Page 8 - Risk Management Bulletin January-June 2023

RMAI BULLETIN JANUARY - JUNE 2023

companies are not aware of all the kinds of data they tification in terms of monetary value via an exhaustive
have, how it is organized, or even if it may be risk assessment process.
noncompliant with the law," she said. Rules for how
organizations handle data and comply with regulations 12. Enhanced and contextualized risk
should be clear, straightforward, universal, and monitoring
grounded in a risk-based approach.
Avijit is also seeing increased demand for risk manage-
IT plays a critical role as both a driver and enabler of ment monitoring tools tailored for various personas
IGRC. It is important for CIOs and other IT leaders to such as CIOs, chief information security officers and
business managers. This is because various executives
work with other management teams to identify and
and business users are defining new risk management
assess the impact in order to mitigate risks in accor-
priorities and mandates. These tools enhance tradi-
dance with the risk appetite of the company. An inte-
grated governance model can help by coordinating tional risk management analytics with drill-down views
strategy, people, process, and technology objectives that provide the right level of granularity.
across the end-to-end value chain. This ERM trend is Examples of some of the growing risk priorities for
critical for ensuring the risk component is integrated
different roles include the following:
into broader digital transformation plans.
Y CEOs want to drive secure business transforma-
tion.
11. Cyber risk quantification
Y CFOs want to reduce business risks and the cost
Kumar Avijit, practice director on the IT Services team of breaches.
at Everest Group, is seeing increased enterprise de-
mand for risk quantification services, in particular, from Y COOs want to run resilient business operations.
boardroom executives. These services can range from Y CIOs want to make security a foundational ele-
customizing cybersecurity rules to complete risk quan- ment of IT strategy.

RMAI Activities

Chapters

We are shortly going to open chapters of the Association all over India. The role of the chapters would be to
promote the cause of Risk Management in the local area by organizing workshops, seminars and interactions.
Interested persons/bodies having the urge to promote the concept may contact the Secretary General for
the formalities.
Workshop/Seminars
We shall be conducting workshops and seminars across India on recent Risk Management Developments to
discuss and deliberate on various issues related to Risk Management, Safety, Fraud, Technology and other
relevant areas.

Research/Case study
We are encouraging members to submit case study on various industries which may serve as a road-map to
others and help to adopt best business practices in Risk Management.
Certificate Courses
We ar going to offer certificate courses on Risk Management and allied areas for the members. We have
tiedup with Association of Internal Control United Kindom to offer their courses in India. We have also tiedup
with Chartered Insurance Institute, London to offer their courses in India.

Tie-up with Risk Management Bodies
We have tiedup with the Professional bodies around the world to gain insight about their activities and new
developments in the Risk Management field.

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