Page 6 - Risk Management in current scenario

Preface
Preface
Preface
Preface
Preface
This book is my first attempt to share my thoughts with the readers on
the subject of risk management that I have shared with the world in last
couple of years during my intimate passion for the subject of risk
management.
The subject of risk management is fast evolving and covering the global
landscape in preventing another major crisis similar to the economic crisis
of 2008. It is now understood that risks cannot be eliminated totally, but
can only be reduced and managed which is subject of risk management.
Risk management typically helps in identifying the risks in advance, plan
for the management action, should the event occur and take those actions
in case risk occurs in reality. This helps in taking informed management
decision. Such advance planning helps in avoiding the situation of crisis
management. The crisis management is much more expensive to manage
and generally damages the reputation of the organization.

In an attempt to address this message, I have written various articles on
different subjects of risk management to make the audience aware of
the application of risk management. In this book, you will find topics of
enterprise risk management, strategic risk management, topics on the
financial risk management on liquidity and assets and liability
management, economic capital, emerging position of economic capital
in India, Stress testing- what are the applications of stress testing, and
other topics on impact of various other risks on insurance sector.

I would urge you the readers to send me the feedback, both what you
have like and what you would like to see improvement.

I promise to continue my writing on the emerging matters of risk
management.

Sonjai Kumar
CMIRM, CRICP, FRMAI, PIOR, SIRM

4 | Risk Management in Current Scenario