Why this is material to us

Against the backdrop of continuously evolving technology solutions and the digitalisation of products and services, the financial system and broader economy continue to face an increased risk of cyber-attacks and data breaches. Cyber threats can potentially disrupt banking services leading to downtime and reduced productivity. OCBC must remain vigilant against these risks to prevent any financial losses impacting customers and our organisation.

Our management approach

We have implemented a robust strategy to efficiently manage our cyber risk, aiming to safeguard against cyber threats and avert potential cyber fraud. We continue to leverage effective risk governance, skilled talent, comprehensive processes and cutting-edge technology to protect our customers’ information and assets from data breaches and cyber threats. Mindful of an ever-evolving cyber threat landscape, we remain proactive in our approach and continuously invest in innovative technologies.

Why this is material to us

Prioritising the trust of our stakeholders and holding ourselves to the highest ethical standards have made OCBC synonymous with integrity, reliability and financial soundness. Since 1932, OCBC has built an invaluable franchise through decades of strong, long-term relationships with our customers. We continue to uphold their trust and confidence by enshrining honesty and ethics in all that we do.

Our Brand Promise to be reliable, smart and knowledgeable and take a long-term view reflects our commitment to building enduring customer relationships by delivering reliable services and excellent experiences; offering the most suitable financial solutions; and giving the most relevant financial advice and support.

Our management approach

Fair dealing is a core part of our corporate culture. Our core values of LIFRR guide our actions and decisions. We are committed to:

• providing our customers with clear, relevant and timely information to help them make informed decisions;

• recommending products that are aligned with our customers’ financial objectives and risk profiles;

• deepening our sales employees’ knowledge and competencies so they can give appropriate advice and recommendations; and

• addressing customers’ feedback and complaints independently, effectively and promptly.

Through living by our core values, we strive to go beyond compliance with the MAS’ Fair Dealing Guidelines and regularly review and enhance our practices, processes and policies.

Why this is material to us

Financial crimes can potentially disrupt banking services and result in financial losses for our customers, organisation and the broader economy. Financial crime threats, if mismanaged, can also pose significant legal and reputational repercussions, which will severely compromise the integrity of the financial system and erode the confidence of our stakeholders. It is therefore critical that we continue to remain vigilant and resilient against these threats and safeguard the interest of our stakeholders.

Our management approach

We recognise our responsibilities in safeguarding the integrity of the financial system and take an active stance by implementing comprehensive financial crime prevention measures across the Group. Our holistic approach encompasses risk governance, people, processes and leverages on technology to effectively prevent and manage financial crimes. We prioritise staying up to date with the latest systems, enabling us to swiftly adapt to the constantly evolving scam typologies. As such, we continuously upgrade our Fraud Management System to ensure quick responses to incidents and to effectively counter any attacks in real time.

Recognising the importance of vigilance within our organisation, we continuously enhance our framework, policies, processes and controls to combat evolving financial crimes. We provide mandatory training to increase employees’ awareness and knowledge throughout the Group. We also actively collaborate with law enforcement agencies, other financial institutions and the wider community to jointly combat financial crimes.

Why this is material to us

Strong leadership plays a vital role in shaping our governance and culture. As custodians of our customers’ and society’s wealth and value, we recognise the importance of maintaining robust controls and oversight over our business operations. Our governance framework enables us to foster stakeholder confidence, ensuring long-term sustainability and value creation.

Our management approach

We are committed in maintaining the highest corporate governance standards. Our robust governance structure and policies are guided by the Board Ethics and Conduct Committee, which is responsible for cultivating and maintaining our LIFRR core values throughout the organisation, grounding employees’ conduct. To foster a robust internal control culture, it is imperative for every level of management to consistently reinforce these expectations through their directives and actions. The active participation of each employee is also vital in contributing to and nurturing this culture.

Sustainable Procurement

• OCBC’s Supplier Code of Conduct sets out our expectations across key areas:

• Business integrity and ethics

• Human rights

• Health and safety

• Environmental protection

• Suppliers must acknowledge the Code as part of our supplier onboarding process.

• At OCBC, we take ESG criteria into consideration in our procurement evaluation. For instance, our environmental requirements incorporate the use of recycled material, green certification and energy efficiency of equipment, among other criteria.

• Our evaluation process involves a panel of evaluators to ensure fairness and openness.

• The OCBC Code of Conduct is to be adhered to where suppliers and evaluators are to declare any conflict of interest.

• We also conduct ‘Know-Your-Vendor’ screening against our staff database, sanctions lists and online searches to detect any potential violation of OCBC’s policies.

Whistleblowing Programme

• OCBC is committed to the highest level of integrity and ethical standards. Our Whistleblowing Policy aims to provide a safe and anonymous platform for parties to raise fraud and misconduct concerns.

• The policy also governs the reporting and investigation of whistleblowing reports.

• Staff are continually reminded of the policy through the mandatory annual anti-fraud training that include the policy as a key topic, and information that is available internally.