Technology changes creating new avenues in risk management
Mar 15, 2021
Managing Risks in a Borderless Economy

Key Highlights — #IRMA2021:

  • Launch of “ICICI Lombard Corporate India Risk Index, a one-of-its-kind risk measurement tool'’ Frost & Sullivan powered the development of the framework
  •  Award category for Mid-Cap segment constituted to recognize Small & Mid-cap firms
  •  SpeciaI address by Dr. Ram Charan, world renowned Business Advisor and Author
  The term “risk” has never been as pronounced as in the current pandemic. In fact, it has got a whole new meaning in the new normal. India Risk Management Awards as a platform recognizes Indian companies that champion the cause of risk management and lead the way by embracing new-age risk mitigation practices and solutions. Winners of the 7th IRMA: Setting the context, Mr. Dasgupta, MD & CEO, ICICI Lombard General Insurance said,”COVID-19 has taught us that the world is a boundary-less space, geography is history and time zones are no longer relevant. Risk management needs to take cognizance of this new world order'’. World Renowned Business Advisor & Author, Dr. Charan highlighted that risk is no longer a defensive mechanism. He quoted, “We can now quantify the return on risk if your risk balance and opportunity is right and it is balanced with your profit opportunity, it can have an impact on your sector, which will eventually affect your price-earnings ratio'’ Corporate India Risk Index This comprehensive tool will aid companies in understanding and quantifying the level of risk to their business and develop an appropriate risk aversion plan. Mr. Aroop Zutshi, President & Managing Partner, Frost & Sullivan asserts, “This index will have a massive impact on all corporates in India'’ Speaking to Latha Venkatesh, Executive Editor, CNBC-TV18 in a fireside chat, Bhargav Dasgupta spoke about how the concept of risk assessment has evolved amid the global crisis, and how ICICI Lombard works with companies not just as an insurer but more like an investor. Apart from technology, they deep dive into aspects of culture, value systems with regards to employees and customers. He also forewarns about the perils of technology as remote working has become a norm, cyber- security at an employee level is a looming threat that organizations need to address in priority. Dr. Ram summed up the session with an insightful comment, “There is no decision without risk'’ He concluded his talk with reflections for gauging the three crucial elements namely Talent, Strategy and Risk (TSR).

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