Canadian Imperial Bank of Commerce (CIBC) is to set up a whistleblower's hotline as part of a $50 million package of measures designed to shore up governance and reputational risks.
The new 'ethics hotline' will be established later this month so that employees can anonymously report any irregularities observed in day-to-day business practices. Other initiatives include the introduction of mandatory online training for all of CIBC's 37,000 employees on global reputation and legal risk, and advanced training for 1200 employees who are involved in complex financial transactions.
John Hunkin, president and CEO of CIBC, says: "We see this investment as critical to CIBC's success. When complete, we believe CIBC's governance and reputational risk policies will meet, or exceed, those of any other financial institution in North America."