Page 127 - BFSI CHRONICLE 10 th Issue (2nd Annual Issue ) .indd

BFSI Chronicle, 2 Annual Issue, 10 Edition July 2022
nd
th
presence and expressed his thrill for organising or the frequency of occurrence of that risk in the
a webinar on a very pertinent topic. length of the entity. He mentioned to note that
CCM CMA H.Padmanabhan addressed the on 10th may 2021 The Securities And Exchange
members and esteemed panelist and expressed Board Of India or SEBI came out with a circular
his delight for such a value addition and mandating all listed companies to integrate
splendid webinar also praised the initiative of ESG as part of its enterprise risk management
BFSIB. frameworks which is self-explanatory of its
importance in today’s world. Non-financial
CMA Vijender Sharma,Vice President ICAI, indicators today hold equal amount of
welcomed the august presence and briefed the
importance of insurance. importance as much as the financial indicators
as important objective which has emerged now
CMA Delzad Jivaasha, AVP, Risk Management, is what is the extent to which corporations
ICICI Lombard Life Insurance was the guest are contributing towards the sustainability of
of honor. He presented power point slides to businesses and towards the sustainability of
cover the integration of ESG with enterprise society. The entire society is looking at every
risk management and look at it in the lens of organization with a Hawke’s eye because they
building an effective corporate governance want to know what the organization is doing
strategy. CMA Jivaasha said that when to conserve the environment to bring social
organizations are into the business of taking balance and to build up an organization driven
risks there will be no business which will be by the fundamentals and the core elements of
devoid of risk. So, risk management is about corporate governance so the regulators have
looking at risks holistically identifying them increasingly laid focus on integrating ESG with
assessing them and putting in place plans ERM. He stressed that profit continues to be
to mitigate the risk. The whole idea of risk an important objective of business but BRSR
management is to help one to make informed proves that no longer is profitability the only
decisions on which risks to take and which objective of business and today all stakeholders
risks to avoid. Risk management today gives a want to know what an organization is doing
very strong competitive edge to organizations in the space of environment social and
because they foresee and plan for risks in a governance. From an ESG standpoint there
better way as a result of that when their risk are four areas which are critical - first climate
actually materializes they are mentally prepared change commitment, second diversity and
and they know what needs to be done or what inclusion third, responsible investment and
needs to be achieved so successfully navigate finally fourth governance and enterprise risk
the risk. He defined risk as the probability of an management. While talking about the climate
event or circumstance occurring which impacts change commitment he mentioned about the
the attainment of objectives. Risk management Glasgow summit and said today the expectation
is achieved through four fundamental facets or from every organization is that they should
four fundamental factors first risk identification, measure their amount of carbon emissions and
second risk assessment, third risk evaluation make public disclosures with regard to what
and fourth risk treatment Coming to ERM he is the level of carbon emissions attributable to
said that it is a holistic approach where the their business as well as the steps which are
organization looks at the total impact of that risk being taken to minimize the extent of carbon

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