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Economic Crisis Advances Risk Management in India

According to the Times of India, risk management has come into much greater in focus in India ever since the financial collapse rocked the global economy twelve months ago.

The global shockwaves following Lehman Brothers’ collapse have woken India Inc to the importance of sound risk management system to tide over future crises.

Despite the fact the India was less affected by the meltdown, companies here are pulling up their socks as the slump has demonstrated that risks are entwined and cut across boundaries.

It’s a brief article without many specific examples, but it touches on the fact that risk management in something that many companies now expect from all their units — and they expect them to report their findings to the CFO. All this looks like many businesses in the country are beginning to see that there are real benefits to holistic risk management.

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Much like their U.S. and European counterparts, Indian companies will undoubtedly struggle to turn this good idea into good practice, but the underlying concepts have to come first, and this looks like a positive sign in that a key driver of the developing world economy is moving towards incorporating better forethought throughout its private sector.

Most big players have sought international risk advisory firms like Marsh, to step up the internal control process of their portfolio companies.

“The global credit crisis has driven home the point that although US was the epicentre, its effect has been felt elsewhere too, in today’s inter-connected world. Risk management must factor inter-linkages and remote possibilities,” said Marsh India head Sanjay Kedia.
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“Low-probability and high-severity catastrophes like the recent financial turmoil or the Mumbai terror attacks do happen,” he said.

And when they do, hopefully many companies in India will be able deflect the blow.

bangalore risk management

Bangalore, or The Silicon Valley of India, has seen large-scale economic expansion in recent years. Now, a focus in risk management is expanding there as well.

What If?

Every year the World Economic Forum releases its Global Risk Report with the aim of addressing the key current and emerging risks and advancing thinking about their mitigation. It’s no suprise that financial risks top this year’s list. The potential for further deterioration of asset prices and fiscal positions could be exacerbated by a potential slowdown in the Chinese economy and gaps in global governance that could allow a problem to reach critical mass before it is addressed. Meanwhile, natural resource concerns, particularly about water scarcity, loom as does the possibility of increased levels of chronic disease around the world. In all, 36 risks are mentioned in the report and very few are seen to be decreasing in terms of possible severity and liability. It’s enough to give you nightmares.

As with any report of this kind, there is a temptation to dismiss the findings as far-fetched and unlikely — the kind of thing best left to the Chicken Littles of the world who want to live in fear that the sky is falling. But what if the sky does fall? What do you do then? As John Merkovsky, managing director of Marsh Risk Consulting, said during Marsh’s analysis of the report this morning, “It doesn’t matter if you’re out of business for reason A, B, C or D. You’re still out of business.” 

Risk is increasingly interconnected and any risk manger can visualize a scenario where a global concern can quickly become a personal concern. Now is not the time for what the World Economic Forum calls “risk myopia.” The impacts are too great. After all, if the extremes on the bell curve can kill you, it would be crazy not to pay attention.

Below is a video from a World Economic Forum panel discussion on the survey’s results from January.