Certification awarded for the best-in-class risk management framework and robust process controls
Mumbai, September 27, 2019: PNB MetLife, one of the top 10 private life insurance companies in India, is among the first life insurance companies in India (Source: CRISIL), to receive the ISO 31000:2018 certification from the BSI (British Standards Institution). The certification was awarded to the Company basis its best-in-class risk management framework and robust process controls.
The ISO 31000:2018 provides guidelines, principles, framework and a process for managing risks. The standards are customizable for any organization regardless of its size, activity or sector. They help in providing a unified approach for dealing with the management of risks which can be implemented across the lifecycle of the organization. This accreditation is a testimony that the organization has implemented risk management framework in compliance to these guidelines and put in place processes to protect customers’ interest, shareholders’ value as well as safeguard the organization from potential risks that could endanger the operational efficiency, governance, and stakeholders' confidence.
Ashish Kumar Srivastava, MD & CEO, PNB MetLife, said “ISO 31000:2018 certification of compliance from BSI is a testament of PNB MetLife’s continuous efforts towards building a more robust and efficient organization. We are honored to be amongst the first life insurance companies in India to receive this accreditation (version 2018), which is a well-recognized, internationally acclaimed framework for risk management standards. We have been following a strong governance system, and this new feather in our hat reaffirms our commitment to enhance customers’ experience and business continuity under all circumstances.”
To align its current practices with ISO 31000 : 2018, PNB MetLife underwent a complete overhauling of its Risk Management Framework with clear roles and responsibilities across the Three Lines of Defense, which included - (1) deployment of a robust governance model, establishing a comprehensive Risk Appetite Statement encompassing all aspects of business operations, (2) aligning its underwriting and business intelligence systems to red flag and whistleblow in case of risks identified at sourcing level, and (3) intensive training of business process owners on identifying, analyzing, mitigating, recording and reporting of risks while keeping the overall business context in mind while carrying out the risk assessments. PNB MetLife has been awarded a Certificate of Compliance for a period of three years from September 14, 2019 to September 13, 2022.
About PNB MetLife India Insurance Company Limited
PNB MetLife India Insurance Company Limited (PNB MetLife) has as its shareholders MetLife International Holdings LLC. (MIHL), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji Group and other private investors, with MIHL and PNB being the promoters.
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