Page 42 - RMAI Bulletin July - September 2021

RMAI BULLETIN JULY TO SEPTEMBER 2021

RISK MANAGEMENT INTEGRAL TO

HIGHER EDUCATION

E ven before the pandemic hit, the global Risk competency is rarely seen as important for non-

economy was rapidly evolving, with
managerial professions. However, this is a shortsighted
technological innovation and changing
view that is based on a limited understanding of risk
driving
the
realities
geopolitical
varying degrees of uncertainty. The ability to identify,
transformation. Covid-19 has accelerated the need for management. In practice, every profession contains
Indian businesses to develop a conscious approach to assess, and mitigate these risks is vital in any profession.
Enterprise Risk Management (ERM), given that it is vital,
not only for dealing with emerging uncertainties, but Hence, it is time we shifted focus towards resilience-
also for proper allocation of resources, and based education across different disciplines, as the
organisational growth. future is laced with myriad uncertainties.

As we gradually move towards post-pandemic normalcy The recently released sixth assessment report from the
and work towards revitalising our economy, we will United Nation’s Intergovernmental Panel on Climate
need greater risk intelligence among professionals Change (IPCC) has once again firmly put a lens on the
across industries, to make India, its economy and reality of climate change and its manifold impact on
corporations resilient enough to face future crises. the lives of nations and citizens across continents.

To reach this goal, it is important that we facilitate ERM Nobody is being spared by the rapidly changing and
education from a very early stage, preferably through increasingly fragile ecosystem .
higher education curriculum. This will also be in line
In the 21st century, every profession and industry will
with the aim of developing multidisciplinary abilities
have to work within the ever-changing environment.
among students, as outlined in the National Education
Hence risk, resilience and responsibility are vital focus
Policy 2020.
areas that need to be nurtured during the formative
Resilience-based education years of students in the higher education system.
When it comes to higher and technical education, the
emphasis has traditionally been on management and
leadership training.

This has often led to skewed understanding, where a
lot of stress is laid on pursuing opportunities, without
considering the risks associated with them.

As a result, even our business graduates lack a well-
rounded enterprise risk perspective.

In streams such as sciences, humanities, engineering,
or medicine, risk management is completely ignored.

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