Risk and Insurance Management Society: REPORT – Excellence in Risk Management – State of Risk Management in India
In an increasingly complex, volatile, and interconnected world, risk management has assumed greater significance. Technological advancements have revolutionized business practices but, at the same time, are posing new sets of challenges.
In
At this unique juncture, Marsh and RIMS, the risk management society(TM) decided to collaborate and produce this joint study which sheds light on the maturity of risk management functions within corporate
* What are the top risks Indian corporates faces?
* How mature is risk management in organizations?
* What are the key areas of risk management that require improvement?
* What are the risks of adopting emerging technologies?
* Key recommendations for risk executives.
Some Key Learnings and Takeaways
* Large scale cyberattacks and massive incidents of data fraud or theft continue to be perceived as top risks for corporate
* Extreme weather events on the back of recent events continue to be perceived as one of the top risk concerns for corporate
* Severe energy price shock and failure of major financial mechanism or institution also emerged as some of the other top risk concerns highlighted by corporate
* The interconnected dynamics of geopolitics, technological advances, global economic integration, social instability and climate change mean that the manifestation of one risk is increasingly likely to influence others. This interconnectivity and interaction of longstanding and emerging risks, is creating even more unique and unpredictable risks making it even more difficult for organizations to identify risks.
* Most risk professionals, C-suite executives, and finance professionals generally agree that forecasting critical business risks is more difficult today than before and won't get any easier in the next three years
* Highly crucial for organizations is also to ensure that risk management integrates with the strategy and values of the organization and then setting it in stone by implementing risk management processes within the day-to-day business.
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