The ICICI Lombard General Insurance in association with CNBC-TV18 has recently organized India Risk Management Awards, which held an insightful master class on new-age risks and their management. Several renowned thought leaders and industry veterans joined the session to decode how businesses can de-risk themselves in the age of technological advancement.
In the recent past, traditional risks in relation to accidents, employee health, property and equipments imposed biggest threats on businesses. However, there has been a shift in the risk field in recent years due to digital disruption in business world with concerns regarding data theft, compliance, privacy and cybersecurity. Presently, most of the companies now say new age risks have more significance to business operation than traditional ones.
Lalit Malik, CFO, Dabur India; Shrikant Shrivastava, Chief Risk Officer, India Mortgage Guarantee Corporation; Deepak Ahluwalia, Vice President & Global Head of Governance, Risk and Compliance, Zomato; Deepak Matai, Country CEO – India, Malaysia & Bangladesh, CPP Group; and Sandeep Goradia, Head – Corporate Solution Group, ICICI Lombard were present at the session.
“Risk management is not only an issue for an IT manager or a technology manager’s job; it runs across the organisation,” said Zomato’s Deepak Ahluwalia. “Every business leader as well as functional leader is responsible for risk management, for ensuring that they are considering the risks in whatever part they are playing in the entire process,” he added.
While the merits of a company-wide risk-aware culture cannot be overstated, this should extend to vendors and partners as well. “Today’s IT processes are a sum of parts,” said IMGC’s Shrikant Shrivastava. He sheds light on the fact that the most effective risk management practices can be unsuccessful in case they aren’t followed across the supply chain. On the other hand, the third-party is ranking high on the priority list of CXOs nowadays.
CPP’s Deepak Matai said, “The customer data that lies with the bank and might be lying with a call center or collection agency is, I think, the biggest risk our business really faces today.”
Lalit Malik said that Dabur India looked at the likelihood and impact of each risk, its nature, time frame, the options at the business’ disposal and the cost of managing it. ICICI Lombard’s Sandeep Goradia revealed Cyber Insurance has become one of their highest-selling products right now.
