‘Cor­po­rate In­dia needs to ac­cel­er­ate on risk mgmt’

The Hitavada - - BUSINESS -

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.

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