ICICI Serious about Compliance
With more than 40000 employees spread across 400 locations in India and 18 countries worldwide, the ICICI group is no stranger to the different compliance requirements of different geographies. It already has an e-circular mechanism and a compliance monitoring system in place and is now looking to further improve this facet of its operations.
To this end, it is scouting content providers who can provide it with information on processes and systems on global compliances and regulations. The system will be launched as a business process on the company’s intranet, informed Sandeep Batra, senior GM, group compliance officer, and company secretary for ICICI bank.
Batra said that the need for such a system was felt due to the group’s operations in different geographies. “With increasing need to meet compliance requirements and in a bid to inform our employees about various compliances followed by different countries we want to set up the process.”
The group wants the content provider to assign regulations to heads of departments (HoD) where each of them will have to note down whether they have followed a particular process or not. The HoDs or the person responsible will be e-tested to ensure transparency across the board. If the compliance officer has failed to note down a particular process, the issue will be taken up at the board level.
The responses will help ICICI to map various processes followed and the requirements on a single dashboard.
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