RBI Urges CROs to Take Pre-emptive Measures to Mitigate Risks
Jan 11, 2024 18:40
The Reserve Bank of India has called on chief compliance officers and CROs to be proactive in mitigating risks, emphasizing the need for a forward-looking approach and collaboration between assurance functions.
Mumbai, Jan 11 (PTI) The Reserve Bank of India has asked chief compliance officers and Chief Risk Officers (CROs) to be proactive and take pre-emptive measures to mitigate risks.
Addressing a conference of heads of assurance functions (i.e., chief compliance officers, CROs and heads of internal audit) of all Scheduled Commercial Banks (SCBs),
RBI Deputy Governor M Rajeshwar Rao sought a forward-looking perspective of risks and initiate pre-emptive measures to mitigate risks.
He further exhorted the assurance functions to work in collaboration with each other and avoid silos within the banks to provide for a holistic assurance to stakeholders.
Speaking at the conference held on Wednesday, RBI Deputy Governor Swaminathan J outlined the central bank's supervisory expectations, and asserted that supervision is effective when supported by effective assurance functions.
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