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Business EconomyPosted at: Jan 19 2018 9:58PM


Regulatory compliance, operational concerns & geopolitical uncertainty prime risk factors of India Inc, suggests research paper

Mumbai, Jan 19 (UNI) Regulatory compliance, operational concerns and
geopolitical uncertainty were the three prime risk factors as
perceived by India Inc, suggest the findings of an all-India
research commissioned by ICICI-Lombard General Insurance.
ICICI-Lombard General Insurance had commissioned the research,
entitled ‘Readiness of India Inc with respect to Risk Management’,
through online interviews with 130 C-suite risk officers, to
identify the risk practices adopted by Indian organisations in Which
the key risk areas perceived by India Inc included regulatory
compliance (53 per cent), operational concerns (50 pc) and 27 pc of
the respondents believed geopolitical uncertainty to be a risk
factor.
Whereas, 23 pc claimed uncertain economic growth can lead to
increasing risks.
Interestingly, only 23 pc respondents perceived information
insecurity as a key risk, while 11 pc believe technological
disruption was a risk area.
The report states that 88 pc organisations claimed that supporting
strategic business decisions has been one of the key drivers for ERM
implementation.
The report cited that 76 pc respondents believe in efficient ERM
framework to boost investor confidence.
The report states that 73 pc of organisations have been equipped
with risk governance framework for more than three years, whereas 20
pc have incorporated a risk governance mechanism in the last three
years and only 7 pc have introduced the same in the last year.
Commenting on the report, Bhargav Dasgupta, managing director &
chief executive of ICICI Lombard General Insurance, stated, "We
believe that risk management is a crucial organisational
responsibility."
Risk management is not limited to identifying the risk elements or
risk indicators, but aligning them strategically with business
decisions to maximise the security of the firm, he added.
UNI JM SS NP2156
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Tags: #Regulatory compliance# operational concerns & geopolitical uncertainty prime risk factors of India Inc# suggests research paper
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