Chennai: Indian Overseas Bank, one of the leading Public Sector Bank, has observed Risk Awareness Day on 1st March 2023, intending to create awareness amongst all the employees and inculcate the best-prevailing risk management practices among them.
This observance of Risk Awareness Day is one among the many steps the Bank has undertaken to make its employees informed to adopt a robust Risk Culture in order to add value to all the stake holders. Risk Culture policy of the Bank guide its employees of practicing a sound and robust risk culture at all levels to mitigate risk. The Bank Risk Management architecture works on three lines of defences, wherein Risk Management process starts at the originator level. Bank’s risk management process includes Identifying the Risk, Analyzing the Risk, Assessing the Impact of Risk and Manage the Risk. At 2nd line of defence level i.e. at Risk Management Department at Central Office Level, Bank manage the Credit Risk, Market Risk and Operational Risk through three separate desks i.e. Credit Risk Desk, Market Risk Desk and Operational Risk Desk. 3rd Line of defence under the Risk Management Architecture of the Bank is Assurance Function i.e. through Independent Audit, ensuring compliance culture.
As a part of sensitization, on the Risk Awareness Day, various events have been organized, such as the administration of pledge, online quiz etc to improve the Risk Awareness amongst all the employees.
In this event, MD & CEO Shri Ajay Kumar Srivastava, has administered the Risk Awareness Day pledge to all its employees at 11:00 AM.