Board IT Committee Report

Championing strategic investments in digital platform modernisation and organisational structures that will enable us to run the bank, secure the bank, change the bank, and innovate the bank at the speed of business, we focus on continuously improving how we intelligently serve and securely connect with our clients, which is the key objective of the Committee.

Keith Modder

Chairman

Regular attendees to the Committee meetings by invitation:
  • Chief Information Officer (CIO)
  • Chief Information Security Officer (CISO)
  • Any other officer/s required by the Committee

The Company Secretary functioned as the Secretary to the Committee and in his absence, a nominee appointed by the Company Secretary functioned as the Secretary to the Committee during the year under review.

FORMATION OF THE COMMITTEE

The Board IT Committee (BITC) was established on 26th October 2017 by the Board of Directors, with the task of expediting the digitisation agenda of the Bank and safeguarding the Bank against cybersecurity risk.

COMMITTEE MEMBERSHIP DURING THE YEAR 2024
Board Member Directorship Status Membership Status Attendance (Attended/Eligible to Attend)
Mr Keith Modder (w.e.f 1st June 2024) Independent/Non-Executive Chairman (w.e.f 1st June 2024) 7/7
Mr Rushanka Silva Non-Independent/Non-Executive Member (Chairman until 31st May 2024) 7/8
Ms Aroshi Nanayakkara Independent/Non-Executive Member 8/8
Mr Vajira Kulatilaka Independent/Non-Executive Member 8/8
Mrs Ayodhya Iddawela Perera Executive Member 8/8
Mr Hiran Cabraal (w.e.f 1st June 2024) Independent/Non-Executive Member 6/7
Mrs Keshini Jayawardena (Until 31st May 2024) Independent/Non-Executive Member 1/1

w.e.f - with effect from

Refer pages 186 to 189 for the profiles of the committee members.

KEY ACTIVITIES IN 2024
  • In 2024 the BITC strengthened its focus on digital asset acquisition and human resource allocation in keeping with our strategy.
  • The Board IT Committee implemented a strong 'change the bank' framework that ensured all programs were envisaged and executed in a two-in-a-box accountability model of business and IT leadership. This is combined with a Minimal Viable Product approach to expedite ROI and 'speed to client' delivery.
  • Our 'run the bank' and 'secure the bank' capabilities stood the test in a backdrop of a global infrastructure outage and heightened cybercrime; where unscrupulous threat actors deployed phishing attacks, to deceive unsuspecting people into sharing their credentials.
  • This has only reinforced our view that cybersecurity and platform resilience is a journey and never a destination.
  • Finally, our 'innovate the bank' focus is evaluating several AI related client services fraud detection, cybersecurity and cycle time improvement opportunities.
KEY RESPONSIBILITIES OF THE COMMITTEE
  • To review and recommend the IT strategic plan of the Bank in line with the Board approved Strategic Plan of the Bank.
  • To periodically update the Board on the developments taking place in the technological landscape which may have an impact on the Bank and the Financial Services Industry in the future.
  • To review and recommend the Bank policies related to IT, IT expenditure and budgets, IT Security requirements and measures of the Bank.
  • To monitor the Bank's investments in technology.
  • To review the progress of the Digitalisation Journey and oversee the process of training on digitalisation and on-boarding and familiarisation for all staff.
  • To approve budgeted IT operational expenditure based on Procurement Committee recommendations that are within the approved annual budget.
  • Any other activity within the scope of IT related activities that is deemed by the Committee to be required which will serve to enhance its or the IT function's effectiveness and efficiency.
  • Review the Terms of Reference of the Committee periodically, to ensure that it reflects industry best practices at all times.
REPORTING TO THE BOARD

The minutes of the Committee meetings were tabled at Board meetings, thereby providing Board members with access to the deliberations of the Committee

PERFORMANCE EVALUATION OF THE COMMITTEE

The annual self-evaluation of the Committee was conducted at the year-end by the members of the Committee. The results were discussed at the Committee with, where necessary, areas for improvement being identified and the plans for improvement being communicated to the Board.

On behalf of the Board IT Committee,

KEITH MODDER

Chairman - Board IT Committee

17th February 2025

Colombo, Sri Lanka

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