Acting with integrity

Strong Governance

Why this is material to us

Strong governance is the foundation of our success. Establishing appropriate control and oversight of business operations is essential to our role as a steward of wealth and value for our customers and society. In line with this view, OCBC’s governance framework enables us to build and maintain trust among stakeholders, creating long-term and sustainable value for them.

Our management approach

We are committed to upholding the highest standards of corporate governance in everything we do, guided by our groupwide Code of Conduct and Group policies. In every jurisdiction that we operate in, we comply with all regulations, codes and corporate governance guidelines.

OCBC’s robust corporate governance structure and policies are underpinned by its core values, LIFRR (Lasting Value, Integrity, Forward-Looking, Respect and Responsibility). The Board Ethics and Conduct Committee is responsible for cultivating and maintaining these core values across the organisation, anchoring the way employees conduct themselves.

OCBC takes a zero-tolerance approach to all forms of bribery and corruption, which is an integral part of the OCBC Code of Conduct. The OCBC Group Policy on Anti-Bribery and Corruption (ABC) sets out its commitment and responsibilities via the ABC compliance programme which comprises:

  1. Supporting policies and procedures
  2. Risk identification and assessment
  3. Training and communication
  4. Reporting channel

The compliance programme is reviewed periodically to ensure its alignment with global best practices and standards. OCBC prohibits any political contributions and requires all employees to undergo bi-annual mandatory ABC awareness training and comply with its Gift and Entertainment Disclosure Policy.

Apart from its employees, OCBC also communicates its strong anti-bribery and corruption stance to its service providers and suppliers via the ABC Notification Guidance and Supplier Code of Conduct.

Fair Dealing

Why this is material to us

The OCBC Group brand name is synonymous with honesty and integrity. We continue to uphold the trust and confidence that customers place in us by maintaining the highest level of integrity and ethical standards in all that we do. Our brand promise – ‘Simply Spot On’ – underscores our commitment to take a long-term approach in building enduring customer relationships. We seek to act in customers’ best interest by understanding their needs, which enables us to deliver the right advice and solutions.

Our management approach

Fair dealing is a core part of our corporate culture. Our core values of ‘Lasting Value, Integrity, Forward-looking, Respect and Responsibility’ underpin our commitment to always do the right things for our customers. To fulfil this commitment, we:

  • provide our customers with clear, relevant and timely information to help them make informed decisions;
  • recommend products that are aligned with our customers’ financial objectives and risk profiles;
  • deepen our sales employees’ knowledge and competencies so they can give appropriate advice and recommendations;
  • address customers’ feedback and complaints promptly and effectively.

We review and improve our practices regularly, striving to go beyond compliance with the Monetary Authority of Singapore (MAS) Fair Dealing Guidelines.

Combating Financial Crimes and Cyber Threats

Why this is material to us

Financial crimes and cyber threats can potentially disrupt banking services and result in financial losses impacting customers, our organisation and the broader economy. The continuous evolution of technology and digitalisation of products and services means that we will continue to face increased risks of cyber-attacks, data breaches, fraud, money laundering and the financing of terrorism. It is pivotal for the Bank to stay resilient against these risks.

Our management approach

We take a holistic approach to managing financial crimes and cyber threats, implementing measures covering risk governance, people, process, and technology.

Our robust processes have helped to protect customers' information and assets from financial crime and cyber threats. We will continue to proactively invest in new technologies to mitigate cyber threats and financial crimes.

The ongoing global pandemic has necessitated continued large-scale remote working arrangements and heightened the need to engage our customers digitally. As a result, our internal controls and risk management processes continue to be progressively strengthened to support the increased volume of digitalisation initiatives to serve our customers better.

OCBC also makes active efforts to strengthen the cyber resilience of the wider community. We partner with industry players to actively gather cyber threat intelligence, as well as collaborate with law enforcement agencies and other financial institutions to collectively combat financial crimes and cyber threats.