Overview

The Risk Monitoring Department (RMD) has been constituted for implementation of Enterprise-wide Risk Management System in the Reserve Bank. The department has three divisions looking after operational risks, financial risks, and IT and cyber risks. For effective identification, assessment and monitoring of risks uniformly throughout the Reserve Bank, RMD has been mandated:

• To prepare a broad risk monitoring framework and to formulate and to periodically review the Reserve Bank’s policies/ methodologies/ matrices and to interact with functional units to ensure that all significant risks are identified.

• To aggregate, monitor and periodically report the risks reported by functional units to the Risk Monitoring Committee (RMC) and Audit and Risk Management Sub-Committee (ARMS).

• To assess and report the Economic Capital necessary so as to build provisions for various risks arising out of the Reserve Bank's policy actions.

• To undertake some of the mid-office functions for reserve management.

• To create institutional memory by building a database of 'loss' and 'near loss' events.

• To foster risk culture in the organization.

• To implement, review and operate Bank’s Information Security Management System; monitor IT/cyber security processes; monitor cyber security events/ incidents; create cyber risk awareness across the organisation; promote IT/cyber security initiatives and to report on IT/cyber risk to the Top Management of the Bank.

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