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.
