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CPM ranks ComBank in Top 10 for ‘Best Management Practices’ in COVID hit 2020-21

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Commercial Bank’s Group Chief Human Resources Officer r Isuru Tillakawardana (centre) and Chief Manager – Human Resources Department Pushpa Chandrasiri accepting the award from the Founder and President of CPM Prof. Lakshman R. Watawala

The Institute of Chartered Professional Managers of Sri Lanka (CPM) has ranked the 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 benchmark private bank was recently presented 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 corporates in Sri Lanka inviting them to showcase their best management practices which demonstrate resilience in bringing their respective organisations back to business during 2020 or 2021. CPM required applicants to present a desk review of the synopsis of the novel and value-adding best practices during these years, followed by a presentation to a panel of judges. Both were considered when selecting the Top 10 companies.

The synopsis Commercial Bank submitted outlined the stand of the Bank before the pandemic-necessitated management practices were implemented, the innovative practices that were executed thereafter, their contribution towards revitalising the business, and the measurable outputs and outcomes among others aspects.

Some of the best HR practices the Bank listed in its submission included adapting alternative work arrangements and providing food, lodging and transport for all mission-critical staff throughout the lockdowns to ensure continued banking operations; assembling alternative operational sites equipped with infrastructure facilities and IT systems with the support of the Bank’s IT, Logistics, and Premises and Business Continuity Management units; and communicating with employees via an automated call-tree system.

Commercial Bank was also among the first institutions in the country to install permanent glass partitions at branches and was proactive in the early acquisition of personal protective equipment for employees.

The Bank’s best IT operational practices include identifying an industry-leading remote access solution to facilitate remote working for its Sri Lanka, Bangladesh and Maldives operations, and providing 180 simultaneous voice call channels for its Card Centres and Digital Banking Call Centres to cater to the increase in call volumes during the lockdowns.

In SME lending, Commercial Bank introduced a new SME Credit Scoring Model with a simplified evaluation process and continued to improve service delivery standards by further developing digital tools.

These best practices resulted in impressive growth in business volumes and financial indicators for Commercial Bank in both 2020 and 2021, even as the Bank continued to enhance its customer relief programmes to emerge as the leading lender for COVID-19 relief among private sector banks in Sri Lanka. Additionally, the Ministry of Finance confirmed that Commercial Bank was the biggest lender to Sri Lanka’s SME sector in 2020 among all state-owned, private and specialised banks in the country.

Apart from recognising novel and value-adding best management practices that have evolved from among Sri Lankan organisations, the CPM’s awards forum fills the lacuna that prevails in the sphere of literature on best management practices in the country. The platform enables organisations to showcase their best management practices to the country’s business community and be duly rewarded for such worthy efforts, particularly under the prevailing business and economic conditions.



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ADB approves $100 million loan to boost skills development and jobs for youth in Sri Lanka

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The Asian Development Bank (ADB) has approved a $100 million results-based loan to help Sri Lanka transform its technical and vocational education and training (TVET) system, equip more young people with industry-relevant skills, and strengthen the country’s competitiveness and inclusive growth.

The Skills Development System Transformation Program will support the Government of Sri Lanka’s efforts in improving the quality and relevance of skills training, strengthening links between training providers and industries, and expanding employment opportunities for youth. The program will increase women’s employment opportunities in nontraditional jobs in fields including automotive technology, engineering, information and communications technology, construction, and renewable energy.

“A skilled workforce is essential to Sri Lanka’s long-term economic transformation and competitiveness,” said ADB Country Director for Sri Lanka Shannon Cowlin. “This program will help create stronger pathways from education to employment by making training more responsive to industry needs, expanding opportunities for young people and women, and ensuring that graduates have the skills required by a modern and evolving economy.”

Though Sri Lanka’s economy is recovering, it faces skills shortages in priority sectors, high youth unemployment, and low female labor force participation. Many employers report difficulty finding workers with the skills needed in a changing economy.

Aligned with the Government of Sri Lanka’s Technical and Vocational Education and Training Sector Strategic Framework 2026–2035, the nationwide program will be implemented from 2027 to 2031 and is expected to directly benefit more than 100,000 young people through improved access to quality, employment-oriented training.

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USD 40.84m pipeline to secure aviation fuel supplies to BIA

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By Ifham Nizam

The government has cleared a USD 40.84 million and Rs. 8,548.75 million contract to build a dedicated aviation fuel pipeline from Muthurajawela to Bandaranaike International Airport (BIA), alongside a massive new fuel storage facility with a capacity of 92,000 cubic metres.

Energy Minister Anura Karunatilaka said the project represented a major investment in strengthening the infrastructure underpinning Sri Lanka’s aviation fuel supply and ensuring more reliable fuel availability at the country’s main international airport.

‘This project will provide the infrastructure required to strengthen the reliability and continuity of aviation fuel supplies to Bandaranaike International Airport, Karunatilaka said.

The contract has been awarded to China Petroleum Pipeline Engineering Company Limited, following an international competitive procurement process in which three bids were received.

The project will see a new aviation fuel storage tank complex constructed at Muthurajawela, together with the associated infrastructure required for handling and transferring aviation fuel.

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CSE activity up, turnover weak at Rs. 1.4 billion

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By Hiran H Senewiratne 

Trading activity on the Colombo Stock Exchange (CSE) gathered pace yesterday as global fuel prices began to show signs of easing, according to market analysts.In this context, both indices moved upwards. All Share Price Index up by 67.97 points while S and P SL20 up by 8.30 points.

Turnover stood at Rs 1.4 billion with seven crossings. Those crossings were reported in Sampath Bank 1.7 million shares crossed to the tune of Rs 238 million and its share price traded at Rs 140, Access Engineering two million shares crossed to the tune of Rs 159 million and its share price traded at Rs 79.50, LOLC one million shares crossed to the tune of Rs 129 million and its share price traded at Rs 129, HNB 100,000 shares crossed to the tune of Rs 38.4 million and its share price traded at Rs 384, JKH 1.9 million shares crossed to the tune of Rs 35 million and its share price traded at Rs 18.60, Hayleys 100,000 shares crossed to the tune of Rs 22.50 million and its share price traded at Rs 225 and Richard Pieris 847,000 shares crossed to the tune of Rs 22 million and its share price traded at Rs 25.50.

In the retail market top seven companies that have mainly contributed to the turnover were Sampath Bank Rs 114 million (813,000 shares traded), JKH Rs 100 million (5.3 million shares traded) LB Finance Rs 49 million (325,000 shares traded), HNB Finance Rs 30 million (27 million shares traded), HNB Rs 27 million (70000 shares traded), NTB Rs 25 million (82000 shares traded ) and Lanka IOC Rs 21 million (666,000 shares traded). During the day 65 million shares volumes changed hands in 10433 transactions.

The Banking and manufacturing sector counters performed well.  In the banking sector Sampath Bank let the market while manufacturing sector especially JKH also significantly performed well. With the fuel revision Land IOC also a significant stock at the floor.

Meanwhile, First Capital Treasuries said that Ramesh Schaffter resigned as a Non-Independent Non-Executive Director with effect from October 1, to facilitate the restructuring of the company’s board.

Yesterday the Central Bank announced the US Dollar rate as against rupee. The rupee was quoted flat at Rs 330.65/80 to the US dollar in the spot market , while bond yields dropped, dealers said.

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