Commercial Bank Group HR Director Isuru Tillakawardana (center) and HR Department Director Pushpa Chandrasiri receive the award from CPM Founder and Chairman Prof. Lakshman R. Watawala
The Institute of Chartered Professional Managers of Sri Lanka (CPM) has listed Commercial Bank of Ceylon among the 10 best managed companies in Sri Lanka in the two years affected by the global pandemic.
Sri Lanka’s leading private bank recently received one of the prestigious “Top Ten” awards at CPM’s Best Management Practices Company Awards 2022, themed “Back to Business in the New Normal”.
The institute called for applications from companies in Sri Lanka inviting them to showcase their best management practices, which are showing resilience in bringing their respective organizations back to business in 2020 or 2021. The CPM asked applicants to present a documentary study of the synopsis of the novel and best practices in adding value during these years, followed by a presentation in front of a jury. Both were considered when selecting the top 10 companies.
The synopsis that the Commercial Bank submitted described the position of the bank before the implementation of the management practices required by the pandemic, the innovative practices that were executed afterwards, their contribution to the revitalization of the company and the measurable outputs and outcomes, among other aspects.
Some of the HR best practices the bank listed in its submission included accommodating alternative work arrangements and providing food, lodging and transportation to all mission-essential personnel throughout. closures to ensure the continuation of banking operations, the assembly of alternative operational sites equipped with infrastructure and IT systems. with the support of the bank’s IT, logistics and premises and business continuity management units and by communicating with employees via an automated call tree system.
The Commercial Bank was also among the first institutions in the country to install permanent glass partitions in branches and was proactive in the early acquisition of personal protective equipment for employees.
The bank’s IT operational best practices include identifying an industry-leading remote access solution to facilitate remote working for its operations in Sri Lanka, Bangladesh and the Maldives and providing 180 simultaneous voice call channels for its card centers and digital banking call centers to respond to the increase in call volumes during the lockdowns.
In the area of SME lending, the Commercial Bank introduced a new SME credit scoring model with a simplified assessment process and continued to improve service delivery standards by further developing digital tools.
These best practices have resulted in impressive growth in business volumes and financial metrics for Commercial Bank in 2020 and 2021, even as the bank has continued to improve its customer support programs to become the leading lender for COVID-19 relief among private sector banks in Sri Lanka. Lanka. Furthermore, the Ministry of Finance confirmed that the Commercial Bank was the largest lender to the SME sector in Sri Lanka in 2020 among all public, private and specialist banks in the country.