Mumbai, June 27, 2017: YES BANK, India’s fourth largest private sector bank has become the first bank in India, and among a select few globally, to be certified by British Standard Institution (BSI), United Kingdom, for Enterprise Risk Management Framework
(ISO 31000). With this accomplishment, YES BANK joins the league of top multinational companies lauded for their robust risk management processes.
YES BANK has developed an integrated comprehensive ERM framework establishing better standards in the industry for identifying, assessing, reporting and monitoring risks, among several other pioneering initiatives resulting in improvements in the efficiency of operations, effectiveness of tactics and the efficacy of the strategy of the organization.
In order to be ISO 31000 compliant, YES BANK conducted comprehensive internal assessments and identified gaps to be addressed, followed by business risk assessments, documentation and implementation audits. YES BANK was awarded Certificate of Compliance, along with a detailed Compliance report for 2017 on successful completion of the audit process.
Commenting on the development, Rana Kapoor, Managing Director & CEO, YES BANK, said, “YES BANK has time and again demonstrated its commitment towards strengthening risk management processes and in establishing benchmarks in the industry at par with global leaders. We are pleased to become India’s first bank to be ISO 31000 certified. This accomplishment bolsters our continued efforts in building a robust organization with a superior risk architecture geared towards our vision of becoming India’s Finest Quality Big Bank by 2020.”
YES BANK believes in imbibing best practices based on global standards across its organization and is also certified for ISO 9001 (Quality Management System), 27001 (Information Security Management System), 22301 (Business Continuity Management System), 14001 (Environment Management System) & ISO 29990 (Learning Management System).
YES BANK was recently declared one of the top 5 private sector banks to get AA rating (highest) among 51 banks surveyed by Code Compliance Rating of banks done by the Banking Codes and Standards Board of India (BCSBI) 2017.
About ISO 31000
ISO 31000 is a family of standards relating to risk management codified by the International Organization for Standardization. The purpose of ISO 31000:2009 is to provide principles and generic guidelines on risk management. ISO 31000 seeks to provide a universally recognised paradigm for practitioners and companies employing risk management processes to replace the myriad of existing standards, methodologies and paradigms that differed between industries, subject matters and regions.
About British Standard Institution
British Standards Institution (or BSI), is the national standards body of the United Kingdom. BSI produces technical standards on a wide range of products and services, and also provides certification and Trainings based on Management standards
About YES BANK
YES BANK is a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to Retail, MSME as well as corporate clients.
YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 28 states and 8 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/
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