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Follow on Google News | FICCI Global Risk Management Institute Risk CodeBy: FICCI The Risk Code is intended for listed companies, public unlisted companies, private companies, start-ups, not-for-profit organizations, societies, trusts, as well as MSMEs and start-ups, for which the implementation of risk management practices is nuanced due to their dynamic nature of business, varying maturity levels and risk appetite. The Risk Code would be especially useful for the sectors witnessing multi-dimensional disruption across technological, demographic, financial and other external aspects. The Code focuses on the following key aspects:
Against the background of evolving spectrum of risks, be it industry-specific risks, strategic, ESG, operational, reporting, competition, people, reputational, compliance, physical security, data privacy, or business continuity risks, there is general consensus that being 'risk intelligent' offers competitive advantage to organizations; Underscoring the value that can be derived through implementation of risk management practices, FICCI and GRMI had collaborated to develop a 'Model' Risk Code for Indian industry that guides business for effectively managing risks in all segments of business. The Code is painstakingly developed by a dedicated Task Force on Risk under the chairmanship of Mr M Damodaran, Chairperson, Excellence Enablers and former Chairman, SEBI; and would guide businesses to develop effective enablers for practical implementation and benefit from making risk-intelligent decisions, not only dealing with risks but also optimizing risks. The Risk Code will be released by the end of this year after incorporating feedback received from the stakeholders. Visit:- https://grm.institute/ End
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