Bhargav Dasgupta, MD & CEO, ICICI Lombard General Insurance, said, “The enhanced score in the 3rd edition of the Corporate Risk Index is a testament to the efficient risk management practices adopted by Indian corporates in the face of global headwinds and challenges. As we move forward, it is crucial for companies to stay ahead of the curve and adopt comprehensive and efficient risk management practices.”
Mumbai:
ICICI Lombard in collaboration with Frost and Sullivan has launched its 3rd edition of the Corporate India Risk Index (CIRI) 2022 on Tuesday.
According to the report’ the ‘Indian Aerospace & Defence’ sector showed the most improvement in the Risk Index, bouncing back from 52 in 2021 to 63 in 2022 due to government and enterprise-led initiatives.
Traditional sectors are also preparing for technological risks such as cyber threats and innovation risks. Sectors such as Tourism & Hospitality and Transportation & Logistics have efficiently dealt with disruptions caused by the fuel price hike and terrorism, highlighted the report.
However, the Metals & Mining and Chemical & Petrochemical sectors showed a dip in risk management due to external macro-economic factors, said the report.
Despite facing challenges such as tightening global monetary policies, rising inflation, slowing global growth, and elevated commodity prices, the Indian government and corporates have demonstrated resilience by employing efficient risk management strategies, said the report.
Bhargav Dasgupta, MD & CEO, ICICI Lombard General Insurance, said, “The enhanced score in the 3rd edition of the Corporate Risk Index is a testament to the efficient risk management practices adopted by Indian corporates in the face of global headwinds and challenges. As we move forward, it is crucial for companies to stay ahead of the curve and adopt comprehensive and efficient risk management practices.”
Aroop Zutshi, Global President, Frost & Sullivan, said, “Strength of India’s story lies in the fact that Corporate India Risk Index score is steadily improving year on year(YoY), we are seeing a larger number of sectors moving towards a better Risk Index such as Telecom & Communication, Aerospace & Defense and Education & Skill Development. It is also observed that Large and Mid-size Indian enterprises are getting resilient and managing else transferring Market & Economy and Operational related risk arising from geo-political issues with a level of maturity which is indicating towards India’s journey of safeguarding its interests in an ever-changing risk world.”
Despite global headwinds Indian BFSI sector showcased resilience and registered a Risk Index score of 64 which was 65 in 2021
‘China+1’ strategy and geo-political tensions are paving bright opportunities for sectors like Biotech & Life-Sciences, Pharmaceuticals, Manufacturing, Indian enterprises are focusing on operational efficiencies, technology adoption and strategically placing themselves in the global arena to emerge as a strong contender.
At the 9th Edition of the India Risk Managament Awards, ICICI Lombard also recognised and felicitated over 250 corporates from large and medium sector who have demonstrated exemplary risk management values.
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