5. 8 per cent as on march 31, 2022 and 7. 3 per cent as on march 31, 2021. the crar at 16. 1 per cent at end december 2022 is also much above the minimum regulatory requirement. macro stress tests for credit risk indicate that scbs would be able to comply with the minimum capital requirements even under severe stress scenarios. 9. nevertheless, the recent events in the banking landscape of the us and europe suggest that risks for an individual bank could crop up from segments of its balance sheet which might have been considered relatively safer. hence, we expect the management and board of directors of each bank to continually assess the financial risks and focus on building up adequate capital and liquidity buffers even beyond the regulatory minimum for continued resilience and sustainable growth. 10. let me now focus on operational resilience. this would mean that a bank should be able to deliver critical services even in the face of disruptions. cyber risks and possible cyber - attacks are on top of the list so far as such disruptions are concerned. 11. cyber risk has been identified as the foremost in top ten operational risks for 2023 based on a global survey1 of financial institutions. the bank for international settlements ( bis ), while revising the principles for sound management of operational risk in 2021, introduced a specific principle on'information and communications technology ( ict ) risk management'reflecting the importance of this risk. robust it and information security governance would help in increased predictability and reduction of uncertainty in operations, minimise losses from information security related incidents and enhance operational resilience. given the extensive level of outsourcing being 2 / 6 bis - central bankers'speeches done by the banks and also by other regulated entities, there is even greater need for ensuring that effective policies and practices are in place in this regard. even the g20 finance ministers and central bank governors are focusing on risks arising from third party dependencies. the rbi has taken a slew of measures in the recent years with usage of advanced analytical and surveillance tools along with techniques like phishing simulation and cyber reconnaissance exercises to push for enhanced it and cyber security governance processes in banks and other supervised entities. in the context of the growing exposure of regulated entities ( res ) to various risks from dependency on third - parties which provide technology and it - enabled services, the reserve bank has recently on april 10, 2023 issued comprehensive guidelines on information technology outsourcing2 by banks, nbfcs, and

##ing the indian financial system and provide the required support for sustainable growth. i am confident that this global conference on financial resilience organised by the college of supervisors with participation of experts from india and abroad will add considerable value to the body of knowledge in the area of resilient financial systems. i have been informed that many research papers on identified themes have been received and select papers have been made part of the maiden issue of the journal of financial resilience, which was released today. i am sure the deliberations during the conference would provide a lot of food for thought and bring new perspectives on the evolution of financial regulation and supervision. i wish the conference all success! thank you. 1 source : risk. net 2 master direction on outsourcing of information technology services 6 / 6 bis - central bankers'speeches