Now,Indian firms to get Professional help to avoid Business Failures

K.V. Lakshmana, INN/New Delhi, @kvlakshman

can be contacted on [email protected]

Industry leaders from across sectors – from private equity to telecom to retail to academics – have been brought onto a single platform to advise companies in risk and crisis management.

Most often, it has been seen in India, also in some parts of the world, risk management as a strategic tool for business growth was missing. And in fact, its importance gets heightened in the number of business failures in India.

And in fact, its absence has been telling on the life and longevity of some firms that have gone down under.

Given the newest threat posed by the ongoing Covid19 pandemic has highlighted the importance of risk vision, and because of the increase in business failures in the country, the companies have realized the need for risk and crisis management as a tool to help sustainable business growth.

Now, help is at hand for the Indian companies from the Indian affiliate of the Institute of Risk Management – UK (IRM India). It has formed a Strategic Advisory Board comprising industry leaders from a range of sectors to provide expert and impact-led insights to nurture a forward-thinking risk community in India.

A virtual meeting of the advisory board held recently, it reaffirmed its support for risk management in India, which they will render through thought leadership, research, and mentoring collaboration with IRM India.

The Board also unveiled the India vision of the global professional body and discussed ways and means to go forward amidst the ongoing pandemic.

In the discussion, the table was the implications of the current pandemic on India’s economy, and the importance of enterprise risk management as a key component of Indian business strategies, for a successful recovery and future direction.

The board also discussed threadbare the risks and challenges that lie ahead for various sectors and ways for companies to overcome them.

Hersh Shah, CEO, India Affiliate of Institute of Risk Management – UK (IRM India) said, “We are thrilled to have on board this group of seasoned experts, whose collective knowledge and experience we can leverage, to drive a healthy risk culture among organizations in India.”

Enterprise risk management provides companies with a path towards improving outcomes and accelerating growth, and at IRM India, our aim is to nurture an ecosystem that blends global standards with local insights and creates a pool of qualified and visionary risk professionals to guide Indian companies into the future, he added.

Strategic Advisory Board member Paul Sobel, Chairman, Committee of Sponsoring Organisations (USA), said, “India is rapidly becoming a major force in the global economy, but ineffective risk management could derail that progress. Together, we can help IRM India foster good risk management principles that can be applied to help Indian students, professionals, and businesses be more successful. I believe the thought leadership that can come out of IRM India will help advance the art and science of risk management, create tomorrow’s risk thought leaders in India, and help put IRM India at the forefront of global risk thinking”.

VIRTUAL MEETING OF THE STRATEGIC BOARD 

Dhanpal Jhaveri, Vice-Chairman, Everstone Capital Group added, “In the investing business, ‘Risk is the flip side of Return’. Risk management is core to our business while evaluating investment opportunities and managing our portfolio companies.”

“The Institute of Risk Management is the leading global educational institute for risk managers,” said Ian Livsey, Global CEO, IRM UK. “We have a growing global customer base and membership in all regions of the world and across all economic sectors. We are sure that our work together will enhance the education and professional recognition of risk management in India.”

Some of the members of the Strategic Advisory Board include Hersh Shah, CEO, IRM India; Rui Bastos, Group Head of Audit & Risk Management, Reliance Industries Ltd.; and V. Swaminathan, Head of Corporate Audit & Assurance, Godrej Industries Limited; Mehul Shah, Managing Director, Encube Ethicals Private Limited; Dinesh Kanabar, CEO, Dhruva Advisors; Jyoti Ruparel, Enterprise Risk Leader, Genpact; Kartikeya Nath, Chief Risk Officer, Jindal Steel & Power Limited; Sunder Natrajan (IRM Level 4 Qualified), SVP & Head of Risk, India First Life Insurance; and Amit Sharma, Head of Corporate Risk and Insurance Management – SAARC & Vietnam, Bosch Group.

IRM India is undertaking various initiatives to broaden risk knowledge in India.

The organization recently partnered with the Government of India’s Startup India initiative, to mentor the country’s budding businesses on managing risk and crisis. Strategic Advisory Board members Jyoti Ruparel and Kartikeya Nath served on the panel and helped mentor