Purposeful Strategy
Materiality
The Bank operates in a dynamic and evolving environment and undertook a comprehensive materiality assessment during the year under review to identify its most significant impacts on the economy, environment and people to inform strategic planning. The Bank conducted a robust stakeholder survey at the end of 2023 to validate its material topics for 2024.
IMPROVEMENTS IN 2024
- Incorporation of material topics identified in the SASB standards for Commercial Banks, Consumer Finance and Mortgage Finance into the materiality assessment in preparation for the adoption of SLFRS S1 and S2 next year onwards.
- Adopted a quantitative approach to ranking potential material topics.
INCLUSION OF 5 NEW MATERIAL TOPICS IN 2024
A management discussion on revision of the material topics and relevant sustainability standards led to the inclusion of five new material topics in 2024.
OUR MATERIALITY ASSESSMENT PROCESS FOR 2024
RESULTS OF OUR MATERIALITY ASSESSMENT FOR 2024
Our material topics for 2024 are listed below.
| No. | Material Topic | Movement in Materiality Compared to Last Year | Link to Capital | Link to Strategy | GRI | SASB Standard | SDGs | UNGC Principles |
|---|---|---|---|---|---|---|---|---|
 |
Profitability and financial stability | No change | Financial | Business, Technology | 201, 203, 207 |  |
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 |
Business continuity planning | No change | Financial, Intellectual | Business, Sustainability |  |
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 |
Corporate brand image/goodwill building |  |
Intellectual | Business |  |
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 |
Macro-economic headwinds |  |
All Seven Capitals | Business |  |
|||
 |
Digitalisation agenda | |
Digital | Technology, Business, Sustainability |  |
7, 8, 9 | ||
 |
Information security | |
Digital | Technology | 418 | FN-CF-230a.1-3, FN-CB-230a.1 | |
|
 |
Physical channels | |
Manufactured | Business | 202 | |
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 |
ESG in credit analysis | New topic | Financial, Natural | Business, Sustainability | FN-CB-410a.2 |  |
1, 2, 4, 5, 6, 7, 8, 9 | |
 |
Environmental risks to mortgaged properties | New topic | Financial | Business | FN-CB-410b.1-4, FN-MF-450a.1-3 |  |
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 |
Selling practices | New topic | Social & Relationship | Business, Sustainability | FN-CF-270a.1-5 |  |
6 | |
 |
Talent acquisition and management |  |
Human | People | 401, 404, 405 |  |
1, 2, 4, 5, 6 | |
 |
Customer privacy | No change | Social & Relationship | Business | 418 | FN-CF-220a.1-2 |  |
|
 |
Financial inclusion agenda | No change | Social & Relationship | Business, Sustainability | FN-CB-240a.1-4 |  |
1, 2 | |
 |
Customer convenience | |
Social & Relationship | Business |  |
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Sales promotions, marketing communications and information availability on the Bank’s products and services | |
Social & Relationship | Business, Sustainability | 417 |  |
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 |
Anti-corruption practices | No change | Human | Business | 205 |  |
10 | |
 |
Customer health and safety |  |
Social & Relationship | Sustainability | 205, 416 |  |
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Complaint management | No change | Social & Relationship | Business, Sustainability | 418 | |
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 |
Research and development | No change | Intellectual | Business, Technology, Sustainability, People |  |
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 |
Learning and development | No change | Human | People | 404 |  |
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Employee relations | No change | Human | People | 402 |  |
1, 2, 3 | |
 |
Employee health and safety | No change | Human | People | 403 |  |
1, 2 | |
 |
Community development | |
Social & Relationship | Business, Sustainability | 413, 203 |  |
1, 2, 7, 8, 9 | |
 |
Employee engagement | |
Human | People |  |
|||
 |
Lending practices | New topic | Social & Relationship | Business, Sustainability | FN-MF-270a.1-3 |  |
1, 2 | |
 |
Corporate governance | New topic | All Seven Capitals | Business, Sustainability | FN-CB-510a.2 |  |
1,2,3,4,5,6,7,8,9,10 | |
 |
Climate change | |
Natural | Business, Sustainability | 302, 305 |  |
7,8,9 |