Lakhasly

Introduction:
Riyad Bank is one of the largest financial institutions in the Kingdom of Saudi Arabia and the Middle East. It also has branches in the United States and Singapore. It started in 1957 and has a capital of 30 billion Saudi. It serves all regions of the Kingdom of Saudi Arabia and its headquarters are located in the city of Riyadh. It has 335 branches within the Kingdom of Saudi Arabia and more than 2,200 branches. An automated teller machine, and its tasks include carrying out all banking and investment activities and financing commercial and industrial projects. It also provides electronic services through a distinctive, innovative and secure mobile application to facilitate the implementation of banking operations for customers anywhere with complete ease, without the need to visit the branch, such as transferring a sum of money to bank accounts within minutes. The customer can also save money and the customer can also open an account in a few minutes through the application without going to the branch. He participated in financing various sectors operating in the gas industry and also participated in infrastructure projects in the Kingdom of Saudi Arabia and received several awards for excellence in access management. Its mission is to achieve social responsibility and impact. Positive through tangible initiatives and achievements. The company's vision is to be an active member in sustainable practices, in addition to expanding and improving the branch network and developing economic partnerships that provide services to customers and stakeholders in the community.
Study of Company’s CSR towards skateholders :
Responsibility: Supporting small and medium enterprises All parties will benefit
Riyadh Bank interest
Their projects will expand, the bank will gain fame, and financial returns will increase
Benefit of the business owner
The institution's efficiency will increase, its operating costs will be reduced, its performance will improve, the quality of services provided will be improved, and its commitment to regulatory requirements will be facilitated.
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Assign the type of CSR projects undertaken by the company to one or more of CSR types that you have studied.
Study the relationship between the company CSR vision, and mission and its achievements and actions in CSR.
Vision:
To be a leading member of Sustainable Practices that would add value to Employees, Customers, Stakeholders, and the whole community of Saudi Arabia.
Mission:
To deliver quality corporate social responsibility practices of impactful values and benefits in alignment with the Bank's Strategy and Operations, the United Nations Sustainable Development Goals, and the Saudi Vision 2030, Also added to the programme "Bakra", which focuses on four main components: environment, society, knowledge, and economics.
Relationship: These elements show how Riyadh Bank's vision seeks to achieve a positive impact through concrete initiatives that represent their message of social responsibility.
Achievements and actions:
Through Social Responsibility Reports: Riyad Bank's annual reports detail their achievements and actions in the field of social responsibility, which are directly consistent with their goals and vision.
Examples of achievements:
In the field of environment:
Implement paper and plastic recycling programs.
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Launch awareness campaigns to reduce electricity and water consumption.
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In the field of society:
Sponsoring educational initiatives.
Participation in traffic safety conferences.
Supporting charitable organizations.
Organization of volunteer programmes for staff.
In the field of knowledge:
Enhancing and developing the skills of community members Supporting innovation and scientific research.
In the field of economy:
Promote financial cognition and inclusion.
Relationship: These examples show how Riyad Bank's vision and mission translate into real initiatives that make a positive difference on the ground.
Riyadh Bank demonstrates a clear commitment to its social responsibility through a specific vision, tangible mission, achievements and actions consistent with these goals.
Comparative study of the CSR initiatives of the selected company with the competitor firm from the same sector.
When comparing the social responsibility initiatives of Riyad Bank, a major banking entity in the Kingdom of Saudi Arabia, with those of a competing company in the same sector, it's important to consider various factors such as the scope of their initiatives, target beneficiaries, sustainability aspects, and the impact on community development. For this comparison, let's consider Al Rajhi Bank as the competing company, another leading bank in Saudi Arabia with a strong emphasis on social responsibility.
Riyad Bank's Social Responsibility Initiatives

1. 
   

   Community Development: Riyad Bank has been involved in various community development projects, including support for education through scholarships and donations to educational institutions.
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2. 
   

   Environmental Initiatives: The bank has taken steps towards sustainability through initiatives like
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   paperless transactions and promoting digital banking, reducing the carbon footprint.

   
   


3. 
   

   Support for Small and Medium Enterprises (SMEs): Riyad Bank has programs aimed at supporting SMEs, recognizing their role in economic development and job creation.

   
   


4. 
   

   Charitable Activities: Riyad Bank participates in charitable activities, including donations and support to various nonprofit organizations and social causes.
   Al Rajhi Bank's Social Responsibility Initiatives

   
   


5. 
   

   Community Development: Al Rajhi Bank is heavily involved in philanthropic activities, primarily through Al Rajhi Bank's charitable foundation. These activities span from building homes for the needy to supporting education for underprivileged communities.

   
   


6. 
   

   Economic Development: Beyond its philanthropic efforts, Al Rajhi Bank focuses on economic development, especially in promoting financial literacy and supporting entrepreneurs and startups through tailored financial services.

   
   


7. 
   

   Environmental Sustainability: Similar to Riyad Bank, Al Rajhi Bank is making strides in promoting digital banking solutions to minimize paper usage and encourage environmentally friendly practices among its clients.

   
   


8. 
   

   Healthcare Support: Among its social initiatives, Al Rajhi Bank has contributed significantly to healthcare, including the support of hospitals and health campaigns aimed at combating chronic diseases.
   Comparative Analysis

   
   

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  Scope and Focus: Both banks have a broad scope in their CSR initiatives, but Riyad Bank seems to have a stronger focus on supporting SMEs, while Al Rajhi Bank places substantial emphasis on philanthropic efforts, particularly through its charitable foundation.
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  Environmental Initiatives: In terms of environmental sustainability, both banks promote digital banking to
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  reduce paper usage; however, explicit initiatives related to broader environmental impact are not prominently highlighted in public disclosures.

  
  


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  Impact and Engagement: Al Rajhi Bank appears to have more direct involvement in community development through construction and healthcare, likely due to its extensive philanthropic work. Riyad Bank, meanwhile, emphasizes economic development, with a particular focus on education and SME support.

  
  


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  Innovation in CSR: Both banks contribute significantly to their communities through their CSR initiatives. However, the innovation in their approaches may differ, with each bank having its unique methods of addressing social responsibility.
  In conclusion, while Riyad Bank and Al Rajhi Bank share similarities in their commitment to social responsibility, they each have distinct areas of focus. Riyad Bank's initiatives tend to lean towards supporting economic development and education, while Al Rajhi Bank has a strong foundation in philanthropy, particularly in healthcare and housing for the needy. Both institutions play a pivotal role in the social and economic development of Saudi Arabia through their comprehensive CSR strategies.
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  Recommendations:
  Focus on Financial Wellbeing:
  Programs for Financial Literacy: Take financial literacy beyond the basics of budgeting. Provide seminars on subjects like debt management, smart borrowing, and retirement savings. Aim these initiatives at certain populations, such as young adults, immigrants, and low-income areas.
  Initiatives for Financial Inclusion: Create goods and services with the underbanked population in mind. This could include lowered minimum balance requirements, streamlined account opening procedures, or locally translated mobile banking capabilities. Join forces with community and non-governmental organizations to reach these groups.
  Financial Wellness Resources: Establish a specific online resource hub with interactive calculators, instructional materials, and budgeting tools to help people manage their money well.
  Encouragement of Sustainable Entrepreneurship
  Green business lending schemes should be created, offering loans to companies that use sustainable methods at a discount. The implementation of eco-friendly packaging materials, the use of renewable energy sources, or trash reduction strategies are a few examples of these practices.
  Impactful Investment Possibilities: Provide investment choices that put financial results in line with social and environmental impact. Collaborate with impact investing experts to develop investment vehicles for prospective clients.
  Programs of Mentorship for Sustainable Enterprises: Establish a connection between seasoned bank employees and business owners operating sustainability-focused companies. Their endeavors may be accelerated by the helpful advice and assistance this mentorship can offer.
  Creating robust community collaborations:
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  Community requirements examination: To determine the most urgent requirements in the communities that Riyad Bank serves, carry out a thorough examination. This can entail collaborating with nearby NGOs and civic leaders to obtain insightful information.
  Volunteer Matching Platform: Establish a platform that links bank staff members to volunteer opportunities in nearby nonprofits and community groups. This makes it easier to discover appropriate volunteer opportunities and encourages staff participation.
  Programs for Volunteering Based on Skills: Plan volunteer days where staff members can use their expertise to support neighborhood organizations. This could be marketing assistance, business planning advice, or courses on financial literacy.
  Assessing Effect and Openness:
  Create an Impact Measurement Framework: Put in place a method to gauge how Riyad Bank's CSR efforts are affecting society and the environment. Keep track of indicators such as the number of people enrolled in financial literacy courses, the amount of money invested in environmentally friendly companies, or the number of hours that staff members donate.
  CSR Reporting That Is Interactive: Publicize CSR reports with more information than just numbers and data. Make a powerful report that tells the human stories behind the data by including infographics, success stories, and video testimonials.
  Platforms for Engaging Stakeholders: Establish social media pages or online discussion boards for CSR initiatives. This makes it possible to communicate with stakeholders in both directions, promoting openness, getting input, and boosting involvement.
  Technology and Innovation for Social Good:
  Financial Technology (FinTech) for Inclusion: Increase the reach of financial inclusion for marginalized communities by utilizing FinTech solutions. This could include digital microfinance programs or mobile banking apps intended for people with limited literacy.
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  Tech-enabled Volunteering Platforms: Create web-based platforms that match employees of Riyad Bank with volunteer opportunities according to their interests and skill sets. This has the potential to boost volunteerism and broaden its appeal.
  AI for Social Impact: Investigate how artificial intelligence (AI) might be used to solve societal issues. AI- driven chatbots, for instance, can educate a larger audience about financial literacy or offer mental health care.
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