FISCAL 2022 STRATEGIC PRIORITIES Table 3 - Accelerated Transformation to Create Value for our Clients, our People and our Investors
To create value for the people who choose CWB
Fiscal 2022 strategic priorities
• Leverage our enhanced capabilities to offer a superior client experience through a complete range of in-person and digital channels and grow our full-service client base. • Continue to further enhance our differentiated full-service client experience, with full-scale launches of our digital banking platform for personal and small business clients, the VCOO solution and our new commercial banking digital platform focused on cash management services. • Continue to transform our wealth operations to leverage efficiencies and position for growth through further brand alignment and execution on our digital strategy and technology roadmap.
Transform and optimize our capabilities to create an unrivaled experience for our clients
• Continue to earn recognition as an employer of choice, and a Great Place to Work Canada TM .
Drive a positive and inclusive culture and employee experience to create value for our people and remain a career destination for top talent
• Enhance our flexible work arrangements, talent development and retention programs to support our position as a destination for top talent.
• Continue to support and expand our employee-represented groups focused on inclusion, diversity and mental health.
• Further solidify our stance against systemic racism and discrimination, leveraging participation in BlackNorth Initiative’s CEO Pledge and adoption of the United Nations Women’s Empowerment Principles.
• Continue to build our brand in Ontario and take advantage of the opportunity to grow our market share and acquire new full-service clients in the province, supported by our existing full-service banking centre in Mississauga and a new banking centre expected to open in Markham in fiscal 2022. • Leverage our enhanced capabilities that support strong full-service client growth in strategically targeted segments, driving double-digit annual percentage branch-raised deposit and loan growth. • Continue to execute on our funding diversification strategy to reduce broker deposits as a proportion of our funding by further broadening our funding sources and leveraging strong branch-raised deposit growth. • Advance our AIRB transition project, including the continued implementation of identified enhancements to our AIRB tools and processes to make meaningful progress towards obtaining AIRB approval and support our ongoing sustainment as a model-enabled bank.
Optimize our business to create value for investors through profitable, long- term growth and sustainable returns
A SUSTAINABLE PATH FORWARD Our Board of Directors provides oversight of sustainability, which includes environmental, social, and governance (ESG) factors. Under the leadership of the Chief Financial Officer (CFO), we developed a cross-functional team responsible to lead the continued development and implementation of a sustainability approach that is aligned to our culture, values, and strategy to create value for our stakeholders. We further developed our sustainability approach during fiscal 2021, with a focus to deepen our understanding of the current landscape and identify key issues and work streams for further action. As we look forward, efforts during fiscal 2022 will focus on integration of our sustainability approach within our overarching strategic direction and engagement with internal stakeholders to raise awareness, understanding and momentum to accelerate our execution against key sustainability priorities. A key area of focus within our sustainability approach is related to climate change. We continue to work through a planning phase to determine how we can best address climate change and support the transition to a lower carbon economy, including engagement with an external expert to measure baseline Scope 1 and Scope 2 greenhouse gas (GHG) emissions for fiscal 2022. Our next steps beyond that will include the establishment of GHG emission reduction management and targets, and development of an approach to measure our Scope 3 GHG emissions and explore a path to net-zero emissions. We believe that transparent and timely communication on our exposure and approach to manage climate risk is important to our stakeholders. We have initiated a phased process to enhance our climate-related disclosures in alignment with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations, with select disclosures provided in this MD&A. As we continue to evolve our approach to climate change, we will enhance our disclosures, with consideration for stakeholder needs, regulatory requirements and industry standards. For the initial TCFD disclosures provided this year, see the Social and Environmental Risk section of our MD&A. We will continue to focus on the success of our clients, teams and communities. Recognition as one of the 50 Best Workplaces TM in Canada reflects our people first approach and a culture that celebrates our inclusive and diverse team and hiring practises. Our teams are focused to support the success of our clients, including a digital strategy that will provide innovative tools to business owners to assist in the management and growth of their businesses. Our community investment strategies are aligned with our values, with a focus to enable business and promote inclusivity across our national footprint. Further information on our corporate social responsibility activities is available on our website at www.cwb.com/corporate-social-responsibility in our Corporate Social Responsibility and Public Accountability Statement reports, and other materials that outline our activities related to community investment, inclusion, corporate governance, and the environment.
CWB Financial Group 2021 Annual Report | 21
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