CIBC manages risk on a daily basis – risk related to everything from our credit and investment portfolios to our business operations or more broadly to our corporate reputation. Our objective is to be a lower risk bank and to deliver consistent and sustainable performance over the long term.
Enterprise-wide risk framework
Our enterprise risk management framework sets out the key risk principles that underpin CIBC’s approach to risk appetite and management, including our risk policies and limits, risk organization structure, and governance framework.
This framework also helps ensure our risks are appropriately identified, measured, monitored and controlled in accordance with our risk appetite, which is the cornerstone of our approach to risk management. Our risk appetite statement defines how we will conduct our business and identifies the targets and measures we will use for evaluating our performance and risk profile. Our risk appetite statement is defined by management, approved by the Board of Directors, and is reviewed at least annually.
Reputation risk management framework
CIBC’s reputation is not only of fundamental importance to us but also to our clients, shareholders and employees. Every day, our business is faced with situations that could pose undue risk to our reputation for ethical and sound business practices.
We have developed an integrated approach to managing our reputation risks through a framework of corporate-wide policies, procedures and processes – including our Code of Conduct, our Global Reputation and Legal Risks policy and procedures, and policies related to anti-money laundering and anti-terrorist financing, lobbying, employee health and safety, the environment, and our global hiring practices.
Legislative compliance management framework
In order to achieve global regulatory compliance, we have developed a philosophy and framework for assessing and managing regulatory risk, an approach that is consistent with guidance from OSFI and other regulators.
Our philosophy is to minimize regulatory risk by promoting a strong compliance culture – one that aligns with our vision, mission and values. This approach allows us to identify and assess significant regulatory risk within CIBC; enables our businesses to take reasonable steps to mitigate risks; and provides independent oversight and reporting to our business leaders, corporate executives, and the Board.
We strive to be aware of and comply at all times with all laws and regulations in the jurisdictions where we operate. Should there be instances where it is determined that we are out of compliance we have programs and processes in place that enable us to act quickly to address any outstanding issues.
Business continuity and crisis management
The objective of our business continuity program is to ensure an ongoing capability is in place for the continuation of critical business functions, and for a timely and orderly recovery of full and normal operations, under conditions of disaster. All functions throughout CIBC are required to regularly assess their exposures to business interruption risk, take prudent measures to minimize them and develop, maintain and test business continuity plans. The health and safety of CIBC’s employees and clients is considered paramount in all of our planning.
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