New Delhi: Indian Overseas Bank (IOB) has achieved a significant milestone by becoming the first public sector bank in India to align its Enterprise Risk Management (ERM) framework with ISO 31000:2018, the globally recognised standard for effective risk management. This move underscores IOB’s commitment to adopting international best practices and enhancing its risk governance framework to support sustainable growth and organisational resilience.
Observing Risk Awareness Day
IOB marked Risk Awareness Day on March 2, 2026, reinforcing its focus on fostering a strong risk-aware culture across the organisation. Guided by its Risk Culture Policy, the bank emphasises proactive risk identification, assessment, and management as integral to its business operations and strategic decision-making.
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Employee Engagement and Initiatives
To commemorate the occasion, IOB organised a series of employee engagement initiatives, including:
- Administration of the Risk Awareness Pledge
- Online competitions to promote risk awareness
- Release of a special edition of its in-house risk management magazine, IOB Resilient (March 2026), highlighting key developments and best practices in risk governance
These initiatives aimed to reinforce a culture of risk consciousness among employees and encourage active participation in the bank’s risk management practices.
Leadership Participation
The event was led by Managing Director & CEO Ajay Kumar Srivastava, along with Executive Directors Joydeep Dutta Roy and Dhanaraj T, who administered the Risk Awareness Day Pledge. Their participation reaffirmed the bank’s collective commitment to building a resilient, risk-aware, and future-ready organisation.
Strengthening Risk Governance
Aligning with ISO 31000:2018 enables IOB to benchmark its ERM practices against global standards, strengthen internal controls, and enhance decision-making frameworks to effectively mitigate risks across various banking operations. This strategic step positions IOB to better navigate uncertainties while promoting sustainable business growth.
About Indian Overseas Bank (IOB)
Indian Overseas Bank (IOB) is a premier public sector bank in India, committed to delivering innovative banking solutions and financial services with a focus on customer-centric growth, operational excellence, and robust risk management. Its proactive adoption of international standards reflects its ambition to build a resilient and future-ready banking organisation.
