Board and Governance
Swift India Domestic Services Pvt Ltd (“Swift India” or “the Company”) is a private limited company under Indian law and is owned and controlled by its shareholders.
Board of Directors
The shareholders nominate and elect a Board of Directors, which in turn governs the company and oversees the management of the company. The company’s day-to-day operations are managed by a team of full-time employees, headed by a Chief Executive Officer.
The Board of Directors of Swift India comprises senior representatives of the Indian banking industry, and executives and senior management of Swift SC.
Members of the Board of Directors and their profiles can be found here.
Board Committees
The full Board is advised and guided by three standing Board Committees, and Board Task Forces as required on specific areas of focus. Board Committees support the full Board in its governance responsibilities by guiding the management of the company, reporting to the full Board as required and seeking approval from the full Board for necessary resolutions.
The terms of reference for each Committee are reviewed and approved by the full Board annually.
Board Committees are convened usually every quarter and Board Task Forces are convened as required.
The Standing Board Committees and Task Forces
Audit, Finance, Compliance and Risk Committee (AFCRC)
The AFCRC assists the Board in the execution of its governance responsibilities, in the areas of:
- Accounting, Financial Reporting and Control.
- Legal and Regulatory Oversight.
- Security.
- Ethics Programs.
- Budget, Finance and Financial Long Term Planning.
- Risk Management; and
- Audit Oversight.
Technology and Operations Committee (TOC)
The TOC assists the Board in the execution of its governance responsibilities, in the areas of:
- Product portfolios, their roadmap, design, development, implementation and maintenance.
- IT strategy.
- IT security; and
- IT risk management, including systemic risks, operational risks, vendor technology risks, and physical, logical, and cyber security risks.
Nominations and Human Resources Committee (NHRC)
The NHRC assists the Board in the execution of its governance responsibilities, in the areas of:
- Recruitment and appointment of the executive and management team of the company, and succession planning.
- Executive and senior management compensation and performance evaluation.
- Definition of human resource policies and procedures, benefits plans; and
- Evaluation of overall staff performance.
Commercial Task Force (CTF)
The CTF is an ad-hoc task force set up for a limited period of time. It assists the Board in its governance responsibilities and guides the management of the company in the areas of:
- New message flows identified through Solution Working Group
- Go-to-market plan
- New commercial initiative including the Trade Digitisation project
- “Swift India” brand / communication related matters
- Strategy progress monitoring
- Monitoring & reviewing competitive developments
- Strategising adoption of new messaging flows & customer acquisitions