Safeguarding Financial Stability: The Crucial Role of Assurance Functions | Speech by Shri Swaminathan J, Deputy Governor, Reserve Bank of India

Summary:

The Reserve Bank of India Governor addressed the inaugural conference of Heads of Assurance functions, emphasizing the importance of independence and effectiveness of these functions in promoting regulatory compliance, risk management, and financial stability. The Governor highlighted the role of assurance functions in identifying and mitigating emerging risks, particularly in the context of technological advancements, climate change, and cybersecurity threats. The conference focused on specific aspects of compliance, risk management, and internal audit, including the need for a "regulation-plus"" approach