TD Bank 2003 Annual Report Download - page 33

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TD BANK FINANCIAL GROUP ANNUAL REPORT 2003 • Management’s Discussion and Analysis 31
Corporate Management
The Corporate Management function of the TD Bank
Financial Group is comprised of Audit, Compliance,
Corporate and Public Affairs, Economics, Enterprise
Technology Solutions (information technology), Finance,
Human Resources, Legal, Marketing, Office of the
Ombudsman, Real Estate, Risk Management and Security.
Banking is an increasingly complex and challenging business.
The demands and expectations of those with an interest in
our business – customers, shareholders, employees, stock
exchanges, governments and the community at large – are
constantly changing, and continuing to earn their confidence
remains a significant challenge.
At the same time, the modern bank is a complex organi-
zation. Those who serve our 13 million global customers
most directly in our three key businesses need strong and
effective support from a wide range of functional groups,
so that they can remain focused on the key priority of
exceeding customer expectations.
Corporate Management’s mandate is to provide centralized
advice and counsel and to design, establish and implement
processes, systems and technologies to ensure that the Bank’s
key businesses operate efficiently, effectively and in compliance
with all applicable regulations.
From attracting and retaining the best people, to ensuring
shareholders receive timely, transparent financial information,
to designing and installing technology systems and managing
risk, Corporate Management ensures we have the people,
processes and tools to support our businesses, customers
and shareholders.
Among the significant challenges encountered in 2003
were those presented by evolving Canadian and international
accounting, securities and regulatory standards concerning
corporate governance and financial reporting. Several groups
within the Corporate Management function contributed to
ensuring that TD Bank Financial Group was able to anticipate
and implement changes to comply with new standards and
remain in the forefront of corporate governance in the banking
and financial services industry.
Another key responsibility of the function is to analyze
potential risks and ensure that business continuance and
resumption plans are in place against natural disasters and
other business interruptions. This role was tested severely in
2003 with the SARS outbreak and power failure incidents
in Ontario, mad cow disease and forest fire emergencies in
western Canada and hurricanes in the Atlantic region. In
each case, service disruptions and inconveniences to customers
and communities were minimized.
All of our customers, employees and shareholders benefit
from the collective resources and capabilities of Corporate
Management. Looking ahead to 2004, we will continue
investing in these functions to ensure continued support of
our businesses in enhancing customer satisfaction, increasing
efficiency and ensuring effective controls.