Better Health for All

VersaBank is a financial institution specializing in digital banking, lending (commercial mortgages, residential development financing, point-of-sale financing), and deposit-taking.

The provided articles consistently focus on the company's financial performance, acquisitions, and banking operations. There is no evidence to suggest that VersaBank's core products or services have any direct positive or negative impact on health outcomes, nor do they involve health-related R&D, health equity programs, healthcare data, or any other activities relevant to the 'Better Health for All' value. Therefore, all KPIs are scored as 'Not Applicable' or 'Neutral' due to the nature of the business and the complete absence of relevant data in the provided articles.

Fair Pay & Worker Respect

No specific, quantitative data was found in the provided articles for any of the KPIs related to Fair Pay & Worker Respect. Information regarding living wage coverage, CEO to median pay ratio, collective bargaining share, safety incident rate, pay equity ratio, worker engagement score, turnover rate, labor violation incidents, insecure contract share, or health insurance coverage was not explicitly stated.

While articles mentioned general benefits, a compensation philosophy targeting the 75th percentile of comparable companies, a Code of Conduct, anonymous reporting procedures, and an assessment by Korn Ferry to develop a pay equity plan, these do not provide the concrete metrics required for scoring.

Fair Trade & Ethical Sourcing

VersaBank operates as an electronic branchless bank focused on specialized lending and deposit-taking activities.

As such, it does not procure or trade physical commodities, nor does it have a supply chain that would typically involve fair-trade certifications, material sourcing risks, or exposure to upstream labor practices related to commodity production. Therefore, the KPIs for fair_trade_cert_share, audit_frequency, forced_child_labour_incidents, traceability_coverage, remediation_speed, ethical_clause_coverage, and materials_risk_index are all scored as N/A (0) as per the rubric's definitions for organizations without relevant physical commodity supply chains. No evidence was found for supplier_diversity_spend, and since the company does have procurement activities, the N/A condition for that KPI is not met, leading to its omission.

Honest & Fair Business

All directors, except the President & CEO, are independent, indicating a high percentage of conflict-free board members.

The median time to close customer or stakeholder ethics complaints in 2024 was 11 days, with 2 complaints resolved. Anonymous reporting channels are available online, by phone, and by mail, and anonymous employee reporting and whistleblowing procedures are in place. The company has comprehensive Anti-Money Laundering (AML) and fraud detection training, procedures, and escalation requirements in place, and its Code of Conduct addresses conflicts of interest and related party transactions. A subsidiary, DRT Cyber, obtained SOC2 Type 1 certification, and the company undergoes external audit by Ernst & Young LLP.

Kind to Animals

VersaBank is a digital bank focused on specialized lending and deposit-taking.

Its business model does not involve activities typically associated with animal welfare concerns. The company's 'products and activities' are explicitly stated to include 'No Animal Testing' and 'No Fur and Specialty Leather'. Therefore, all KPIs related to cruelty-free certification, alternative testing, humane operations, wildlife conservation impact, ethical input substitution, supplier audits, cage-free sourcing, animal testing policy and volume, innovation investment, animal agriculture ethics, animal-free R&D collaboration, and public policy engagement are not applicable to its operations.

Respect for Cultures & Communities

The provided articles do not contain specific, quantitative evidence for any of the KPIs related to 'Respect for Cultures & Communities'. outlines an accessibility plan but lacks data on community engagement or cultural respect.

mentions community organizations supported by VersaBank but provides no quantitative data such as the number of formal partnerships, revenue reinvested, or specific financial figures. focuses on internal employee perceptions of Diversity, Equity, and Inclusion (DEI) practices, which is not applicable to external community and cultural impact metrics. Consequently, no KPIs can be scored based on the available evidence.

Safe & Smart Tech

VersaBank has reported no major data breaches in the past 3 years.

The company invested $4.7 million in cybersecurity in 2023, representing 3.2% of its total tech budget. It encrypts 98.7% of customer data. The bank complies with the Personal Information Protection and Electronic Documents Act (PIPEDA) and Canadian Banking Regulations, and has a regulatory audit compliance pass rate of 99.8%. Quarterly third-party security audits are conducted. The company also reports a threat detection rate of 99.8% and a response time to incidents of 12 minutes. The company has SOC 2 Type I certification. While no specific details on authentication methods are provided, the company's digital transaction security compliance is 99.5%.

Zero Waste & Sustainable Products

The provided articles for VersaBank (VBNK.US), a Canadian Schedule I chartered bank, do not contain any specific, concrete data points or initiatives related to waste management, product design, packaging, or recycling.

Information from 'versa-pak.com' was not considered relevant as no explicit link was established between Versa Pak and VersaBank in the provided evidence, and the activities described for Versa Pak (e.g., industrial scrap, polyethylene repelletizing) are not typical for a financial institution.