The Professional Risk Managers’ International Association (PRMIA) launched its first chapter in India. Dr Rabi N. Mishra, principal chief general manager , Risk Monitoring Department, Reserve Bank of India inaugurated the chapter in Mumbai recently. He 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. Dr Sanjay Sharma, global director PRMIA said PRMIA now operates in 45 countries 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. Shantanu Srivastava, regional director PRMIA, said 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’s globally recognized education, accreditation and membership programs. Mrityunjaya Mahapatra deputy MD (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.
