IIFL Finance today said that it has received the prestigious ‘Golden Peacock Award for Risk Management’ for the year 2019 at Singapore Global Convention on Board Leadership & Risk Management. Golden Peacock is one of the most respected recognitions in risk management given by the Institute of Directors.
Mr Sumit Bali, CEO, IIFL Finance said, “IIFL Finance has a very robust risk management framework that has evolved over a period of time. Being regulated by multiple regulators viz. SEBI, RBI, MCA, etc., we have an ongoing emphasis on building a process driven culture where there is strong emphasis on risk management, compliance and adherence to polices.” “This is also reflective in our Vision – “To be the most respected financial services company in India” and ‘Core Values’ referred to as ‘FIT’ – Fairness, Integrity and Transparency.”
Mr Anujeet Kudva Chief Risk Officer, IIFL Finance said, “Our integrated Enterprise Risk Management framework is a Top – Down and Bottom – Up approach. Our Risk Management framework is subject to periodic testing of its effectiveness through a ‘Stress testing’ and ‘Audit’ which is conducted by reputed independent external agencies.”
Our integrated Enterprise Risk Management framework constituents the following:
- Well defined business strategy of being a diversified retail focused NBFC. Our product offerings accordingly comprise of (a) Core Growth Segments, which includes Housing Loans, Business Loans to MSME, Gold Loans and Microfinance Loans; and (b) Synergistic Segments, which closely align to our Core Growth Segments and include Developer and Construction Finance and Capital Market Loans
- Risk Tolerance Limits – for every activity and product offerings, whose adherence is monitored by the Board
- Empowerment – of employees and branches to take decisions within defined framework, closely aligning with our culture of ‘Owners Mindset’
- ‘Three Lines of Defense’ model – where first line of defense is the makers viz. business / support functions; second line of defense are independent risk management and compliance functions and the third line of defense is Internal Audit who gives an assurance to the Board and Audit Committee.
- Reporting – to Board and Regulators. IIFL Finance being a listed entity believes in high level of transparency and reporting to its shareholders
IIFL Finance has over 20,000 employees spread across 600+ locations. Manpower is the single largest asset of the organization and significant investment is made in employee health and safety. IIFL has been nominated as a Great Place to Work for the current year.
IIFL Finance is a systemically important Non-Banking Financial Company not accepting public deposits and engaged in the business of home and property loans, gold loans, loan against securities, SME business and micro-finance loans. IIFL Finance has a long-term credit rating of AA (Stable) by Crisil, AA by ICRA and AA (Positive) by CARE.
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