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Marketplace

 

Product Responsibility

"Responsibility" may not be the first thing you think of when it comes to how a bank develops its financial products and services - at least not the same way you might be concerned about how your child's toys are manufactured, or how your car was designed. But mortgages and loans, bank accounts, insurance offerings and credit cards are all considered products, too, and at RBC, we ensure that all the products and services we develop for our clients align with our vision and values and are guided by our comprehensive Code of Conduct.

Development of Products and Services

RBC has a formal policy that sets out a defined, rigorous process before we launch any new product or significantly change an existing one. We evaluate products for a range of risks and ensure they align with client needs, our Code of Conduct, laws and regulations, and voluntary consumer protection codes that we have signed. Approval levels within RBC correspond to the level of risk identified for a particular product or service.

Green Products and Services

One of our priorities is to provide products and services that help our clients mitigate their environmental impact. This includes online banking, and electronic statements and bill payment. In 2008, we continued to offer incentives for clients to switch off paper statements, have a home energy audit, buy a lower-emission car, and switch to green power. We also invest in clean energy funds and provide investment banking, financing, and advisory services to the renewable energy sector.

Responsible Investing

As investors continue to express an interest in socially responsible investing (SRI), RBC has reinforced its commitment to offering products that incorporate environmental, social and governance (ESG) criteria in the investment process.

  • RBC Asset Management helps financial advisors meet the needs of clients who want to screen their investments to ensure they are investing in a responsible manner, using information provided by Jantzi Research Associates. In addition, our clients have access to all the SRI funds in the Canadian marketplace through our network of advisors.

  • In Canada, RBC Asset Management offers three SRI funds - the RBC Jantzi Balanced Fund™, the RBC Jantzi Canadian Equity Fund™ and the RBC Jantzi Global Equity Fund™.

  • In 2008, more than 10,000 RBC retail banking employees in Canada were trained on SRI products through a special publication, a roadshow, webcasts, and in-branch presentations. Almost 600 of our Wealth Management investment advisors have attended in-depth presentations on SRI trends and funds.

  • In 2008, we expanded our SRI options through the acquisition of Phillips, Hager & North Investment Management Ltd., which manages the PH&N Community Values Funds.

  • Through Voyageur Asset Management Inc., we acquired certain assets of Boston-based Access Capital Strategies, LLC (Access Capital) in 2008. Access Capital invests in debt securities that support community development serving low- and moderate-income individuals and communities across the U.S.

  • In the U.S., RBC Wealth Management® has a specialized team of financial consultants based in San Francisco, providing an investment consulting platform focused on environmental, social and governance investment strategies. This group works with high net worth individuals, foundations, endowments, unions and pension funds, and consults on approximately US$1 billion in assets. Clients have access to a customized ESG investment platform that includes custom portfolio screening, cleantech private equity, shareholder engagement and mission-related investing.
Responsible Lending

RBC provides credit and banking services to companies in many industries. Our risk management policies and processes provide assurance that these services are properly designed and sold to appropriate customer segments and individuals. We also have policies covering areas of particular concern, such as environmental responsibility and anti-corruption. For instance, RBC will not support or finance transactions that are directly related to trade in or manufacturing of material for nuclear, chemical, and biological warfare, landmines or cluster bombs. RBC is a signatory to the Equator Principles, a set of voluntary guidelines addressing environmental and social risks associated with project finance, as outlined in our Environment section.

RBC has a number of anti-corruption controls which require us to apply appropriate scrutiny and monitoring measures to high-risk clients whose business activities are known to be susceptible to criminal activity or have been designated as high risk for money laundering or financing of terrorism.

For a full overview of our risk management policies and protocols, see our 2008 Annual Report.

Related Links
  Responsible Lending

In the News
  RBC’s participation in the 2010 Olympic Torch Relay, Vancouver 2010 Olympic and Paralympic Winter Games will be carbon neutral (09.11.03)
  RBC named to Canadian Carbon Disclosure Leadership Index 2009 (09.10.08)
  Spotlight on Real Estate: Top Four Trends in Green Buildings (09.09.23)
  More >>

10/13/2009 09:18:53