The Reserve Bank of India was awarded the Risk Manager of the Year Award 2024 by Central Banking, London, UK.
The Indian central bank was awarded best risk manager for improving its risk culture and awareness, according to the tweet on X.
The award was received by the RBI Executive Director Manoranjan Mishra on behalf of the central bank.
Enterprise Wide Risk Management
According to the RBI's 2024 annual report, some of the key work taken up by the RBI's Enterprise Wide Risk Management Department included reviewing the framework of incident reporting, making a handbook for guiding risk officers formulation of key risk indicators for various business areas and developing a liquidity-at-risk model for the forex portfolio of the Reserve Bank.
The Reserve Bank is also examining possible applications of using artificial intelligence to manage the complete lifecycle of risk management, as stated in the 2023-24 annual report.
This year the central bank intends to take up analysis of the current approved risk tolerance limits in business areas, revision of the Information Security Policy, 2022, balance sheet stress testing, and more.
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