This time It is different. In the past, global crises triggered the convergence of governments, regulators, and global thought leaders in forging a common solution. The exacerbation of risks arising from Climate Change, Technological Changes and Geopolitical Conflicts besides the Black Swan events like the COD-19 pandemic and the Russia – Ukraine conflict have all today culminated in something like a “Perfect Storm“. However, this time, the global risk management landscape is marked by the Global division’s risk deepening at a time when societies and the international community urgently need to collaborate to address common challenges.
To help understand these trends better and how they impact the Indian Financial Sector, PRMIA Mumbai organized a Webinar, Where Thought Leaders from across the Risk Management Spectrum threw light into the cascading impacts of COVID-19, USSR-Ukraine war, emerging risks, including strengthening climate action, enhancing digital safety, restoring livelihoods, societal cohesion and enterprise resilience. The event was actively participated and drew more than 150 participants.
Shri Biswa Ketan Das, CEO, Indian Institute of Banking and Finance (IIBF) graced the event as the Chief Guest. He highlighted how the collapse of large AAA-rated Corporates in India during the last five years demonstrates the need to strengthen the risk management ecosystem.
Citing the latest World Risk Report, he emphasized how 80% of Cyber frauds Are financial. “Cybersecurity threats are growing-in 2020, malware and ransomware attacks increased by 358% and 435%, respectively. 80% of Cyber frauds Are financial. Any well-developed policy is bound to fail in the absence of qualified people to understand, assess and mitigate the risks,” he said. The need of hour is education, training and up-skilling of employees to effectively mitigate the risks from the growing digitalization.
Mr. Justin McCarthy, CEO PRMIA articulated the growing role of risk managers with the ever-increasing global risks. He added that climate risk could be the weapon of mass destruction. “More the world changes, more it remains the same.” He emphasized highlighting the growing strategic role qualified and competent risk professionals play in protecting lives and ensuring business resilience.
Mr. Shailesh Dhuri, CEO, Decimal Point Analytics added how the next financial crisis could arise by repricing financial risks emanating from developed economies.
On this occasion, Prof. P C Biswal, Dean, Management Development Institute, brilliantly moderated the panel discussion titled “What Risks keep CROs awake” Top Industry leaders discussed at lengths and shared insights and experiences relating to the challenges o the Climate Risk, IT, Cyber, Peoples risks, geo-political risks among others. The speakers comprised Mr. Venugopal K Patnaik (CGM, Risk Management Department, State Bank of India), Mr. B S Venkatesha (CRO, Union Bank of India) , Ramaswamy Meyappan (CRO, Indusind Bank) Mr. Damofdaran C, (CRO, Federal Bank) and Mr. Saurav Saha (Head of Credit Reviews, Arab British Bank). The event was sponsored by Decimal Point Analytics, a leading Technology Solution firm.
Mr. Shantanu Srivastava – Regional Director, PRMIA Mumbai Chapter, welcomed participants in the Webinar and shared the host of opportunities PRMIA offers for Indian members, including PRMIA credentials recognized and respected globally as well by the government of India and leading corporates.
Dr. Nirakar Pradhan, PRMIA India CEO, highlighted the transformative role PRMIA India plays in capacity building through 100 plus volunteers in India spread across six Chapters.
(Only the headline of this article may have been edited by the CXOvoice team, the rest of the content is auto-generated from a syndicated feed.)