Along with its India partner, the Institute of Risk Management, UK has recently orgsanised ‘A Risk Management Conclave’ in association with IMC Chamber of Commerce and Industry at Nehru Centre in Worli.
Several industry stalwarts supported the conclave as panelists in order to discuss on the importance of risk management and its education in India. With the challenges being faced by Indian businesses, a rise in corporate governance issues, disruption in traditional business models and volatility in the Indian economy, risk management has been the topic of the discussion at the conclave.
“India is perhaps the only country in the world that has mandated a Risk Management Committee of the Board, apart from Audit Committee and Compliance Committee and these 3 committees are very distinctly managed for keeping an organisation safe and sustainable” said Shailesh Haribhakti, Board Chairman, Audit Committee Chair and Independent Director at some of the country’s most preeminent organizations.
Another industry stalwart, Amit Tandon said, “Focus on the risk management process is of paramount importance”. Presently, regulators in India have emphasized on the need for a well-defined risk management structure to ensure more transparency from a corporate governance point of view and also prudent decision making for the smooth functioning of businesses.
Mr. Sudhir Valia, Non-Executive Director, Sun Pharma, added “Risks emanate from the shop floor and they should be resolved by the risk owners itself, because once these risks travel to the board room, the impact cannot be reduced to a desired level.”