Summary of Key Policies
The Legal & Compliance function at KBZ Bank is responsible for the implementation, monitoring and enforcement of the policies below:
The Human Resource function at KBZ Bank is responsible for the implementation, monitoring and enforcement of the policies below:
The Risk function at KBZ Bank is responsible for the implementation, monitoring and enforcement of the policies below:
The Corporate Affairs function at KBZ Bank is responsible for the implementation, monitoring and enforcement of the policies below:
Selected Activities Undertaken
Customer Health and Safety
At KBZ Bank, we prioritise the comfort, safety and security of our customers and our employees.
We observe high levels of office hygiene, and have the necessary resources in place to meet our health and safety commitments including hand sanitisers at all our banking counters and scheduled pest control spraying.
For the safety of both customers and our employees, we have CCTVs and alert systems in all our branches, and restrict the kind of items that can be brought into them. For cash safety, customers are reminded to check their cash before leaving the counters. Where necessary, our staff is available to assist in safely transporting cash to customers’ vehicles. Customer safety comes in addition to our responsibility as a bank to ensure the security of money with comprehensive anti-fraud and anti-corruption measures, and strict adherence to CBM controls and policies.
In 2020, KBZ Bank was also at the forefront of the national response to the global pandemic, deploying a range of initiatives to help clients, customers, and employees stay informed, safe and financially protected. More information on this can be found here.
The Operations function is responsible for monitoring and ensuring that the bank’s Customer Health and Safety measures and actions are aligned with its values.
Supplier and Contractor selection policy
When selecting suppliers and contractors, the Bank takes into consideration the type, nature, complexity, risk, value and objective of what is being procured, as well as market conditions. Our vendor management team works with the respective VCs/Business functions to select and document evaluation criteria, and assigns a weight to each criterion. This criteria is then applied consistently across all quotations or proposals received. At least two quotations or proposals from reputed vendors and service providers are sourced.
To be considered, vendors must be a registered company or partnership firm that has been in the same line of business for at least the last three years. They should also have supplied and installed at least three similar systems in the industry, have support services in or near the Myanmar region, and should not have been blacklisted by any regulatory authority in their home country or elsewhere. Vendor quotations or proposals are confidential, revealed only on a need to know basis, and in accordance with any applicable NDAs or contracts. Any deviation from this rule must be properly justified and endorsed by the vendor management team head or the procurement head, whichever is more appropriate.
The proposal that is lowest in price while meeting or exceeding all conditions as set in the Request For Proposal will be selected.
The Operations function is responsible for monitoring and ensuring that the bank’s Supplier and contract selection measures and actions are aligned with its values.
Environmentally friendly value chain
KBZ Bank embraces environmental best practices within our business, and continuously seeks ways to reduce our carbon footprint, from waste reduction and recycling, to using our water and energy resources wisely. Our push towards digital banking, through products like KBZPay, and by using e-signatures, email approvals, and G-suite cloud storage make banking paperless. We ensure lights and air conditioners are switched off when not in use and we recycle both waste and spare parts.
Between February 2019 and January 2020, KBZ worked with RecyGlo, which provides innovative recycling solutions, to conduct a waste audit at our headquarters and Family Office, and to put into place more responsible practices. The intention is for this pilot project to eventually be rolled out nationwide.
The Operations function is responsible for monitoring and ensuring that the bank’s Environmental friendly value chain measures and actions are aligned with its values.
Interaction with communities
KBZ Bank’s community outreach reflects the areas we believes are important for the future of Myanmar, and where we feel we can make the biggest impact, specifically:
- – Climate change mitigation through education
- – Talent development for the future of Myanmar
- – Promoting an inclusive society and workplace
Some of our initiatives include creating green facilities for communities, participating in disaster relief efforts, sponsoring scholarship programmes, supporting medical missions that improve lives, and actively promoting gender equality.
To further our goal of financial inclusion for all of Myanmar, KBZ Bank staff regularly engage with communities to promote our ewallet KBZPay, which is giving thousands access to financial services for the first time. We also host financial inclusion workshops and raise awareness on banking product security on social media. Beyond that, we collaborate with universities, and offer internship opportunities in our Bank.
To ensure that the bank’s interaction with communities is aligned to its values, KBZ Bank formed a Social Purpose and Impact Partnership Committee (SPIPC) in December 2019. The SPIPC is responsible for reviewing all requests for donations, grants, or funds.
The Corporate Affairs function is responsible for monitoring and ensuring that the bank’s Interaction with communities measures and actions are aligned with its values.
Anti-corruption programmes and procedures
Our anti-corruption programmes and procedures are geared towards ensuring the highest ethical standards and apply to all employees, directors, agents, consultants, contractors, and any other person or body associated with the Bank, within all regions, areas, and functions.
All new employees are trained on our anti-corruption policy as part of their induction process, and then annually as part of KBZ’s compliance training. The training is designed to promote a genuine understanding of our anti-corruption policies and compliance with it. The training is focussed on promoting a genuine understanding of our anti-corruption policies and compliance with it.
Our zero-tolerance approach to bribery and corruption is also communicated to all our suppliers, contractors, agents, and other partners at the outset of our relationship, and as needed thereafter. The Bank’s internal control systems and procedures are subject to regular audits to ensure their effectiveness in countering bribery and corruption.
The Legal & Compliance function is responsible for monitoring and ensuring that the bank’s anti-corruption measures and actions are aligned with its values.