The Finance Group in 2016 witnessed an expansion in its roles and functions with an increased focus on improving the overall productivity and performance efficiency of the Bank.
The Group added three new units to achieve higher efficiency and specialisation in the Group’s functions. A Capital Management unit has been established with the main responsibilities of Basel reporting, furnishing the Bank’s dividend policy and the bank-wide use of RAROC. A Cost and Investment Control unit has also been introduced with a primary focus on the application of the Value at Stake concept for all the Bank’s IT capital projects to maximise shareholders’ return on the Bank’s investments in IT infrastructure. A Regulatory Update unit has been established with the main responsibility of keeping an eye on and ensuring continuous compliance with developments in international regulations, mainly IFRS and Basel accords.
Finance Group had three major achievements during the year:
- The Group drove the centralisation of the CBE reporting function, which was previously performed by different departments across the Bank, to ensure consistency and accuracy in regulatory reporting in a timely manner.
- The Group achieved commendable control of the successful and timely migration of Citibank retail accounts into CIB systems.
- 2016 witnessed the launch of the Financial Control School, which would ensure smooth transition of basic, essential knowledge, both theoretical and practical, necessary to understand the day-to-day process in Finance. This course is slated to be a mandatory requirement and prerequisite for joining the Finance Group as well as a promotion eligibility criterion. The restructured Finance Group has thus provided CIB with a solid foundation to operate efficiently within a challenging regulatory and economic environment while maintaining its competitive edge and maximising long-term shareholder value.