Indian Overseas Bank Observes Compliance Awareness Week to Foster a Strong Compliance Culture
Chennai, 22 July 2023: Indian Overseas Bank, a prominent Public Sector Bank, has commenced its Compliance Awareness Week from 21st July 2023 to 28th July 2023, with the aim of instilling a culture of compliance among its employees.On 21st July 2023, the observance of the Compliance Awareness Week began with the Managing Director & CEO, Shri Ajay Kumar Srivastava, leading the charge by administering the Compliance Awareness pledge to EDs, GMs, and officials at the Central Office, reaffirming the bank‘s unwavering commitment to a culture of compliance. Across Pan India, Regional offices, Nodal audit offices, and branch took the pledge simultaneously at 11:00 AM.
The bank‘s unwavering commitment to fostering a robust Compliance Culture has led to the observance of this special week, underscoring the significance of compliance and its pivotal role in delivering value to stakeholders.
The Compliance Policy employed by the bank identifies key compliance risk issues and outlines a comprehensive strategy for their management, emphasizing essential principles that all staff members must adhere to.
With a strong focus on integrating compliance throughout the organization, the bank is actively working to ensure the identification, assessment, monitoring, management, and reporting of compliance risks across all departments.
As part of their sensitization efforts, Indian Overseas Bank has organized a series of events during Compliance Awareness Week, including a pledge administration, online quiz, and an essay writing competition. These engaging activities are designed to enhance Compliance Awareness among all employees.