Aptly titled ‘Obsequentia’, the Latin term for compliance, Bank of Ceylon recently held the first-ever ‘Compliance Quiz’ among banks in Sri Lanka. Branded ‘Obsequentia 2020 – The Risk and Compliance Quiz’, the inaugural version was a resounding success and met with praise industry-wide for addressing a critical knowledge area in a fresh manner.
Marking another first, the compliance-focused quiz was held digitally via the bank’s own digital platform, drawing a total of 560 participants from 112 teams right across the bank.
The idea for the competition was conceived by the Deputy General Manager – Compliance, with the intent of improving knowledge and driving commitment among BOC staff towards the Compliance and Risk Management framework, an aspect of vital importance to the sustainability of the great banking institution.
Originally hatched in the early part of the year, the plan hit a roadblock with the outbreak of COVID-19 countrywide and was shelved indefinitely due to practicality issues. However, the quiz competition was revived through the relentless efforts of the members of the Compliance, Risk Management, Marketing, Product and Banking Development, Training and IT teams, with the patronage of BOC Chairman Kanchana Ratwatta and Acting General Manager D.P.K. Gunasekara.
The competition was conducted in its entirety using the bank’s digital learning platform plus TV BOC, through which it was broadcast live across its network of 628 branches islandwide. A list of invitees and competition officials convened at the bank’s third floor auditorium for the final event, where segments from the competition underway were broadcast live.
Central Bank Governor Prof. W.D. Lakshman graced the monumental occasion as the Chief Guest. The Association of Compliance Officers of Banks – Sri Lanka ensured the free and fair running of the quiz competition, along with their participation in the panel of judges. Additionally, a number of officials from the Central Bank of Sri Lanka and several members of the Association of Compliance Officers of Banks – Sri Lanka took part in various capacities.
The Western Province North Province Office team were judged the inaugural champions, with the DGM Finance and Planning Division Team and BOC Premier Centre teams becoming first and second runners-up respectively. A cash prize of Rs. 100,000 was awarded to the champions, and the first and second runners-up received Rs. 75,000 and Rs. 50,000 respectively.
The winning team, who logged in for the competition from the iconic BOC Merchant Tower, enjoyed the privilege of physically joining the awards ceremony at the bank’s third floor auditorium, a few moments after the announcement was made. Strict adherence to Bank and Government health regulations was maintained throughout, with social gathering on account of the competition disallowed at branches plus non-admittance to the Bank’s headquarters maintained fully.
Bank of Ceylon’s digitally-conducted quiz competition sets a precedent in the industry locally, and it has been lauded for the novel approach to knowledge management in banking across core areas such as risk and compliance.