Chennai, 02.03.23: Indian Overseas Bank, one of the leading Public Sector Bank, has observed Risk Awareness Day on 1st March 2023 with a view to creating awareness amongst all the employees and to inculcating the best-prevailing risk management practices among them.
This observance of Risk Awareness Day is one of 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 stakeholders. The risk Culture policy of the Bank guides its employees in practicing a sound and robust risk culture at all levels to mitigate risk. The Bank Risk Management architecture works on three lines of defenses, wherein the Risk Management process starts at the originator level. Bank’s risk management process includes Identifying the Risk, Analysing the Risk, Assessing the Impact of the Risk, and Managing the Risk. At the 2nd line of defense level i.e. at the Risk Management Department at the Central Office Level, Bank manages 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 defense 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 Risk Awareness Day, various events have been organized such as the administration of pledges, online quizzes, etc to improve Risk Awareness among 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.