Risk Management in India-Pre and POST COVID - GRM Institute

Risk Management in India-Pre and POST COVID

My perspective on Risk Management in India-Pre and Post COVID

Robin Singh, PGDRM July’21-22


Prior to GRMI, I worked with HDFC Bank for approximately 4 years. While working in the banking industry, I got to understand what Risk Management is. As we know that the banking industry is the most highly regulated industry and the term ‘risk’ is highly volatile here. That’s where I came across and learned about various topics about Risk Management like Financial Risk Management (FRM), hedging, and various other types of risks. During the same time, I also learned about the importance of Risk Management in industries and that we can actually make a career as Risk Professionals in India.


Prior to the pandemic crisis, organizations did talk about Risk Management or maybe many organizations did work on their risk management strategies but at that time businesses did not really prioritize this concept or you can say did not primarily strengthen their risk strategies to the core. But if you look at the post-pandemic crisis scenario, the companies have realized the importance of Risk Management and the role it plays in the long run. They now focus more on building a robust risk management framework for their respective businesses. The role of Risk Professionals has increased significantly and the pandemic has created tremendous opportunities in the field of ‘risk’.


Also, post-pandemic, the various corporate governance norms were revised and industries were asked to be more vigilant over the Risk Management terms. The companies have also emphasized in appointing more and more Risk Management Professionals. Prior to this, what happened in the banking industries or the various other corporate houses was that they only used to transfer the risks by selling them to the third parties or insurance companies or used hedging techniques. But the scenario has changed after the year 2020. The organizations have realized that they need to manage the risks on the various root level, they need to understand the magnitude of the risk, how to control it, and how to mitigate it.



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