With the slogan of “Local Bank with global Vision”, South Bangla Agriculture & Commerce Bank Ltd. started its journey on 28th April 2013, with the vision to be the leading commercial bank in the country in terms of efficiency, capital adequacy, sound management, and profitability with strong liquidity. Proper corporate governance of a bank depends on a strong in-built control system. SBAC Bank is committed to maintaining a high standard of banking practices under sound Internal Control mechanisms. The bank has so far successfully and timely implemented all the directives of the regulatory authorities and continues to do so going forward.
Bank has established a framework for internal control and compliance throughout the operational activities of the Bank, and to ensure that all the activities of the Bank are being carried out within the ICC framework as follows:
We have established a framework for effective Internal Control and Compliance system.
Ensure compliance with applicable laws and regulations of the country.
Ensure efficiency and effectiveness of activities to improve overall performance.
Provide guidelines for the preparation of timely, reliable, and relevant reports needed for decision-making.
Ensure proper information systems and effective communication channels.
Provide tools for risk identification, assessment, and management, and
Provide guidelines for effective monitoring and correcting deficiencies.
The primary objectives of the internal control system in a bank are to help the bank perform better using its resources, to communicate better internally and with external stakeholders, and to comply with applicable laws and regulations. The main objectives of internal control are as follows:
Operations Objectives: achievement of a bank’s primary mission and vision.
Reporting Objectives: timely, accurate, and comprehensive reporting of financial and non-financial data/information to the stakeholders (both internal and external).
Compliance Objectives: conducting activities and taking specific actions in accordance with applicable laws and regulations.
The management enriches audit teams with adequate skilled manpower and proper IT support as per requisition of the Audit Committee of the Board (ACB) for purposeful and effective audits. The management of the Bank ensures compliance with all laws and regulations that are circulated by various regulatory authorities, such as Bangladesh Bank, Ministry of Finance, Bangladesh Securities and Exchange Commission, etc.