CIBC Mellon continues to monitor the COVID-19 situation carefully and coordinate its planning and response based on established continuity and pandemic plans, guidance provided by respected health organizations – including Health Canada and the World Health Organization – and medical advisors, and in alignment with various government restrictions.
CIBC Mellon is deemed an essential service and will continue to support the finance sector’s critical infrastructure, the delivery of pension payments to retirees and other critical functions until further notice.
The company is taking measures to protect the health and safety of employees, clients and its other stakeholders. CIBC Mellon continues to maintain resilient service continuity, deliver on its client commitments and support its engaged workforce.
CIBC Mellon's offices are closed to all external visitors and the vast majority of our team continues to work remotely. CIBC Mellon has initiated its return to office plans, with a small number of remote employees returning to the office in September 2021. Employees will return to the office based on a set of standard criteria, including productivity, operational resilience and personal preference. Our highest priority will remain the health and safety of our employees as we continue to expand our onsite operations. The rollout of our return to office plans is subject to the current health environment and will follow a tiered, phased approach to be executed over several months. We continue to assess and refine our plans and preparations on an ongoing basis.
In accordance with CIBC Mellon’s Business Continuity, Human Resources and Enterprise Security programs, we have implemented a number of risk mitigation strategies, including the following:
- Effective October 1, 2021, we have implemented a vaccination policy that outlines vaccination and testing requirements to which all employees, clients, vendors and all other visitor must comply prior to entering any of CIBC Mellon’s premises.
- We continue to execute on our existing business continuity preparedness program, including regular checkpoints with Corporate Security, Business Continuity Management, Human Resources and Corporate Communications.
- Our team continues to assess, provide updates, and execute coordinated response/escalation when needed to mitigate risk and minimize disruption.
- We have engaged our employees to help mitigate exposure risk, including providing educational and awareness materials to support heightened vigilance and hygiene best practices.
- We continue to encourage clients to leverage electronic service options.
- We have implemented a split workforce and work-from-home strategy as a protective measure and to reduce the risk of transmission through shared facilities:
- The vast majority of our team continues to work remotely.
- CIBC Mellon’s offices remain open, but entrance to these offices is restricted to a small portion of our workforce required to perform critical functions that require access to our facilities.
- Most business units without critical in-office responsibilities are working exclusively from home, including our call centre teams.
- For the small number of employees working from our offices:
- Office layouts and shared spaces have been reconfigured to support physical distancing practices. Small meeting rooms have been closed.
- Movement between offices is prohibited.
- Most internal meetings are being conducted virtually and travel between floors within our facilities is being minimized.
- All employees entering our offices must comply with CIBC Mellon’s vaccination policy and local government policies, such as required screening documentation.
- CIBC Mellon has implemented additional protective measures, including:
- Requiring all in-office individuals to daily self-assess their personal health following guidelines from Health Canada.
- Requiring employees who are assigned to an office location and are feeling unwell to work remotely.
- Limiting business travel.
- Requiring employees who are assigned to an office location and have travelled, or who have had a family member in their household who has travelled, outside of Canada to work from home and monitor their health for symptoms for 14 calendar days.
- Implementing additional, more stringent cleaning protocols and services.
- Requiring physical distancing best practices among employees.
- Limiting attendance at conferences and events.
- Staging and proactively implementing continuity strategies, including alternative office locations and remote access, to accommodate extended staff absences while maintaining normal delivery volumes.
- We continue to monitor the situation, in particular the information provided by public health agencies.
- Additionally, we continue to maintain open lines of communication with our employees, clients, vendors and other stakeholders to work through these challenging times together.
CIBC Mellon is committed to sustaining resilient capabilities designed to maintain or quickly resume operations in the face of business disruptions. Our recovery plans support business continuity and delivery of products and services to our clients during the period of any outage or disruption.
We encourage all our stakeholders to consider their own preparation and risk mitigation efforts. We will continue to monitor the situation closely and will provide updates as appropriate. Please contact your relationship executive if you have additional questions regarding CIBC Mellon’s preparedness efforts.
Assistant Vice President, Enterprise Security, CIBC Mellon
This article is provided for general information purposes only and CIBC Mellon and its affiliates make no representations or warranties as to its accuracy or completeness, nor do any of them take any responsibility for third parties to which reference may be made. This article should not be regarded as legal, accounting, investment, financial or other professional advice nor is it intended for such use.
About CIBC Mellon
CIBC Mellon is a Canadian company exclusively focused on the investment servicing needs of Canadian institutional investors and international institutional investors into Canada. Founded in 1996, CIBC Mellon is 50-50 jointly owned by The Bank of New York Mellon (BNY Mellon) and Canadian Imperial Bank of Commerce (CIBC). CIBC Mellon's investment servicing solutions for institutions and corporations are provided in close collaboration with our parent companies, and include custody, multicurrency accounting, fund administration, recordkeeping, pension services, exchange-traded fund services, securities lending services, foreign exchange processing and settlement, and treasury services.
As at June 30, 2021, CIBC Mellon had more than C$2.4 trillion of assets under administration on behalf of banks, pension funds, investment funds, corporations, governments, insurance companies, foreign insurance trusts, foundations and global financial institutions whose clients invest in Canada. CIBC Mellon is part of the BNY Mellon network, which as at June 30, 2021 had US$45.0 trillion in assets under custody and/or administration. CIBC Mellon is a licensed user of the CIBC trade-mark and certain BNY Mellon trade-marks, is the corporate brand of CIBC Mellon Global Securities Services Company and CIBC Mellon Trust Company, and may be used as a generic term to refer to either or both companies.
For more information – including CIBC Mellon's latest knowledge leadership on issues relevant to institutional investors active in Canada – visit www.cibcmellon.com or follow us on Twitter @CIBCMellon.