IRM India Affiliate’s Post

Published in June 2024, this guidance note’s stresses on effective operational risk management for all financial sector regulated entities (REs). It analyzes the new requirements as disseminated by the Reserve Bank of India on April 30, 2024 demonstrating how interruptions to operations may affect consumers, jeopardize the sustainability of a regulated entity and upset financial stability. The many operational risks that REs encounter are described in the beginning, including those pertaining to people, process, technology and external events. Finally, it highlights how proactive identification, evaluation and management of these risks by REs is essential for operational resilience. #GRC #operationalrisk #operationalresilience #resilience #riskmanagement #KRI #businesscontinuity #disruption #governance #policy #Oprisk #sustainability #financialstability #resources #management #knowledge #futurerisk #emergingrisk #agility #

ICICI Lombard's CIRI report highlights India Inc.'s strengthened risk management amidst global challenges, reinforcing resilience and growth strategies. To read more click on the 🔗 below: https://lnkd.in/d37jKr7Q #CIRIReport #RiskManagement #NibhayeVaade #ICICILombard

Risk and Control Self Assessment vs Bias Operational risk management is the hottest trending topic among all financial institutions and Banks at least in India. It's comprehensive and detailed analysis is still not fully understood by many. Risk and control self assessment (RCSA) is mostly used by organisations to identify potential risks, design and implement controls to manage them. It's implementation though is easier said than done. RCSA all the three methods 1) Questionnaire approach 2) Workshop approach 3) Hybrid approach Though easy to work upon all these approaches suffers from the same weakness - Bias . - Judgemental as well as Motivational The impact of bias both judgemental as well as motivational bias in all the methods. These biases can surely impact the risk impact scores and its severity making the entire RCSA process meaningless. Proper training, sensitisation among employees (especially those who handle the RCSA process) to counter these biases is the only way forward and considering the size, scope and potential of the Indian Banking industry, the business potential for such initiatives is humungous. #rcsa #riskmanagement #orm #operationalrisk #operationalriskmanagement #bias #perceptionbias

On 30 April 2024, the Reserve Bank of India released an updated Guidance Note on Operational Risk Management and Operational Resilience. This guidance note replaces the earlier guidance of October 2005 and is based on the Basel Committee on Banking Supervision (BCBS) revised documents issued in March 2021, on Principles for the Sound Management of Operational Risk as well as on several international best practices. The revised guidelines emphasise the critical importance of managing operational risks—those stemming from people, processes, technology and external events—in today’s complex and dynamic environment in which Regulated Entities (REs) operate. Read PwC’s perspective on the full guidance note and understand how implementing these changes is essential for mitigating operational risk and enhancing operational resilience: https://bit.ly/3LCnHvy #RethinkRisk #OperationalRiskManagement #FinancialServices #RiskMitigation #Compliance Sivarama Krishnan | Rounak Shah | Amol Bhat

The modern financial landscape presents a multitude of complex challenges from technological disruptions to geopolitical uncertainties. For institutions to thrive, they must embrace robust and forward-looking risk management frameworks. Join us for the 4th episode on CNBCTV-18 under IRM India Affiliate's What’s The Risk?™ initiative. As the world’s leading certifying body in #EnterpriseRiskManagement (ERM) exams across 140 countries, this initiative underscores IRM's unwavering commitment to driving thought leadership in every industry and discipline. The episode airs today, 21st Sept at 04:30 PM IST only on CNBC-TV18 📺 and hear our distinguished panelists talk about elevating operational risk management in India's banking sector. Hersh Shah, Amit Talgeri, Axis Bank, Ashwini Kumar Choudhary, Union Bank of India, Subash Narayanan, DBS Bank India, Sanchita Mustauphy, Aditya Birla Capital #FinancialSector #Resilience #riskintelligence #riskready #ChiefRiskOfficer #IRM #IRMIndia #InstituteofRiskManagement #IndiaGetsRiskReady #WhatsTheRisk #OperationalRiskManagement

With the increasing complexity of the financial ecosystem, building a resilient management system to combat operational risks is imperative. That’s why the Reserve Bank of India (RBI) updated their Guidance Note on Operational Risk Management and Operational Resilience aligned with the global best practices. Here’s our take on the guidance released on 30 April that focuses on understanding how we can tackle the growing operational risks and strengthen resilience: https://bit.ly/3LCnHvy #PwCIndiaSquad #TogetherWeFuture #TogetherWeGrow #RethinkRisk #OperationalRiskManagement #FinancialServices #RiskMitigation #Compliance Sivarama Krishnan | Rounak Shah | Amol Bhat

On 30 April 2024, the Reserve Bank of India released an updated Guidance Note on Operational Risk Management and Operational Resilience. This guidance note replaces the earlier guidance of October 2005 and is based on the Basel Committee on Banking Supervision (BCBS) revised documents issued in March 2021, on Principles for the Sound Management of Operational Risk as well as on several international best practices. The revised guidelines emphasise the critical importance of managing operational risks—those stemming from people, processes, technology and external events—in today’s complex and dynamic environment in which Regulated Entities (REs) operate. Read PwC’s perspective on the full guidance note and understand how implementing these changes is essential for mitigating operational risk and enhancing operational resilience: https://bit.ly/3LCnHvy #RethinkRisk #OperationalRiskManagement #FinancialServices #RiskMitigation #Compliance

In the ever-evolving landscape of operational risk management, staying updated is key! Recently, the RBI released a significant update on operational risk management and resilience. A webinar by Deepak Sai & Shashank Shekhar from The Digital Fifth provided valuable insights into this guidance note, focusing on governance, risk culture, and adaptability. Keeping pace with these changes is crucial for sharpening our risk management strategies. #OperationalRiskManagement #RiskResilience #RBIGuidance #RiskManagementStrategy

Frost & Sullivan collaborated as the Intelligence partner with ICICI Lombard’s Corporate India Risk Index 2023. 📊 The country risk report was launched by Navoch Mohanayak and Sandeep Goradia at the ICICI Lombard’s India Risk Management Awards Ceremony. This comprehensive report offers perspectives into the risk exposure and risk management practices of corporates across 20 sectors in India, and throws light on the best practices as well as potential gaps of India Inc.’s risk management. 📈 Want to learn more about the analysis?📚 Look out for further updates on our page!🔍 #RiskManagement #CorporateRisk #IndiaRiskIndex #RiskAnalysis #RiskAssessment #BestPractices #CorporateGovernance #RiskExposure #RiskMitigation Nimisha Iyer | Robin Joffe | Shylesh Narayanan | Swati Kolwankar | Aroop Zutshi | Debashrita Tripathy | Neehaar Kaur 

The Reserve Bank of India (RBI) has updated its operational risk management guidelines, extending them to non-banking financial companies (NBFCs) and housing finance companies (HFCs) alongside commercial banks. The revised guidance emphasizes the implementation of robust information and communication technology (ICT) risk management programs aligned with operational risk management frameworks. CXOtv news | Techplus Media | Techplus Media Group  Kalpana Singhal | ANUJ SINGHAL | Naveen Singhal #CXOTVDailyNews / #CXOTVnews Read the full news article at: https://lnkd.in/g-dpPQCM #RBI #OperationalRiskManagement #NBFCs #HFCs #ICTRiskManagement #ThirdPartyRisk #OperationalResilience #RiskAssessment #DueDiligence #ResponseAndRecoveryPlans #RegulatoryGuidelines