The Reserve Bank of India (RBI) has been recognized as the “Risk Manager of the Year 2024” by Central Banking, a prestigious publication headquartered in London. This accolade underscores RBI’s remarkable strides in enhancing risk culture and awareness, affirming its pivotal role in safeguarding India’s financial stability.
RBI’s Risk Monitoring Department played a central role in formulating and implementing an ERM framework. This comprehensive approach ensures that risks are managed consistently across the organization.
Over the past year, RBI focused on enhancing existing risk controls. By fortifying risk management practices, they elevated their operational risk management from a “managed” to an “advanced” category according to international standards.
The Reserve Bank of India has been awarded the Risk Manager of the Year Award 2024 by Central Banking, London, UK.
RBI was awarded the best risk manager for improving its risk culture and awareness.
Executive Director Shri Manoranjan Mishra received the award on behalf of the… pic.twitter.com/r9nmpWgQqn
— ReserveBankOfIndia (@RBI) June 16, 2024
RBI developed innovative frameworks to address a broader range of risks. These frameworks provide a robust foundation for risk assessment and mitigation. RBI actively cultivated a risk-aware culture throughout the organization. This emphasis on risk consciousness contributes to overall financial stability.
RBI benchmarked its risk management practices against global standards, ensuring alignment with best practices. Moreover, the central bank is proactively working on cybersecurity controls to safeguard against digital threats.
In summary, RBI’s commitment to risk management excellence has earned it the prestigious “Risk Manager of the Year 2024” award, reinforcing its critical role in India’s financial landscape.
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