https://www.taxtmi.com/news?id=27497 Assurance functions - risk management, internal audit and compliance - are essential guardians of urban co operative banks, required to maintain Board approved policies aligned with the bank's risk tolerance, proactively manage emerging cyber and operational risks, investigate and remedy breaches of risk limits, and ensure internal audit provides independent, risk proportional coverage. Compliance must adopt a forward looking, regulation plus approach. Regulators' onsite examinations and Risk Assessment Reports are diagnostic; banks must address root causes and implement Risk Mitigation Plans within agreed timelines. The independence of assurance functionaries, via stature, direct reporting and prevention of dual hatting, is a critical governance requirement. en-us Sat, 18 May 2024 09:47:33 +0530 Sat, 18 May 2024 09:47:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=27497 Assurance functions - risk management, internal audit and compliance - are essential guardians of urban co operative banks, required to maintain Board approved policies aligned with the bank's risk tolerance, proactively manage emerging cyber and operational risks, investigate and remedy breaches of risk limits, and ensure internal audit provides independent, risk proportional coverage. Compliance must adopt a forward looking, regulation plus approach. Regulators' onsite examinations and Risk Assessment Reports are diagnostic; banks must address root causes and implement Risk Mitigation Plans within agreed timelines. The independence of assurance functionaries, via stature, direct reporting and prevention of dual hatting, is a critical governance requirement. News - Sat, 18 May 2024 09:47:33 +0530 https://www.taxtmi.com/news?id=27497