Mumbai Conference 2023 – Highlights

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CONFERENCE HIGHLIGHTS

Regulators play a huge role in leading businesses in India to not just tick compliance boxes, but more so inculcate an awareness on ESG in the company culture and make meaningful change.
ESG borders complex risks such as climate change, diversity & inclusion, brand reputation, regulatory compliance, and many others. The panel emphasised how impactful a top-to-bottom approach can be with board leaders driving change and how measuring processes can help organisations to visualise how substantial are the results of their practices.
With a turbulent geopolitical climate consistently testing the resilience of Indian corporations, businesses can no longer look the other way from the reality of supply chain fragility and climate crisis. Corporations must put an increased importance in monitoring geopolitical risks and having more people who are passionate about risk management.
Risk managers possess a unique ability to foresee potential losses and engage in drills and preparations, although negotiating with businesses to halt operations can be challenging. The implementation of an in-depth risk template from the board level down ensures a comprehensive understanding of risks and enables effective risk mitigation strategies.
The perception on Cyber Risk being ‘just an IT thing’ has evolved in India, thanks to regulatory changes and warning examples from corporations falling into a breach. There also been more awareness on options for risk transfer and incident response.
The healthcare industry is undergoing significant shifts, with consumers becoming increasingly aware and proactive about their health. There is a growing demand for more comprehensive corporate wellbeing solutions, including physical and mental wellbeing, leading to the emergence of numerous startups in this sector.
Looking at the global energy transition, it is evident that we are experiencing a significant disruption to the business landscape. Achieving economies of scale will be a key factor in this transition. Additionally, there is a growing interest in implementing carbon pricing mechanisms. However, there may be resistance to change from income powers, which could impact the pace of the transition.
To keep ahead of emerging risks, risk managers can learn from best practices of industries who prioritise the same types of risks, make use of big data to better understand the business, and keep challenging the top management.
To adapt to the permacrisis, risk managers need to remain agile to the ever changing environment, gain mastery over communicating with internal and external stakeholders, and be transparent about the business' vulnerabilities.