Risk Management has assumed great significance in the global economic scenario. More and more companies are recognising the need for implementing the concept in their organisation. Unless risk is monitored properly the very existence of business may be at stake. The technological advancement has revolutionised the ways of doing business but at the same time has posed new challenges to manage and contain risk.
In western countries, Risk Management is an important area which has attracted the attention of Bankers, Insurers, Financial Institutions, Government, business houses, in forecasting the imminent risk in undertaking any project/work and taking suitable precautions to avoid or minimize the adverse impact of risk. Read more
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News and Updates
Assam govt likely to set cybersecurity policy to protect NRC data
In a bid to protect vital data and institutions, particularly related to the National Register of Citizens (NRC), the Assam government is planning to frame a cybersecurity policy. The Assam government has sought suggestions on a draft by September 30. As soon as the suggestions are approved, the policy will be operative for five years, the report states. According to a government official, “Vital data pertaining to the NRC, state police and citizen-centric services need to be protected. There has to be an elaborate data security plan for government agencies and small and medium enterprises.” The official further stated that Read More …
10 Cybersecurity Tips for Recruiters / Recruiting Companies
Today, nearly all recruitment agencies act as the so-called mediators between employers and employees. They’re responsible for handling the tasks of identifying top talents among the job seekers, vetting candidates that do not possess the basic qualities for a certain position, and presenting the first-class potential workers to their clients. According to G2, each corporate job offer attracts 250 resumes on average, after which the recruiters start analyzing the applications and interviewing the most relevant candidates for each post. To improve the quality of the recruitment process, more and more recruitment departments, as well as separate recruiting agencies, are now Read More …
Approaching Operational Risk Management in the Era of APRA CPS 230
On 28 July 2022, APRA (the Australian Prudential Regulation Authority) released a new prudential standard, CPS 230, designed to strengthen the management of operational risk in the financial sector. Now, that standard is in full force. But why does an Australian standard matter outside of the financial services industry? This article lays out the rationale for approaching operational risk management in the era of CPS 230 as well as important learnings from the standard’s subsections. Why care about APRA CPS 230? So, why care? Well, the short answer is APRA CPS 230 didn’t come out of a vacuum. For one, Read More …
Securing the Future: Industrial Cyber Risk Management in the Age of IT-OT Convergence
The rapid convergence of operational technology (OT) and information technology (IT) has revolutionized industrial processes, fostering innovation and efficiency. However, this evolution also exposes industries to unprecedented cybersecurity risks. From ransomware attacks to threats targeting critical infrastructure, industrial sectors embracing digital transformation must navigate a complex risk landscape to safeguard operations, assets, and regulatory compliance. The recently published Industrial Cyber Risk Management Handbook offers a comprehensive guide to addressing these challenges. It serves as a valuable resource for industry leaders, policymakers, and frontline cybersecurity professionals, presenting actionable strategies for navigating the evolving threat environment. The rapid convergence of operational technology Read More …
5 Risk Management Trends to Watch in 2023, as Seen by CROs Across the World
Economies and civilizations are experiencing multiple crises concurrently at this time. The era is marked by the simultaneous emergence and interaction of multiple, complex disruptions with widely varying causes and eventual outcomes. Climate change, the COVID-19 pandemic, record inflation and monetary tightening, supply interruptions, and heightened geopolitical risk all raise important organizational resilience problems that must be addressed together. In a constantly changing corporate environment, risk management is a competitive advantage in all industries, including finance. They are working towards becoming more able to withstand adversity. Scenario-based foresight, early indicator monitoring, and crisis-response capabilities can help them absorb shocks, pivot, Read More …
General Insurance Council launches, Faayde Ki Baat, a nationwide insurance awareness campaign
In a bid to increase awareness and adoption of non-life insurance, the General Insurance Council (GIC), the apex body of general insurers, with support from the Insurance Regulatory Authority of India (IRDAI) today launched an awareness and education campaign, ‘Faayde Ki Baat’. All 25 General Insurance, 6 SAHI (Standalone Health Insurance) and 2 Specialized Insurance companies in India, along with 11 Reinsurers have come together in a joint effort to raise awareness and educate the people of the country about the importance of non-life insurance. Under this campaign, GI Council aims to increase awareness about General Insurance and at the same Read More …
Rupee may hold steady on risk aversion in markets, gains in regional peers; USDINR to trade with positive bias
The Indian Rupee is expected to trade steady on Thursday amid risk aversion in global markets and expectations of recovery in US Dollar. The domestic currency may track gains in regional peers as China’s stimulus plan bolsters the outlook for Asian economies. In the previous session, rupee consolidated in a narrow range and depreciated against the US dollar. At the interbank foreign exchange market, the local unit opened at 79.84 per dollar. It hovered in a range of 79.68 to 79.87 before finally settling at 79.85, down 2 paise over its previous close. Surge in crude oil prices and mixed to negative Read More …
India Inc cannot take its eyes off ESG if it aims to become future-ready
The mainstreaming of environmental, social and governance (ESG) principles by corporates acknowledges the fact that their integration furthers the sustainability of a business by safeguarding the environment, the society, and the interests of various stakeholders. Investors, on their part, are increasingly considering sustainable, responsible, and ethical practices when they assess corporate performance and risk. Asset managers also play an important role as active investors in companies and in influencing them as part of their larger stewardship role. For banks as well as non-banking financial sector, too, it is increasingly becoming important to factor in ESG risk as part of their Read More …
RIMS Sets Key Legislative Priorities for 2025 to Strengthen Risk Management Advocacy
Focus on Litigation Transparency, Cybersecurity, and Insurance Reforms United States – The Risk and Insurance Management Society (RIMS) has outlined its key legislative priorities for 2025, focusing on risk management advocacy and policy reforms. As a leading organization supporting risk professionals, RIMS aims to address critical issues impacting businesses, insurers, and nonprofit organizations through legislative and regulatory action. The Public Policy Committee at RIMS plays a vital role in analyzing emerging risks, recommending policies, and educating its members on legislative developments. In 2025, RIMS’ top priorities include third-party litigation funding transparency, cybersecurity regulations, flood insurance program reforms, nonprofit tax policies, Read More …
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