‘Corporate India needs to accelerate on risk mgmt’
INDIA’S corporate sector, including small and middle size companies, needs to accelerate internal process of risk management and scale up the best practices to keep pace with the fastest growing national economy, according to experts. The experts, who participated in the Singapore Global Convention 2018 from December 5 to 7, called for more efforts to match the in-house standards and processes set by American and European corporations and stressed on the need to adopt Enterprises Risks Management (ERM). ERM are the methods and processes used by organisations to manage risks and seize opportunities related to the achievement of their objectives.
“Given the opportunities in India, we need the corporate world fully internally risk protected and adopt the ERM framework,” Atul Temurnikar, cofounder and chairman of the Global Indian International School in Singapore and also the chairman of the convention, said.
According to the experts, the improvement in business operations among the Indian companies is slow and needs to be at par with the American and European standards. “The American and European companies have far stronger and stringent standards. Their internal way of working is also far more process and control driven ,” NV P Tendulkar, a consultant and independent director of two Indian companies, said. India still has a long gap to be at par with global corporate on good governance.