The Risk Management Association of India (RMAI) successfully conducted a three-day Enterprise Risk Management (ERM) Training Programme for Druk Holding & Investments Limited (DHI) and its portfolio companies from 22 to 24 July 2026 in Bhutan.
The programme brought together 45 risk focal points and professionals representing DHI and 19 portfolio companies, covering some of Bhutan’s most important organisations across sectors including hydropower, banking and financial services, aviation, telecommunications, mining, manufacturing, infrastructure, energy and other strategic industries.
The programme was designed to strengthen enterprise-wide risk management capabilities, promote a common understanding of ERM principles, and support organisations in building stronger risk governance, risk culture and strategic decision-making capabilities.
Druk Holding & Investments: Driving Sustainable Value Creation for Bhutan
Druk Holding & Investments Limited (DHI) is the commercial investment arm of the Royal Government of Bhutan and plays a critical role in managing and developing strategic national assets.
Established to professionally manage Bhutan’s government-owned companies, DHI oversees a diverse portfolio of enterprises operating across key sectors that contribute significantly to the country’s economic growth and development.
DHI’s portfolio ecosystem represents a wide range of industries, including:
- Hydropower and energy
- Banking and financial services
- Telecommunications
- Aviation
- Mining and natural resources
- Manufacturing
- Infrastructure development
- Trading and other strategic sectors
Given the diversity and importance of these organisations, developing a consistent enterprise risk management approach is essential to ensure resilience, informed decision-making and sustainable long-term value creation.
Building Enterprise Risk Management Capability Across Bhutan’s Core Sectors
The three-day programme focused on moving beyond traditional risk management approaches towards a more integrated enterprise-wide perspective.
The programme covered key areas including:
Enterprise Risk Management Foundations
Participants explored the evolution and importance of ERM, understanding how organisations can connect risk management with strategic objectives, governance structures and business decisions.
The sessions highlighted the importance of moving from a reactive approach towards proactive identification, assessment and management of risks.
Risk Culture and Governance
A key focus of the programme was strengthening risk culture across organisations.
Participants discussed:
- Role of leadership in shaping risk culture
- Accountability and ownership of risks
- Role of risk focal points
- Importance of escalation mechanisms
- Integration of risk thinking into everyday decision-making
Risk Registers, Risk Assessment and Reporting
The programme covered practical aspects of:
- Developing effective risk registers
- Identifying enterprise-level risks
- Understanding inherent and residual risks
- Assessing control effectiveness
- Developing meaningful risk reporting mechanisms
- Using risk information to support management decisions
Risk Appetite and Strategic Integration
Participants also explored:
- Risk appetite and tolerance concepts
- Linking risk appetite with strategic objectives
- Risk maturity assessment
- Integrating ERM into organisational planning and decision-making
The sessions were structured to ensure relevance across sectors, recognising that while risk exposures differ between industries, the principles of effective risk governance remain common.
Cross-Industry Learning and Practical Application
One of the unique aspects of the programme was the participation of professionals from diverse sectors.
The discussions highlighted how similar enterprise risks can have different implications across industries.
For example:
- Cyber risk can impact banking operations, telecommunications networks, utilities and public services.
- Climate and environmental risks can affect hydropower generation, infrastructure projects, mining operations and supply chains.
- Operational resilience is critical for financial institutions, aviation companies, manufacturing organisations and technology-driven businesses.
- Third-party dependencies can create interconnected risks across multiple sectors.
This cross-sector approach enabled participants to understand how different organisations identify, assess and manage risks while building a shared enterprise risk language.
Special Milestone: Launch of Enterprise Risk Management Book
A special highlight of the programme was the launch of the book:
“Enterprise Risk Management”
authored by:
Dr. Rakesh Agarwal
Secretary General, Risk Management Association of India
and
Mr. Ujjwal Deep Dahal, PMP
Chief Executive Officer, Druk Holding & Investments Limited
The book provides a comprehensive perspective on enterprise risk management, covering global research, frameworks, practical approaches, industry applications and case studies.
The launch represents an important milestone in strengthening knowledge-sharing and professional capability development in the field of risk management.
The book will serve as a valuable reference resource for professionals seeking to understand and implement effective ERM practices across industries.
Commitment Towards Future-Ready Organisations
In today’s interconnected environment, organisations face increasingly complex challenges arising from technology disruption, climate change, geopolitical developments, regulatory expectations and evolving stakeholder demands.
A strong enterprise risk management approach enables organisations to:
- Anticipate emerging risks
- Make informed strategic decisions
- Strengthen governance structures
- Improve operational resilience
- Protect stakeholder value
- Create sustainable long-term growth
Through this programme, DHI and participating organisations demonstrated their commitment towards developing future-ready institutions supported by strong risk management practices.
Acknowledgement
Risk Management Association of India expresses its sincere appreciation to:
Mr. Ujjwal Deep Dahal, CEO, Druk Holding & Investments Limited,
the leadership team of DHI,
Bhutan Global Mindfulness & MICE (BGMM),
and all participating organisations and risk professionals
for their support and collaboration in making this programme successful.
The participation and engagement of 45 risk professionals representing Bhutan’s strategic enterprises made this programme a meaningful platform for knowledge exchange, professional learning and collaboration.
About Risk Management Association of India (RMAI)
Risk Management Association of India is a professional organisation dedicated to promoting risk management awareness, education and professional development.
RMAI works with organisations across sectors to strengthen capabilities in areas including:
- Enterprise Risk Management
- Operational Risk Management
- Cyber Risk
- Business Continuity
- Fraud Risk Management
- Compliance and Governance
- ESG and Emerging Risks
Through customised training programmes, executive learning initiatives and professional certification programmes, RMAI supports organisations in building stronger risk management capabilities.
Together, RMAI and DHI continue to support the development of risk-ready and future-ready organisations that contribute towards sustainable economic growth.
