Marsh RIMS' 'State of Risk Management in India' Study Reveals Cyber Attacks & Volatile Weather are Top Risks for India Inc

Marsh RIMS' 'State of Risk Management in India' Study Reveals Cyber Attacks & Volatile Weather are Top Risks for India Inc

By SiliconIndia   |   Wednesday, 14 November 2018, 06:46 Hrs
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Marsh, a global leader in insurance broking, and RIMS, the risk management society, collaborate on a study which reveals that large scale cyber-attacks and extreme weather are the top risks for India Inc. In the study conducted across 19 industries, risk professionals, C-suites executives and others identified cyber-attacks as the top most risk at 88 percent, data fraud or theft at 85 percent, volatile weather at 84 percent, severe energy price shock at 81 percent, and major financial failure at 81 percent.

Shedding light on the maturity of risk management functions in corporate India, this elaborate survey observed three separate time frames to assess the said risks; an already significant concern;will be a significant concern in one to three years; anda significant concern after three years.

The study also addresses areas of top risks Indian corporates face, the key areas of risk management that require improvement, the risks of adopting emerging technologies, and key recommendations for risk executives. A few other identified risks that are foreseen are financial crises in key economies, which stands at 80 percent, water crises and shortfall of critical infrastructure at 76 percent, and failure of urban planning and failure of national governance at 72 percent.

Speaking on the occasion, Sanjay Kedia, Country Head & CEO, Marsh India, said,“Risk management practices among Indian companies have evolved and they are much better prepared to handle newer risks today; however, our report indicates that more can be done by organizations in identifying, assessing, and quantifying risks. Inability to model risks and budgetary concerns emerged as top barriers Indian organizations face. Upgrading risk assessment methods should be a priority given the rapidly changing risk landscape”.

Founded in the year 2003, Marsh is the first foreign broker to get composite license by IRDAI. With 15 branches and over 600 employees working for the company in India, Marsh employees over 57,000 professionals worldwide and brings in an annual revenue of over $13 billion.

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