<h1>Assurance Functions Vital for Urban Cooperative Banks: Risk Management, Compliance, and Governance Highlighted.</h1> The Deputy Governor of the Reserve Bank of India emphasized the critical role of assurance functions in Urban Cooperative Banks (UCBs) during a conference in Mumbai. Key assurance functions such as risk management, internal audit, and compliance are vital in maintaining bank safety, ethical operations, and regulatory compliance. The speech highlighted emerging risks like cybersecurity threats and operational disruptions, necessitating robust risk management and proactive strategies. The Deputy Governor underscored the importance of adapting to regulatory changes and maintaining high corporate governance standards. He also stressed the need for independence in assurance functions to ensure trust and integrity within the banking sector.