Risk Discovery
RBI aiming to set global risk-focused supervision model, says Swaminathan
This story was originally published at 18:07 IST on 15 October 2024
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MUMBAI – The Reserve Bank of India is aiming to establish a global model of risk-focused supervision by fostering a strong risk discovery and compliance culture, building a "through-the-cycle" risk assessment framework, Deputy Governor Swaminathan J. said at the "Central Banking at Crossroads" event in New Delhi on Monday. "Reserve Bank is working to create a comprehensive data analytics ecosystem to support its supervisory functions," Swaminathan said in the speech that was released Tuesday.
In June, Governor Shaktikanta Das had said the central bank has drawn up strategies consisting of policy actions towards positioning it as a model central bank of the global south.
Emphasising the significance of global supervisory cooperation, Swaminathan said, historically, crises have acted as catalysts for bringing supervisors together to address shared challenges. He cited that the Basel Committee on Banking Supervision was formed in the aftermath of the Herstatt Bank failure, highlighting the necessity for a coordinated response to systemic risks.
"However, we should not wait for crises to play out before strengthening international collaboration. Greater engagement for proactive horizon scanning of potential risks and vulnerabilities, along with discussions on strategies to mitigate and address these challenges, can enhance our collective resilience and crisis preparedness," he said. End
Reported by Richard Fargose
Edited by Manisha Baxla
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