This time It is different. In the past, global crises used to trigger convergence of governments, regulators and global thought leaders in forging a common solution. The exacerbation of risks rising from the Climate Change, Technological Changes and Geopolitical Conflicts besides the Black Swan events like COD-19 pandemic and the Russia – Ukraine conflict, have all today culminated in something like a “Perfect Storm”. However, the global risk management landscape this time is marked by Global divisions risk deepening at a time when societies and the international community urgently need to collaborate to check address common challenges.
In order to help understand these trends better and the manner in which they impact the Indian Financial Sector, PRMIA Mumbai organized a Webinar, Where Thought Leaders from across the Risk Management Spectrum threw light into the cascading impacts of COVID-19, USSR-Ukraine war, emerging risks including strengthening climate action, enhancing digital safety, restoring livelihoods, societal cohesion and enterprise resilience. The event was actively participated and drew more than 150 participants.
Shri Biswa Ketan Das, CEO, Indian Institute of Banking and Finance (IIBF) graced the event as the Chief Guest. He highlighted how the collapse of large AAA rated Corporates in India during last five years demonstrates the need to strengthen risk management ecosystem.
Citing the latest World Risk Report, he emphasized how 80% of Cyber frauds Are financial. “Cybersecurity threats are growing-in 2020, malware and ransomware attacks increased by 358% and 435% respectively. 80% of Cyber frauds Are financial. Any well-developed policy is bound to fail in the absence of qualified people to understand, assess and mitigate the risks,” he said. The need of hour is education, training and up-skilling of employees to effectively mitigate the risks from the growing digitalization.
Mr. Justin McCarthy, CEO PRMIA articulated the growing role of risk managers with the ever increasing global risks. He added the climate risk could be the weapon of mass destruction. “More the world changes, more it remains the same.” He emphasized highlighting the growing strategic role being played by qualified and competent risk professionals in protecting lives and ensuring business resilience.
Mr. Shailesh Dhuri, CEO, Decimal Point Analytics added how the next financial crisis could arise by repricing of financial risks emanating from developed economies.
On this occasion, Prof. P C Biswal, Dean, Management Development Institute, brilliantly moderated the panel discussion titled “What Risks keep CROs awake?” Top Industry leaders discussed at lengths and shared insights and experience relating to the challenges from the Climate Risk, IT, Cyber, Peoples risks, geo-political risks among others. The speakers comprised Mr. Venugopal K Patnaik (CGM, Risk Management Department, State Bank of India), Mr. B S Venkatesha (CRO, Union Bank of India) , Ramaswamy Meyappan (CRO, Indusind Bank) Mr. Damofdaran C, (CRO, Federal Bank) and Mr. Saurav Saha (Head of Credit Reviews, Arab British Bank). The event was sponsored by Decimal Point Analytics, a leading Technology Solution firm.
Mr. Shantanu Srivastava – Regional Director, PRMIA Mumbai Chapter, welcomed participants in the Webinar and shared the host of opportunities PRMIA offers for Indian members including PRMIA credentials recognized and respected globally as well as the government of india nad leading croporates.
Dr. Nirakar Pradhan, PRMIA India’s CEO, highlighted the transformative role PRMIA India plays in capacity building through 100 plus volunteers in India spread across six Chapters.
With over 50 chapters in major cities across the world and 6 in India, PRMIA (www.prmia.org) is a globally respected, non-profit, professional association, owned and led by its members, devoted to promoting best practices in risk management. Established in 2002, PRMIA’s mission is to provide an open forum for the development and promotion of the risk profession. Towards this end, PRMIA provides continuous learning for risk professionals throughout their career via a wide range of learning solutions and online resources, including accreditation and certification programs. In addition, through our seminars and conferences, PRMIA also provides a platform for bringing together risk professionals, practitioners, academicians, media and regulators, for sharing thought leadership and global best practices, so that they may exchange ideas and enhance their skills and knowledge, in order to cope with the emerging challenges facing the financial services sector. PRMIA has recently set up six chapters in India and aims to play a vital role in helping the Indian Financial Services Sector build capacity in the area of Risk Management.