ICICI Bank 2011 Annual Report Download - page 24

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VII. Fraud Monitoring Committee
Terms of reference
The Committee monitors and reviews all frauds involving an amount of ` 10.0 million and above so as to
identify the systemic lacunae, if any, that may have facilitated perpetration of the fraud and put in place
measures to rectify the same, identify the reasons for delay in detection, if any, report to top management of
the Bank and RBI, monitor progress of investigation, and recovery position, ensure that staff accountability
is examined at all levels in all the cases of frauds and action, if required, is completed quickly without
loss of time and review of efficacy of the remedial action taken to prevent recurrence of frauds, such as
strengthening of internal controls and putting in place other measures as may be considered relevant to
strengthen preventive measures against frauds.
Composition
The Fraud Monitoring Committee currently comprises six Directors, including four non-executive Directors.
The Committee is chaired by V. Sridar. There were six Meetings of the Committee during the year. The details
of the composition of the Committee and attendance at its Meetings are set out in the following table:
Name of Member Number of meetings attended
M.K. Sharma, Chairman (upto January 30, 2011) 4
V. Sridar, Chairman (Chairman w.e.f. January 31, 2011) 4
K. V. Kamath 6
Homi Khusrokhan (w.e.f. January 31, 2011) 1
Anup K. Pujari (w.e.f. July 31, 2010) Nil
Chanda Kochhar 6
Sandeep Bakhshi (upto July 31, 2010) 2
Rajiv Sabharwal (w.e.f. July 31, 2010) 4
VIII. Risk Committee
Terms of reference
The Committee is empowered to review ICICI Bank’s risk management policies in relation to various risks
(credit, market, liquidity, operational and reputation risks), investment policies and strategy and regulatory
and compliance issues in relation thereto. The Committee is also empowered to review risk return profile
of the Bank, capital adequacy based on risk profile of the Bank’s balance sheet, Basel-II implementation,
business continuity plan and disaster recovery plan, key risk indicators and significant risk exposures and
implementation of enterprise risk management.
Composition
The Risk Committee currently comprises six Directors including five non-executive Directors and the
Managing Director & CEO. It is chaired by K. V. Kamath. There were five Meetings of the Committee during
the year. The details of the composition of the Committee and attendance at its Meetings are set out in the
following table:
Name of Member Number of meetings attended
K. V. Kamath, Chairman 5
Sridar Iyengar 5
Anup K. Pujari 2
Marti G. Subrahmanyam (upto April 24, 2010) 1
V. Sridar (w.e.f. April 24, 2010) 4
V. Prem Watsa 1
Chanda Kochhar 5
Directors’ Report
22