Board and Governance

SWIFT India Domestic Services Pvt Ltd (“SWIFT India” or “the Company”) is private limited company under Indian law and is owned and controlled by its shareholders.

Board of Directors

The shareholders nominate and elect a Board Directors, which in turn governs the company and oversees the management of the company. The company’s day-to-day operations is managed by a team of full time employees, headed by a Chief Executive Officer.

The Board of Directors of SWIFT India comprises of senior representatives of the Indian banking industry, and executives and senior management of SWIFT SCRL.

Members of the Board of Directors and their profile 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 is reviewed and approved by the full Board annually.

Board Committees are convened usually every quarter and Board Task Forces are convened as required. 

The three standing Board Committees and current Task Forces are:

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, physical and logical/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 company 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 responsibilites and guides the management of the company in the areas of:

  • Definition of a go-to-market plan for company’s services, including
    • Market and customer segmentation
    • Product / service offering, value proposition and positioning
    • Timelines and milestones, and
    • Targets and objectives;
  • Definition of pricing principles;
  • Definition of customer agreements, including applicable corporate rules, end user agreements, services descriptions, and other policies; and
  • Guidance on commercial plans.