Sri Lankan Financial Institution Embarks on Whistleblowing Revolution Amid Corporate Governance Reforms

A New Era of Transparency and Accountability

In a significant move towards maintaining high standards of corporate governance, DFCC Bank - one of Sri Lanka’s leading financial institutions - has introduced its Group Whistleblowing Policy. This policy aims to create an environment of trust and transparency, allowing employees and stakeholders to report irregularities and misconduct without fear of retribution.

A Mandated Approach

As per the Banking Act Direction No. 11 of 2007, the Board Audit Committee is required to establish proper communication channels for raising concerns about any irregularities or serious misconduct within the bank and its subsidiary companies. In line with this directive, DFCC Bank’s Group Whistleblowing Policy seeks to provide a secure platform for reporting such incidents.

Key Features of the Policy

• Confidentiality and Anonymity: The policy aims to safeguard the confidentiality and anonymity of whistleblowers, protecting them from potential harm through retribution or revenge by those against whom complaints have been made.
• Independent Investigations: The bank has put in place necessary systems and procedures to conduct independent investigations into reported incidents.
• Annual Review and Approval: Headed by the Board Audit Committee, with involvement from the Head of Group Internal Audit, the policy is subject to annual review and approval by the Board of Directors.

A Commitment to Transparency and Accountability

By implementing this Group Whistleblowing Policy, DFCC Bank reaffirms its commitment to transparency and accountability, sending a strong message to stakeholders about its dedication to upholding the highest standards of corporate governance. As Sri Lanka’s financial sector continues to undergo reforms, DFCC Bank’s proactive approach to whistleblowing is expected to set a positive precedent for other institutions in the country.

Conclusion

The introduction of the Group Whistleblowing Policy by DFCC Bank marks an important milestone in its commitment to transparency and accountability. This policy not only aligns with regulatory requirements but also demonstrates the bank’s dedication to creating a culture of trust and openness within its organization. As Sri Lanka’s financial sector continues to evolve, this policy is likely to inspire other institutions to follow suit, promoting a more accountable and transparent industry as a whole.