SBI Life Insurance has bagged the Enterprise Risk Management(ERM) Award of Distinction in 2018 from the RIMS, the US based risk management society, for its outstanding efforts to deliver enterprise-wide risk management solutions that address dominant risks while uncovering financial savings, presented .
The award was accepted by NKV Roopkumar, EVP, Chief of Risk, Information & Cyber Security Management, SBI Life, at the veledictory ceremony of two- day “RIMS Risk Forum 2018, India'' in Mumbai on Wednesday.
SBI Life’s ERM initiatives have improved processes that identify patterns and indicators to recognize fraudulent claims. Additionally, the risk management team’s efforts support cross-departmental collaboration that allows for a more accurate assessment of customer insurability.
Inspired by the catchphrase “ERM: Everyone is a Risk Manager,” between April 2017 to March 2018, these initiatives contributed to over $15 Million in savings.
“Aligning SBI Life’s ERM program with its mission and vision has allowed our risk management team to deliver invaluable insight that enhances both operational and strategic decision-making,” said Roopkumar.
“We are looking forward to sharing our experiences with the Society’s global risk management community,” he said.
This is the first year that the Society has awarded the RIMS India ERM Award of Distinction. For the award, programs are judged on the scope of the ERM program; how effective it is at engaging people throughout the organization; the program’s link or connection to the company’s overall mission; and its ability to create additional value for the organization.
“SBI Life’s risk aware business culture has spread across the enterprise, facilitating greater operational efficiency and quantifiable cost savings opportunities,” said RIMS Vice President of Strategic Initiatives Carol Fox.
For more information about RIMS Risk Forum 2018 visit, www.RIMS.org/RFIndia.
As the preeminent organization dedicated to educating, engaging and advocating for the global risk community, RIMS, the risk management society™, is a not-for-profit organization representing more than 3,500 corporate, industrial, service, nonprofit, charitable and government entities throughout the world. RIMS has a membership of approximately 10,000 risk practitioners who are located in more than 60 countries.
For more information about the Society’s world-leading risk management content, networking, professional development and certification opportunities, visit www.RIMS.org.