Rajeshwar Rao, Deputy Governor, Reserve Bank of India noted in a latest speech that in todays dynamic and integrated world, where the business of banking is becoming complex and banks are engaging with several external parties to carry out different functions, a Combined Assurance Model (CAM) which transcends functional and geographical silos may better serve the financial institutions. Such a combined assurance model should integrate assurance processes, strengthen governance oversight and optimize control efficiencies while presenting a coherent story and assessment of risks embedded in the products or processes. Successful implementation this framework would not only give a more holistic, organised, and accurate view of risk, but could also prove to be more cost-effective and efficient by eliminating duplicative controls and blind spots, through a common risk universe, risk taxonomy and risk ranking. However, it is not easy to implement a combined approach to assurance, he opined.
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