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ERM Is The New Age Risk Manager

We’re living in the times of constant and consistent disruptions.

Technological and political events tend to influence the way industries function, and so they also influence how organizations function and the risks they face.

Organizations and investors face some amount of risk always. Both are always trying to combat it with the right mix of tools.

But for Insurance companies, risk becomes the most important factor as they are taking risks to manage risks. So risk management becomes their main function. Insurance companies manage business as well as investor risks. This requires a structure and a framework that is well researched, informed and considers all stakeholders risk..

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A recently published all India research report by ICICI Lombard (India’s largest private sector General Insurance giant) taps to identify the levels at which Indian companies undertake risk management.

It is titled "Readiness of India Inc. - Risk Management". It’s a comprehensive study of how Indians approach risk management, is it even important for them, what are the practices they adopt and how are the practices in turn performing or giving results and so on. 

The research places a strong emphasis on Enterprise Risk Management (ERM) as a holistic approach for companies to manage risks at all levels for companies across industries.

It offers a right mix of tools and practices, key elements and indicators and how can organizations align them with their business to turn tables for all constructive and productive reasons. Well researched and defined ERM modules can increase the comfort levels of all stakeholders. 

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Technological disruption affects every part of the business as today most of them rely on it.

A strategic ERM framework empowers the organizations to bring in the necessary changes and eliminate the stagnant practices. Thus organizations can take a focused approach in growing and navigating the tide without creating losses or missing out on opportunities. 


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