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The key elements of RMB's business strategy include:
- a redefined risk appetite
- a desire to grow the South African business
- covering clients across the Corporate and Investment Bank
- growing our African footprint
- mining the Africa/Asia trade and investment corridors
- continuing to preserve, grow and diversify RMB talent
This fits in well with the FirstRand Group's consolidation and refining of strategy in light of the turmoil in the global operating environment and the economic slowdown in South Africa during the last two financial years.
As part of our strategy, and in response to the current environment, RMB (and all brands within the Group) expect to become increasingly focussed on managing costs and achieving greater efficiencies in order to achieve our objectives of delivering superior sustainable returns to our shareholders, providing innovative solutions to our clients, while simultaneously finding ways to improve processes to achieve further efficiencies.
We believe that our continued success and relevance is due to our recognition that sustainable business practices remain even more important than ever during times of uncertainty.
After an analysis of our people practices and strategies, we reinforced our commitment to talent by repositioning the areas of Human Resources, The Academy and Payroll as Human Capital. Human Capital's strategic purpose is to partner with RMB leadership and line management and in so doing,
enhance the RMB employee experience.
Our Environmental Social and Governance (ESG) reporting process has identified and prioritised key non-financial risks that pertain to the RMB business. For example, compliance with Environmental and Social Risk Assessment (ESRA) requires that our employees are trained in what is required of them in their respective roles, to ensure that all business we engage with is appropriate. This process is now well under way.
The ESG process has also highlighted our workforce profile as a medium risk which should be monitored continually, while taking proactive steps towards effective transformation. These include making the most thorough analysis of the numbers and demographics of employees who are enrolling in and benefiting from RMB's R17 million investment in skills development, ensuring that this investment is used most effectively, as well as paying even closer attention to the attraction and retention of our people.
By integrating these processes into the daily running of the business, we are able to highlight indicators that can be used to benchmark our sound sustainability strategy, which will enhance our long term financial success.
Alan Pullinger
CEO, Rand Merchant Bank