HSBC 2013 Annual Report Download - page 8

Implement Global Standards
The HSBC Group has committed to develop Global
Standards shaped by the highest or most effective
standards available in any location where HSBC
operates and to deploy them globally on a consistent
basis. These Global Standards are being implemented
throughout the HSBC Group. They affect all aspects of
our business, including governance, and are embedded
in the HSBC Values which employees are required to
adhere to. They inform our response to employee and
remuneration issues, and set the tone for our interactions
with customers.
We see the implementation of Global Standards as
a source of competitive advantage. Global Standards
allow us to:
– strengthen our response to the ongoing threat of
financial crime;
– make consistent – and therefore simplify – the ways
by which we monitor and enforce high standards;
– strengthen policies and processes which govern how
we do business and with whom; and
– ensure that we consistently apply our HSBC Values.
Embedding HSBC Values in every decision and
every interaction with customers and with each other
is a top priority for the HSBC Group and is shaping the
way we do business in Canada.
The role of HSBC Values in daily operating practice
is fundamental to our culture, and is particularly
important in the light of developments in regulatory
policy, investor confidence and society’s expectations
of banks. We expect our executives and employees to
act with courageous integrity in the execution of their
duties by being:
– dependable and doing the right thing;
– open to different ideas and cultures; and
– connected with our customers, communities,
regulators and each other.
HSBC Values are integral to the selection,
assessment, recognition and training of staff.
We are committed to the highest standards of
corporate governance. We believe that a strong and
transparent corporate governance framework is directly
linked to the long-term success of the bank and the
HSBC Group globally.
Streamline processes and procedures
This initiative is critical to the long-term sustainability
of our business. Society’s expectations of the financial
services industry are evolving and becoming more
demanding. At the same time markets are becoming
increasingly competitive. In this environment, it is
essential that we focus relentlessly on improving
efficiency, ensuring that the bank as a part of the HSBC
Group streamlines its processes and procedures and, as a
consequence, reduce costs. In doing so, we must remain
cognizant of our wider obligations to the community,
including human rights, and the environment.
During 2013, the bank initiated a comprehensive
program to reposition our portfolios in line with our risk
appetite, and we made progress with programs to improve
organizational efficiency, making the bank easier to
manage and control. Our risk profile is underpinned by
our core philosophy of maintaining a strong balance sheet
and liquidity position, and capital strength.
We have simplified management structures and will
continue to remove unnecessary complexity from our
activities, and make processes and systems consistent
in different markets. We will continue to refine our
operational processes, develop our support functions
and streamline our information technology.
HSBC BANK CANADA
Management’s Discussion and Analysis (continued)
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