At Bank of America, our purpose is to make financial lives better for those we serve through the power of every connection we can make for them. That focus has guided us over the past several years to make our company simpler, more straightforward, stronger and better.
As part of delivering on that purpose to customers and clients, we understand the importance of managing risk well and are committed to responsible, sustainable growth through fair, ethical and responsible business practices. Strong risk management – including of environmental and social risk – is an important part of our values, our operating principles, and our Code of Conduct.
Our Environmental and Social Risk Policy Framework (ESRPF) articulates how we manage and govern environmental and social risks across our business, as well as outlining the environmental and social issues most relevant to us. We recognize the impact they can have on our communities, customers, clients, vendors, employees and company, and take our role in managing those risks very seriously. Our Environmental and Social Risk Policy Framework provides clarity and transparency on our approach to environmental and social risks, including how we identify, measure, monitor and control these risks as part of our company’s risk framework.
This commitment is underscored by Bank of America’s governance of environmental and social issues. Our Global Environmental, Social and Governance Committee – which is accountable to the Chairman and Chief Executive Officer and provides regular reports to the Board of Directors – includes leaders from across our company who help identify, raise and oversee the bank’s response to emerging environmental, social and governance risks and opportunities. The Environment and Social Risk Policy Framework is reviewed and approved by this Committee at least every two years or more frequently as material issues develop.
To learn more about how Bank of America manages environmental and social risks or to view a specific issue area, read the Environmental and Social Risk Policy Framework.
To learn more about our broader corporate Environmental, Social and Governance (ESG) initiatives, please read our 2020 Annual Report. A summary of our ESG data is available in our ESG Performance Data Summary. To learn how Bank of America guards against modern slavery and human trafficking from within the company’s supply chain, review our 2020 Modern Slavery Act Statement in our Report Center.