IGC Standard Operational Procedure
Platform for Direction & Control
INSTITUTE OF GOVERNANCE AND COMPLIANCE
ORGANIZATION STRUCTURE OF IGC
Organization Structure of IGC
The business and affairs of the Institute are managed by a Board of Management. The Board of Management has appointed Committees to carry out various assignments.
Some of the Committees are as follows:
- Course Structure Committee
- Institute Quality Assurance Committee
- Education Affairs Committee
- Seminars and Professional Meeting Committee
- Media and Public Relations Committee
- Membership Affairs Committee
- Student Affairs and Examinations Committee
The Constitution provides for four eminent and distinguished persons to serve on the Council established by the Board of Management, selected from among the following:
- A Representative at the senior level from the Ministry of Higher Education / University Grants commission.
- A representative from one of the following, each holding Office in rotation for one (1) year: Security Exchange Commission of Sri Lanka, or Colombo Stock Exchange
- A representative from the Council of Legal Education of Sri Lank
VISION AND MISION
Vision “Achieving excellence in Governance, Compliance and Good practices”.
Mission “Educating society to build a disciplined nation”.
A candidate who has any one of the under-mentioned admission criteria may register as a student:
- Foundation; GCE (O/L) – 2 Distinctions and 3 credits, Including the English Language.
- Certificate and above; GCE (A/L) – 3 Passes, (Mandatory, pass in General English, GCE (A/L), and Credit in the English Language, at GCE (O/L).
- Degree of a recognized University or equivalent.
- Professional Qualification Holders.
Those who hold a qualification from a professional body, such as those listed below, may also register. (They are entitled to subject exemptions)
- Attorneys – at – law (AAL)
- Members of the Institute of Chartered Accountants of Sri Lanka (ICSL) Members of the
- Chartered Institute of Management Accountants (CIMA) Members of the Society of Certified
- Management Accountants (CMA) Member of the Association of Chartered Certified
- Accountants (ACCA) Members of the Association of Accounting Technicians of Sri Lanka (AATSL)
- Members of ICA UK
Subject Exemptions if any will be decided upon at the discretion of the Board of Management.
Those over 21 years of age, who have passed six subjects in the GCEO/L Examination and are proficient in the English Language with a minimum of two years’ experience at the middle management level in a Respective field of study environment will be considered.
The Institute’s examinations can be attempted only by registered students at the Institute. An applicant must comply with the following to gain student membership:
- Application for registration must be made in the prescribed Application Form.
- Every applicant for registration must provide evidence acceptable to the Institute as follows:
- Certified copies of the relevant educational / professional qualifications.
- Certified copy of the National Identity Card / Passport.
- Two stamp size colour photographs certified on the reverse.
Every applicant for registration must be recommended as fit and proper for admission to the examinations of the Institute by a member of the Institute or by a person of professional standing.
The decision of the Institute on all applications shall be final.
Fee for registration
Payments may be made online or as bank Deposits, or bank fund transfers to the account details mentioned on the invoice provided.
Cash will also be accepted in special circumstances.
IGC Campus Working Hours :
Monday – Friday 9.00 AM – 5.00 PM
Saturday – 9.00 AM- 1.00 PM
Registration as a Student and for Examinations
Applications for registration as a student can be submitted at any time.
Registering as a student confers no Corporate Membership or Voting rights. Success in the prescribed examinations does not give automatic entitlement to corporate Membership. Successful students must also satisfy the necessary work experience criteria to apply for Corporate Membership.
Renewal of Studentship
Student Annual membership renewal fees are due on or before the start of each academic year calendar year. Students failing to settle the renewal fees on or before the due date will be removed from the Register. Once removed from the register, students are not permitted to sit the examination and will no longer be entitled to use the services of the institute until such time they have been re-registered and pay a re-registration fee to continue their studentship.
As a rule, IGC grants exemptions only where a qualification has been obtained in full. Exemptions on the subject for a subject may be considered under special circumstances. Part qualifications from professional/academic Institutions will be considered at the discretion of the Board of Management of the Institute.
Application for Exemptions
Applications for exemptions should be submitted in the prescribed form. Request for exemptions should be submitted together with the relevant results sheets/certificates and the required fees.
Examinations and Exemptions
The following table sets out the subject exemptions that will be granted for those fully qualified:
IGC reserves the right to amend the exemption policy at any time.
Age: There is no age limit for applicants for exemptions.
Professional Qualifications: Applicants with qualifications from ICASL, CIMA, CMA, ACCA, and AATSL should submit a certified (by Notary Public or Attorney–at–Law under his seal) copy of the Final Examination.
Certificate from the relevant Institute confirming that the Applicant has completed all examinations of the Institute, or alternatively submit a certified ( by Notary Public or Attorney–at–Law under his seal ) copy of the Associate or fellow membership of the relevant Institute.
Part Qualified Professionals and ICA (UK) Students: those seeking a subject for subject exemptions are requested to write to the Administrative Secretary of IGC giving full details of their part qualifications with certified (by Notary Public or Attorney – at – Law under his seal) copies of relevant certificates seeking exemptions.
Attorneys – at – Law: Attorney – at – law are required to send similar certified copies of their final examination certificates from the Sri Lanka Law College.
(IGC reserves the right to write the relevant Institute for details and/or to call for confirmation of the qualification.) exemptions, for example for dual qualifications. Such appeals will be considered on a case by a case basis.
University Graduates: Applicants with undergraduate and post-graduate degrees may also apply for an exemption. Such applications must be accompanied by certified copies (by Notary Public of Attorney–at–Law under his seal) or their examination pass certificates.
Other Qualifications: Same comments apply as in the case of university Graduate / Post Graduate Applicants.
Approval of Exemptions: Exemptions Committee will consider the age, work experience and qualifications of all applications for exemption on a case-by-case basis.
Fees: All applicants whose applications are considered favourably will be required to pay the exemption fee and annual fee of the IGC before the exemption is granted.
Results, Awards & Scholarships
Results of the examinations will be released within 08 weeks of the examination date. The Institute’s pass mark for all examinations is 50 and the Institute will not enter into correspondence with candidates about examination results.
The marked grade bands for the Institute’s examinations are as follows:
Distinction – 75% – 100%
Merit – 65% – 74%
Pass – 50% – 64%
Fail – 0% – 49%
The IGC will award the following prizes:
A Gold medal to the candidate who achieves the highest aggregate marks in all modules on the results of the half-yearly examinations
A Prize for the Diploma Module only, based on the results of the Diploma Examination.
Prizes and certificates to the candidates who achieve the highest overall aggregate marks at each of the other stages, on a half-yearly basis for each examination.
Please contact the Secretariat for further clarification if needed.
Scholarships will be awarded to the best candidate/s based on the results of an Examination conducted by the IGC, covering each subject.
Becoming a Member
Following the successful completion of all Modules & theses, successful students will be provided with a membership application form. This form is to be completed and returned to the Secretariat, together with a current CV, outlining work experience. Upon receipt of the form, it will be checked and then submitted at the next meeting of the board of Management for approval.
In addition to completing all modules & Theses, successful students must have had appropriate practical experience, which should be documented and certified on the form. Where they are unable to get the form signed by a previous employer, a reference or letter of appointment will suffice.
The definition of “relevant” work experience is very broad. It is defined as a full-time position of middle to senior positions in the areas of Study. Experience can be gained in any number of different organizations, in both the private and public sectors. Some practical experience in compliance is considered mandatory.
Candidates are also required to show evidence as a “fit and proper person “. Candidates need to provide two referees to character – it will be preferable if one of these referees is a member of IGC. In some cases, an IGC member may not be known. In this instance, two persons of professional standing can recommend.
Admission to Membership
- Corporate Members
IGC students who have passed all the examinations and have fulfilled the required period of qualifying service shall be eligible to apply as a member in any one of the following categories upon the payment of the relevant admission/ membership fee within the stipulated period.
Members will require four (4) years of work experience in an executive position of which at least two (2) years should be in the Governance and Compliance field.
To advance to this senior grade of membership, members require to have at least six (6) years of work experience in the Governance and Compliance field. after obtaining Associate Membership. Members who are applying for fellow Membership to hold a Senior Appointment in their Organization. On being elected to membership, Members can use the designatory letters AIGC (Associate of the Institute) or FIGC (Fellow of the Institute).
FACILITIES FOR STUDENTS
Registered Students have access to below:
Students are welcome to use the facilities available at IGC Campus during office hours. Books on relevant study topics, journals, study packs, recommended reference texts and a large collection of publications on all subjects in the IGC curriculum are also available.
IGC offers a range of Seminars, Conferences, and a Continuous Professional Development Program (CPD) on topics and areas relevant to the field of study. These are offered at a discount to students and provide a valuable tool for updating on topical issues.
The IGC website www.igcsl.lk provides information on upcoming Seminars and events.
Change of Address, Contact details
The student should inform the IGC office of any change of address or email promptly.