Information And Communication Technology Committee Report

Committee Composition During 2024

Committee composition from 01.01.2024:

With the ending of the tenure or Major General (Rtd.) G A Chandrasiri VSV as a Director on 07.01.2024, the remaining three Directors constituted the committee until 02.04.2024 and with the appointment of Mr Jayamin Pelpola as an Independent Non Executive Director to the Board of Bank of Ceylon on 22.02.2024, the Committee was re-constituted on 03.04.2024:

On 05.11.2024, the Committee re-constituted as follows with the cessation of Mr R M P Rathnayake, Non Independent Non Executive Ex-officio Director from 06.11.2024: subsequent to his retirement from his position as Deputy Secretary to the Treasury.

With the resignation of Mr Naresh Abeyesekera and Prof. Kithsiri M Liyanage on 13.11.2024 and 28.11.2024, respectively, and with the appointment of Mr Kavinda M L de Zoysa as an Independent Non Executive Chairman/ Director of Bank of Ceylon, Dr. Kapila Senanayake, Non Independent Non-Executive Ex-officio Director and Dr. Amal Illesinghe, as an Independent Non Executive Director, on 04.11.2024, 14.11.2024 and 06.12.2024, respectively, the Committee was re-constituted as follows:

The present Committee is as follows:

Secretary to the Committee

The Secretary, Bank of Ceylon/Secretary to the Board, Janaki S Siriwardane who is an Attorney-at-Law and a Senior Deputy General Manager, functions as the Secretary to the Committee.

Attend upon invitation

• ● Assistant General Managers attached to IT Division

• ● Assistant General Manager (Product Development and Business Process Re-Engineering Project)

Any other members of the Board, the Corporate Management and Staff Member as decided by the Committee

Meetings held in 2024: 11

(Attendance given on page 120 of this Report)

Role of Committee

Information and Communication Technology (ICT) Committee Charter

The Terms of Reference of the ICT Committee are governed by the ICT Committee Charter, approved and adopted by the Board.

Principal Focus

The primary purpose of this Committee is to assist the Board of the Bank in fulfilling their oversight responsibilities with regard to the existence, operation and effectiveness of the IT products and services, policies, practices and IT infrastructure employed by the Bank to manage various types of IT products and services including major technology investments. It ensures that the Bank has a robust IT infrastructure and capabilities in place at all times, follows best practice and maintains alignment with Bank's Strategic Plan by analysing emerging trends in technology.

Medium of Reporting

The proceedings of the ICT Committee meetings are tabled and ratified at the Board meetings and Board approval obtained thereof.

Areas of Focus and Activities in 2024

Monitoring Development

• ● Monitored the ongoing IT developments/ IT infrastructure enhancements in the Bank including that of overseas branches in Maldives, Chennai and Seychelles and guided on the proposed developments/ improvements.
• ● Monitored the operations of the existing critical applications of the Bank and provided necessary guidance to rectify and resolve existing issues.
• ● Monitored the progress of the proposed digital banking solution (Internet and Mobile banking system (B-APP)) for the Bank.
• ● Monitored the progress of the procurement of AML/ CFT system.
• ● Monitored and took measures to reduce the ATM/ CDM down time.
• ● Discussed the Bank's digital initiatives embedded in the Strategic Plan.
• ● Reviewed the proposed bio metric-based payment solution.

IT Governance

• ● Reviewed the IT Road Map and ensured that it is linked to strategy.
• ● Monitored the implementation of the newly-introduced IT Governance framework and expedited the process.
• ● Monitored rectification action for internet and mobile banking interruptions that took place in year 2024.
• ● Reviewed and streamlined IT procurement process and renewals of maintenance contracts.
• ● Ensured that action be taken to have in place a robust cybersecurity team.
• ● Oversaw the Disaster Recovery Site's capacity and capability to ensure its effective operation.

Resources – Human

• ● Facilitated the new IT organisation structure.
• ● Assisted to fulfil the required HR for IT Division.
• ● Strengthened the Security Operations Centre with necessary human resources.

Way Forward

The Committee look at futuristic and emerging technology in making its recommendations and will endeavour to ensure that the Bank's technology programmes support the Bank's business objectives and strategies and provide the appropriate data security.

Conclusion

The members of the Information and Communication Technology Committee have evaluated the Committee's performance during the year 2024 for effectiveness and efficiency.

The Committee wishes to record their appreciation for Prof. Kithsiri M Liyanage, Major General (Rtd.), G A Chandrasiri VSV, Mr Naresh Abeysekera and Mr R M P Rathnayake who were members of the Committee during the year 2024, for the contribution made by them to this Committee.

On behalf of the Information and Communication Technology Committee