Page 28 - BF Cover February 2019

REPORT

The theme of Third panel discussion was "Evolving Dynam- determined as the industry grows the importance of Risk
ics in Corporate Risk". The panel members included Mr. Management will also grow.
Vidhyasagar Tyagi, Head-Audit, Refining & Marketing, Reli-
The last two years saw a great spurt of activities. The Asso-
ance Industries Ltd, Mr. Vijayan Subramani, Managing Di-
ciation started taking shape, various committees were
rector, Treasury and Markets, DBS Bank, Mr. Vikram Sondhi,
formed and I have extremely happy to inform you that we
Head Price Risk Management, Hindalco Industries Ltd, Mr.
have best of professional practitioners and academician's in
Anirban Banerjee Head Delivery Excellence & Risk Manage-
our board and committees. The sole purpose of this Asso-
ment, TCS BFSI CBO. According to Mr Rajosik Banerjee, the
ciation is to build a vibrant Risk Management culture in In-
moderator of the panel 'Reputational risk is an important
dia.
risk which the management needs to measure and find ways
to mitigate without eroding shareholders value'. Today everybody can easily find the link between risk, new
'Territorialism, cyber and Operational risks are top risks in venture and growth. Yet this understanding of this link took
Board rooms today, which organizations are trying to miti- several years to blossom. Most Indians are fatalist there-
gate'. fore protecting against misfortune was perceived as inter-
fering with divine providence.
The theme of Fourth panel discussion was "Bridging the
protection gap, Insurance fraud, Risk Management". The Therefore though risk was extremely pervasive yet its treat-
panel members included Mr Soumil D Mehta, Director, ment in the form of management was never given its due.
Mehta & Padamsey Insurance Surveyors & Loss Assessors, The concept of Risk mitigation was there in the past also.
Mr Ganesh Iyer, CEO, PRO RISK Business Solutions, Mr K K The examples of various guilds, fraternal organisations and
Mishra, Ex CMD, TATA AIG General Insurance Company and communities formed as solidarity to deal with various prob-
advisory council member RMAI. The issues raised in the lems facing them are found in plenty.
session included bridging the protection gap in insurance We often hear terminologies like strategic risk, corporate
industry, Role of Insurance Surveyors in suggesting Risk risk, reputation risk which were unknown to us few years
Management measures in survey report, Controlling fraud back.
in the insurance industry.
Many old timers sitting here would recall that there was an
The Summit included individual presentations from the fol- organisation titled Loss Prevention Association of India
lowing speakers:- formed by all public sector general insurance companies.
♦ Know the Unknown Risk -Mr Avez Sayed, Chief Risk Of
The Association was actively engaged in promoting risk edu-
ficer, SBI General Insurance Company.
♦ Technology Challenges in Risk Systems - Mr D N Prahlad, cation, risk awareness and risk profiling of major industries
Founder and Chairman,Surya Software Systems Private Ltd. in India. The organisation has a premature death. Since then
there existed a big vacuum and this prompted us to revive
♦ Evolving Trends in Risk Management and Way Forward-
Mr. Sanmoy Chakrabarti, Head-Risk Management, HDFC the risk management culture in India.
Bank Ltd. And we will not restrict ourselves to Insurance only but
♦ Cyber Security- Mr N.K.V Roop Kumar, EVP & Chief of Risk, would like to emerge as a platform to deal with Risks of all
SBI Life Insurance Company. financial services and corporate sector as well.
♦ Disaster Management Techniques of AOG Perils - Mr K L
Our wishful thinking is to develop RMAI as a platform that
Naik.
would help sharing knowledge through proactive risk dia-
♦ Risks in Markets - Issues & Challenges for Corporates- Mr
logue across all varied stakeholders with a view to creating
Rahul Ghosh, Ex Vice President NCDEX.
a proactive and pre-emptive risk management culture that
Excerpts of welcome address of Mr R.G.Agarwal, Presi- would ultimately help the stakeholders to develop a dedi-
dent, RMAI. cated risk managing approach."
"The seeds of this organisation were sown 25 years ago at
a time when not many people in India were familiar about
the nature and gamut of risk. In the hindsight it appears
possibly it was ill-timed but some passionate members were Continued to page 33

28 | 2019 | FEBRUARY | BANKING FINANCE