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Deloitte And IRM India Bring The Spotlight On Strategic And Enterprise Risk Management With “The CRO Circle”
SEBI also released a Consultation Paper for public comments, proposing to emphasise and enhance on the applicability and role of Risk Management Committees for businesses.
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Deloitte in collaboration with Institute of Risk Management’s India Affiliate (IRM) today, launched “The CRO Circle”, India’s first and one-of-its kind knowledge-sharing platform. The platform will bring together leading chief risk officers from across India Inc. to discuss, debate, and deliberate on business challenges in view of disruptions, changing business models, and the growing relevance of strategic risk management.
The keynote address on “Decoding COSO for India’s CROs” in CRO Circle’s first chapter was delivered by Paul Sobel, Chairman, Committee of Sponsoring Organisations (COSO) and Strategic Advisory Board Member, IRM India, who is also a globally recognised risk expert with global expertise.
Other than initiating the much-needed conversation about on-boarding chief risk officers in India to tackle the VUCA world, this initiative will also encourage new-age talent to hone Enterprise Risk Management certifications that can seed a focussed approach to aid business strategy and growth.
Commenting on the launch, Rohit Mahajan, President, Risk Advisory, Deloitte Touche Tohmatsu India LLP (DTTILLP) said, “The nature and magnitude of risks around us are continuously evolving and thus risk management functions, professionals, and the CRO community need to continue to reinvent themselves. Through the CRO Circle we aim to bring together the best of risk management minds together, to champion the cause of repositioning risk management as a strategic enabler to business. We are thrilled to collaborate with IRM on this initiative as we look forward to partnering with India Inc on the “Future of Risk”.
As India Inc. battles the complexities of business to survive and thrive, risk management becomes paramount; and it is time for organisations to expand the purview and evaluate through a risk lens, strategies that cover the entire business lifecycle from potential threats (not limited to cyber but also financial, operational, and regulatory) across the enterprise-wide network.”
Speaking at the inaugural session, Hersh Shah, CEO, IRM India said, “Risk management has come a long way in the past couple of decades, from being a back-office function, to one that is front-and-centre, covering an enterprise-wide perspective. As the leading professional body driving excellence in ERM examinations across 143 countries, we have not only watched this transformation, but have also helped propel it, through timely and insightful research and development of a global community of qualified professionals and certified fellows. Through CRO Circle, in collaboration with DTTILLP, one of the most respected risk advisories in the country, we aim to leverage the experience and domain expertise of India’s CROs by creating a think tank that will bolster the foundation of enterprise risk management and facilitate the accretion of valuable intelligence on emerging risk themes to guide organisations in establishing robust, future-ready risk practices that will help them successfully navigate an increasingly complex and uncertain world.”
The Companies Act, 2013, mandates risk management responsibilities for key stakeholders, such as the board of directors, independent directors, and audit committees.
In the aftermath of COVID-19, Reserve Bank of India (RBI) has revised audit norms for banks to improve risk management. Additionally, they have issued a directive to Non-banking Financial Institutions (NBFCs) with assets valued at greater than INR 50 million, to appoint independent CROs with clearly defined roles and responsibilities.
Recently, SEBI also released a Consultation Paper for public comments, proposing to emphasise and enhance on the applicability and role of Risk Management Committees for businesses.
Going forward, the demand for competent risk professionals will continue to surge in India as chief risk officers who are experts and well-versed in both, essentials of business and finance, and the specialised skills of threat assessment and mitigation, and are thus equipped to provide sound counsel to CEOs and boards of directors.