Reserve Bank Elevates Financial Oversight with Assurance Functions Conference

 

January 11, 2024

The Reserve Bank orchestrated a pivotal conference in Mumbai on January 11, 2024, addressing Heads of Assurance Functions from all Scheduled Commercial Banks (SCBs). Themed 'Resilient Financial System – Role of Effective Assurance Functions,' this event marked a significant stride in the series of supervisory engagements initiated by the Governor in May 2023.

Regulatory Insights and Collaboration Emphasized

Deputy Governors Shri M. Rajeshwar Rao and Shri Swaminathan J. took the stage, highlighting regulatory expectations and stressing the crucial role Assurance Functions play in fortifying the financial system. Shri Rao underscored the necessity for a forward-looking approach and collaboration among Assurance Functions to ensure a comprehensive risk mitigation strategy.

Assurance Functions as Guardians of Institutions

Shri Swaminathan emphasized the effectiveness of supervision when supported by robust Assurance Functions, urging them to act as the conscience keepers of their institutions. Maintaining independence and a proactive alert stance were identified as key attributes for identifying and mitigating emerging risks, thus ensuring stability in financial institutions and the broader financial system.

Insightful Sessions and Best Practices Sharing

Technical sessions on Assurance Functions, led by Chief General Managers of the Reserve Bank, provided valuable insights. Additionally, Heads of Assurance Functions from select SCBs shared best practices during presentations, contributing to a rich exchange of knowledge and experience.

Interactive Closure with Executive Directors

The conference concluded with a dynamic open house interaction between participants and the Reserve Bank's Executive Directors. This engaging session served as a forum for participants to seek clarifications and further insights.