RBI Holds a Conference for Heads of NBFCs’ Assurance Functions to Maintain Constant Vigil Against Potential Risks
- Blog|News|FEMA & Banking|
- < 1 minute
- By Taxmann
- |
- Last Updated on 17 May, 2024
Image
Press Release No. 2024-2025/307; Dated: 15.05.2024
The RBI held a conference in Mumbai on May 15, 2024 for the heads of Assurance Functions (i.e., Chief Compliance Officers, Chief Risk Officers and Heads of Internal Audit) of select Non-Banking Financial Companies (NBFCs). The conference was attended by about 280 participants representing more than 100 NBFCs. Deputy Governors Shri M. Rajeshwar Rao and Shri Swaminathan J. addressed the participants.
The RBI’s top official, Shri Swaminathan, urged NBFCs to bolster governance and assurance functions and maintain a constant vigil against potential risks and vulnerabilities. In the highly dynamic and challenging environment in which financial entities operate, they are exposed to many risks that can impact their financial and operational resilience.
Further, he highlighted cybersecurity and operational risks, credit risks from rule-based credit models, and liquidity risks. He conveyed the RBI’s Supervisory expectations from the regulated entities to ensure independent and meaningful assurance functions and fair and transparent conduct towards customers.
Click Here To Read The Full Press Release
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied