May 11, 2020 – CIBC Mellon continues to monitor the 2019 Coronavirus (COVID-19) 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.
Based on updates and definitions provided by the Ontario and Quebec governments, 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 our other stakeholders. CIBC Mellon continues to maintain service continuity and deliver on its client commitments. In accordance with CIBC Mellon’s Business Continuity, Incident Management and Enterprise Security programs, we have implemented a number of risk mitigation strategies, including the following:
- CIBC Mellon's offices are closed to all external visitors and the vast majority of our staff are working remotely.
- We are executing on our existing business continuity preparedness program, including 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 to mitigate impact to potential postal and courier service disruptions.
- 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:
- Travel between CIBC Mellon offices is prohibited.
- Business units defined as critical are split between dedicated locations and working from home to reduce transmission risk while maintaining our operations and client service functions.
- All non-critical business units are working exclusively from home.
- Staff movement between our multiple offices is prohibited.
- Internal meetings are being conducted virtually and travel between floors within our facilities is being minimized.
- CIBC Mellon is implementing additional protective measures, including:
- Requiring employees who are assigned to an office location and are feeling unwell to work remotely.
- Cancelling all business travel until further notice.
- 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 social distancing best practices among employees.
- Prohibiting 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.
CIBC Mellon has not established a date to stand down its business continuity stance or to return to its offices. We continue to refine return to office plans as we incorporate the latest information from governments, health authorities and our parent companies. Our highest priority will remain the health and safety of our employees amid any resumption or expansion of onsite operations.
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 March 31, 2020, CIBC Mellon had more than C$1.8 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 March 31, 2020 had US$35.2 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.