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Once the ESMS has been developed and formally approved by Senior Management, it can be institutionalized and rolled out across the financial institution.

To implement the ESMS, the financial institution should develop an implementation plan, including an ESMS testing phase, with a time schedule for completing each task and the designated staff responsible for doing so. Tasks should include a review of the environmental and social regulations of the country in which the financial institution operates, testing phase, communications and training plan for staff, assigning responsibilities to applicable staff, review of international best practice that apply to clients/investees and review of the ESMS on a periodic basis for continuous improvement.

When properly designed and implemented, the additional workload for staff and transaction costs associated with the ESMS are limited, especially when environmental and social risk management procedures are fully integrated into the financial institution’s existing risk management framework.

Senior Management should be kept informed of challenges, successes and other important issues associated with the implementation of the financial institution’s Environmental and Social Management System.

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