Mumbai (Maharashtra) [India], The Reserve Bank of India (RBI) on Thursday convened a conference in Mumbai, bringing together heads of assurance functions of select urban co-operative banks (UCBs). According to the RBI press release, the conference was attended by. Around 30 participants representing over 120 UCBs focused on enhancing the resilience of the financial system through effective assurance functions. The event, themed 'Resilient Financial System – Role of Effective Assurance Functions', was organized under the supervision of RBI. Part of a series of. Similar conferences were held last year for heads of assurance functions of scheduled commercial banks and non-banking financial companies along with their regulated entities, before which deputy governors M Rajeshwar Rao and Swaminathan J had met executive directors SC Murmu, Saurav Sinha. Had addressed the participants with. Accompanied by Rohit Jain, Manoranjan Mishra, other senior officials representing the regulation, supervision and enforcement departments of the RBI, Rao in his keynote address stressed the importance of the three assurance functions and the importance of ensuring their effectiveness with independence. Gave.Given the increasing competition in the financial sector, he urged Chief Risk Officers to help monitor management and reduce risks on banks' balance sheets. With regard to compliance work, he stressed the need for a forward-looking and anticipatory approach. Additionally, he encouraged internal Audi functions to establish clear communication channels within the organization to facilitate proactive reporting of significant findings and ensure necessary corrective actions are taken. In his speech, Swaminathan outlined the supervisory expectations of the Reserve Bank and emphasized the important role played by effective assurance functions. Maintaining the financial stability of banks and maintaining confidence among customers and stakeholders, he highlighted the importance of identifying and managing emerging risks as well as adapting to the changing dynamics of traditional risks.He stressed the need for continuous updating and strengthening of internal control systems to meet these challenges. Additionally, he reiterated the Reserve Bank's zero-tolerance policy towards poor governance practices identified in UCBs, which is in line with its overall approach to the financial sector. The conference included technical sessions conducted by Chief General Managers of RBI on the three assurance functions – risk management, compliance and internal audit, presentations on best practices and challenges were also given by the heads of assurance functions of select UCBs. The conference ended with a conference. The Open House interaction allows participants to directly connect with the Executive Directors of RBI and the Chief Generation Manager in-charge of the Department of Supervision.This session provided an opportunity for further discussion on issues of insight, promoting collaboration to strengthen the assurance functions of UCBs.