As a student or aspiring professional, what would you look for to determine the aptness of a qualification that you consider to equip yourself with?
1. Is there is a significant job market that opens up for me?
Listed below are a few data points to establish the job market size in risk domain currently:
- Market size – Risk Advisory Market size of leading Risk Consulting firms like PwC, E&Y, KPMG, Deloitte, Protiviti, Grant Thornton , Crowe Horwath etc. is estimated to be upwards of ~ USD 10B, which is possibly 40 – 45% of the global market
- Top 250 companies spend ~ USD 30- 50 MN each on risk-related activities
- Very significant training time and monetary spend by all Risk Advisory firms and Corporates to equip people with this skill – PGDRM has the potential of bringing in about 12 -18 months of productivity for every individual that gets hired in the world of risk and controllership across the globe
- Continuous increase in regulatory pronouncements, more stringent requirements and regulatory oversight – Anti Corruption laws like FCPA, ABAC, Third Party Risk Management, Data Privacy, Cyber Security and Info Sec Regulations
Developing countries embracing global standards of Risk Management, for example the recent Indian Companies Act amendment embraces SOX equivalent – estimated resultant need for ~10K people for the consulting firms
If one thinks of all of the above elements and then juxtaposes it with the fact that there is no structured and comprehensive programme in India or even globally to address the incredible skill set gap, the job market size would possibly be an obvious decision for most students and professionals.
2. Is the degree going to be acceptable to my future potential employers?
A qualification in our view is only as good as its acceptance in the business and employment market. While it is rather unfortunate that education and knowledge in today’s world is viewed through such a lens, it is undeniable, and as a Risk Management institute we need to ensure that we accept what is a market reality and address the issue of relevant employment.
Our response therefore has been to ensure that GRMI creates an ecosystem where the end users of the education imparted at GRMI are also actively involved in creating the curriculum content on a regular basis. We have focused on being associated with some of the larger global associations that would be relevant for the institute and its students’ success.
As part of this approach we are happy to share that we have invited a couple of the leading global Risk Consulting firms to be our Knowledge Partners. We are currently in the final stages of agreement with these firms, and following is the role that they play in making GRMI a success:
- The firms will be engaged through the life-cycle of curriculum evolution and enhancement over years to continuously support with real-life case studies that will make the learning experience meaningful and practical.
- Course content has been validated by these firms along with many other global leaders in the risk consulting domain to ensure it meets the precise requirement of what large risk consulting firms and corporate risk and compliance teams look for;
- These firms will lend support by offering visiting faculty that will allow experience-sharing by leading Indian and global risk leaders with the students to make for a fruitful, experiential learning environment.
We have engaged ourselves in discussions with some of the large corporates in India to have them as our industry partners for the programme.
3. What do industry partners bring to the table?
As industry partners leading corporates would have an invaluable contribution to the programme in the following manner:
These corporates will allow GRMI to have a planned and real experience-gaining internship programme for the students. What this will mean is that students would no longer need to run around and seek internships and run the risk of doing secondary research industry reports as part of their internship. GRMI, along with its industry partners, will provide opportunities to the students of GRMI’s PGDRM programme to participate in live projects of these partners, working with their business leaders and risk and compliance teams to gain real work experience.
These industry partners will also support GRMI and its faculty members to keep creating case studies out of their regular business operations to enrich the course content of PGDRM on a regular basis.
The industry partners, like our knowledge partners, will extend their support by providing industry speakers to come and deliver experience sharing sessions cutting across Risk domain and other aspects of business reality in their organizations.
4. Would I be relevant in the organisation that I am employed in, or will I be viewed merely as an enabling function?
Most organizations are sensitive to the inherent risks in their businesses and constantly struggle to create a structure which will give them a continuous flow of feedback on residual risks and solutions when residual risk exceeds the risk tolerance of the organization. In the complex world of running these businesses, this problem is accentuated by a lack of talent in terms of good risk understanding and innovative problem-solving.
Hence for many large, medium, and small companies, spending considerable amount of time on risk management has become a part of their culture. It encompasses defining the components of risk, and developing processes on how to identify, predict, measure, and manage risk effectively.
This is what makes a PGDRM holder from GRMI indispensable in most large organizations. Most of you may know that the role of a Chief Risk Officer is fast gaining momentum in organizations beyond those in the financial services industry. Large global organizations like GE, GSK, and CITI amongst others, have been seen to build some of their strong leaders from risk, operational controls and internal audit backgrounds. These roles and functions allow a professional to get an insight into business operations across all key business processes and very often across globally spread-out geographies, thereby providing them a useful perspective when they take on larger leadership roles.
If you still believe you have not got answers to all your queries around the programme, we would request you to post your queries in our ‘contact us‘ section and we would be happy to provide more details and context that would help you to take the right career decision. GRMI need not always be the right track, but we only urge students to be inquisitive enough to ask and get as much detail as they need to be able to make their decision wisely.
NOTE: Please do continue to follow our website for updates on formalisation of multiple agreements with our Knowledge and Industry Partners, as well as ongoing addition to our single largest differentiator: Our enviable composition of Board of Governors, Strategy Board and Academic Council.