PRMIA Launches India Chapter
The Professional Risk Managers' International Association (PRMIA) launched its first chapter in India with an inaugural conference at the Mumbai Cricket Association, Bandra Kurla Complex on Aug 21, 2018.
The event and chapter were inaugurated by Dr Rabi N Mishra, Principal Chief General Manager, Risk Monitoring Department, Reserve Bank of India. The theme of the inaugural conference was "Indian Banking and Financial Sector: Resiliency through effective Risk Management." Dr Mishra spoke about the vital role played by Risk Management in ensuring trust within the financial system, especially considering that risk was in essence a raw material for the financial sector which was hence inherently crisis prone.
Leveraging the community building efforts of earlier India Chapters, the Mumbai launch leads with the PRMIA mission to pair up global standards with local practices. Speaking at the event, Dr Sanjay Sharma, Global Director, PRMIA, said: "Initially established in the United States in 2002, PRMIA now operates 46 chapters with a network of professionals around the world and is recognized for competency-focused training, professional certifications, global networking and online resources that reinforce the skills and knowledge of Risk Professionals to help them cope with the emerging challenges of the banking and financial sector."
According to Dr Nirakar Pradhan, PRMIA representative for Asia Pacific, the launch of the PRMIA Mumbai chapter recognizes the fact that India is poised to emerge as the fastest growing major global economy and that a sound risk management infrastructure is the backbone of any financial enterprise.
According to Mr Shantanu Srivastava, Regional Director PRMIA, "The Indian chapter aims to bring in global best practices and thought leadership to India and help influence standards, corporate strategy and regulatory policy. It also seeks to shape the future of the risk management discipline in India by providing a platform for a wide range of stakeholders to engage and cross-fertilize ideas, share best practices and participate in PRMIA globally recognized education, accreditation and membership programs."
The event received significant interest and participation from a wide range of industry players comprising regulators, senior bankers, corporate leaders, risk professionals, risk consultants, audit firms, business media, academicians, students, technology solution providers and industry watchers. Speaking at the event, Mr Mrityunjaya Mahapatra, Deputy M.D (Strategy) and Chief Digital Officer, SBI, explained how the future earnings of banks would come from monetizing data and insights, rather than the traditional model of simply taking deposits, lending and investing and the paradigm changes this would imply for Risk Management.
Mr Shailesh Dhuri, Executive Director, Decimal Point Analytics, spoke of how Artificial Intelligence and Machine Learning were now being employed to make sense of the world by analyzing unstructured data and using these insights for credit risk management.
A panel discussion on Fraud Risk was moderated by Dr Sanjay Sharma, Global Director, PRMIA, with participation from Mr Jayant Saran, Partner Deloitte Touche Tohmatsu and Mr Ajay Panchal, Vice President Risk Management, Future Generali Insurance Company. This discussion highlighted the challenges in managing fraud risk in the absence of physical "last mile connectivity" to customers and the convergence of local trends in fraud risk management with global trends.
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