectors Standards will be developed under the Sector Program. The project will see the development of three Sectors Standards for banking, insurance, and capital markets.

Financial services organizations are intermediaries between all other economic actors, allocating capital through investments, channeling funds from savers to borrowers, facilitating payments, and allowing people and companies to transfer risk. The significance of these sectors lies in their central position in the economy, in which few activities could function without credit, insurance, capital markets or payment services.

Banks, insurers and actors in capital markets have impacts through their own operations - such as employment practices, customer privacy, financial inclusion as well as investment activities. By investing in businesses that have human rights or environmental impacts, financial sector actors facilitate impacts that reach beyond their operational boundaries.

Read the project proposal for more information.

Project update

Three multi-stakeholder technical committees will be appointed to develop these Standards.  Stakeholder engagement is currently underway to engage experts to the technical committees. Technical committees will commence work on the project in Q2 2023.  

About this project

GRI Sector Standards are designed to help identify a sector's most significant impacts and reflect stakeholder expectations for sustainability reporting. They outline organizations' likely material topics and list disclosures that are relevant for the sector to report on.

The Financial Services Sectors have been approved by the Global Sustainability Standards Board (GSSB) to be included in the next sectors for which Standards will be developed, as part of priority group one. Sectors are prioritized based on the seriousness and the likelihood of their impacts, considering size, worldwide distribution, and the number of organizations from that sector that can use GRI Standards.

If you have questions or would like more information about this project please contact [email protected].  

Project Overview

Q2 2023
Appointment of technical committees
Q2 2023 – Q3 2024
Development of exposure draft
Q3 2024 – Q4 2024
Public comment period
Q4 2024 – Q2 2025
Consideration of public comment and revision of Standards
Q3 2025
Expected release of Standards

Related Documents

GRI Sector Program Description file 07 Feb 2019 English 449 KB
Draft GSSB Work program 2023-2025 file 21 Nov 2022 English 831 KB
GRI Sector Standard project for Financial Services - Project proposal file 20 Feb 2023 English 288 KB

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