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Monday, October 25, 2021

ICICI Lombard launches ‘Corporate India Risk Index’

Corporate India Risk Index: In today’s era when many investors invest in the capital market, very few of them know the risk present in their investment.

Corporate India Risk Index: In today’s era, when many investors invest in the capital market, very few of them know the risks present in their investment. They are usually not aware of the risk exposure in the company in which they are investing, and how the company is going to deal with this risk. To meet this need, ICICI Lombard General Insurance, one of the leading general insurance companies in the country, has launched a ‘Corporate India Risk Index’. Through this, you will be able to get information about any kind of risk present in a company before investing in it.

Actually, the way of business in the capital market is changing now. Many businesses are now grappling with a new reality and facing challenges such as operational challenges, supply chain turmoil, cyber threats, revenue shortages and hybrid working culture. These conditions have increased the need to find and implement risk management in the corporate world. However, there is a shortage of indicators in the current eco-system that can tell the risk of a company compared to its counterparts and industry.

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Help companies assess risk

ICICI Lombard General Insurance has teamed up with leading management consulting firm Frost and Sullivan to develop ‘Corporate India Risk Index’, or risk detection tool. Bhargava Dasgupta, MD and CEO of ICICI Lombard, said that effective risk management begins with tools that can assess risk. When we adopt risk reduction methods, we have to fix these basic things first.

Our effort is to keep contributing something in the emerging field of risk management. ‘Corporate India Risk Index is a step in this direction. Our initiative will help Indian corporate companies to better assess risk and understand their preparedness to deal with them. This will allow them to adopt effective risk management practices.

Corporate India’s Risk Index at 57

Corporate India’s risk index stands at 57 in its debut edition. This means that the methods adopted to handle the risk have to be strengthened. This score suggests that Indian companies are on the right track but have to be more vigilant to deal with emerging risks. The risk management strategy of most corporate companies in India is primarily focused on managing operations and natural disasters affected by COVID. However, there is a lot of improvement in the way the markets, technology-related crime and security risks are being managed right now.

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What is the meaning of corporate risk?

Corporate risk refers to potential risks and events that have not been encountered so far that can create a huge upheaval in the planning and operation of a business organization. This index is the first integrated, reliable and standardized corporate risk index, which exposes risks to companies in 15 major sectors of India.

How this tool will help

It helps companies understand what are the risks to their business and their level of preparedness to deal with it. It assesses their risk in four frameworks. These are Awareness, Probability, Criticality and Preparedness. It describes what are the risk exposures and what is the risk management situation. Through this indicator, it will be told whether the company’s preparedness to deal with risk is sufficient or whether it has prepared more than necessary.

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Nisha Chawlahttps://www.businesskhabar.com/
She is an expert in Banking, Finance and working with an international bank. She sharing her ideas and knowledge with Business Khabar.
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