The ‘Certified Banking Compliance Professional Course’ by The Institute of Company Secretaries of India (ICSI), and the Indian Institute of Banking and Finance (IIBF), was launched by Dr KC Chakrabarty, Deputy Governor, Reserve Bank of India, at Mumbai.
This course will be offered as a joint certificate by ICSI and IIBF to ICSI’s members and IIBF’s members (CAIIB) with a view to develop compliance professionals who can work in banks. It consists of two parts — an online examination followed by class room learning for candidates who have passed the online examination.
CS SN Ananthasubramanian, President, Council of the ICSI, CS MS Sahoo, secretary, The ICSI, Dr R Bhaskaran, CEO, Indian Institute of Banking and Finance, and Allen Pereira, director, NIBM, were present for the launch. Earlier a Memorandum of Understanding to this effect was also signed between the two Institutes — ICSI and the Centre for Corporate Governance Research and Training (CCGRT), Navi Mumbai .
While speaking on the occasion, Dr Chakrabarty, complimented the two institutes on launching the course while releasing the study material for exams and expressed his happiness on this excellent and commendable initiative. He shared his perspective of the significance of the compliance function in banks and raised certain critical issues on the compliance in banks in present times. He reiterated the fact that non-compliance is a costly affair and not compliance as is largely perceived in banking sector.
He pointed out that company secretaries as compliance professionals have a significant role to ensure that compliance function in banks is not in paper but in action.
Ananthasubramanian in his address, spoke on the importance of banking sector in the economy and the compliance function therein. He added that this collaboration would engender the creation of a cadre of compliance professionals employed as compliance officers in banks across territories and in various levels. He wished that this partnership with IIBF lasts forever.