Page 4 - RMAI July-September 2018

July - September 2018

RMAI RISK MANAGEMENT SUMMIT 2019

On 24th January 2019 at Hotel Holiday Inn, Mumbai

"Risk Management Challenges in New Era-Way Ahead"

ABOUT RISK MANAGEMENT ASSOCIATION OF INDIA

Risk Management has assumed great significance in the global economic scenario. More
and more companies are recognising the need for implemen ng the concept in their

organisa on.

Unless risk is monitored properly the very existence of business may be at stake. The
technological advancement has revolu onised the ways of doing business but at the same
me has posed new challenges to manage and contain risk.

In western countries, Risk Management is an important area which has a racted the

a en on of Bankers, Insurers, Financial Ins tu ons, Government, business houses, in
forecas ng the imminent risk in undertaking any project/work and taking suitable

precau ons to avoid or minimize the adverse impact of risk.

However in India though the importance of Risk Management has been recognized but no
concrete step has been taken to establish it as an integral part of ac vity so that risks may

be perceived in advance and suitable measures are taken to avoid it. A er the opening up
of the Insurance Industry in 2000 due to extreme compe on the concept of risk

management is fading away. We will have to again develop an environment of Risk
Management without which the Insurance Industry cannot exist and grow.

Similarly, the banking/financial sector is under extreme distress with rising NPA’s, Recent
frauds in Banks, the vulnerability of online transac ons, Credit Risk, Interest rate risks,

Opera onal risks.

The Corporate world and businesses are too not aloof from business risk, strategic risk, and
opera onal risk amidst rising compe on from new age entrepreneurs and startups. The

entry of JIO in the telecom industry is a classic example of disrup on in the whole telecom
market and has changed the whole equa on of business.

In order to respond to the future challenges, Risk Management Associa on of India has

taken the onerous responsibility to create a pla orm for Risk Professionals, Insurers,
Bankers, Corporates to exchange latest news, ar cles, resources rela ng to risk
management, encourage research and development, provide cer fica on to members,

provide courses on risk management, conduct webinars, Conferences etc.

RISK MANAGEMENT ASSOCIATION OF INDIA 03