Excellence in Risk Management – State of Risk Management in India 2019

For the second year running, large-scale cyber-attacks have emerged as the top risk for corporations across India according to Excellence in Risk Management – State of Risk Management in India 2019, a joint report released by Marsh, the world’s leading insurance broker and risk adviser, and RIMS, the risk management society®.

Based on the report, around 62% of the 179 survey respondents, including c-suite executives and senior risk professionals across 23 industries, identified cyber-attacks as their organizations’ top risk. Extreme weather events (17%), data fraud or theft (10%), and fiscal crises (9%) were highlighted among the other top risks for Indian businesses.

This year’s Excellence in Risk Management report also examines the maturity of the risk management function across the country’s leading organizations. Survey findings show that while firms have been slow to change their cybersecurity strategies and make further investments, an increasing number recognize the importance of implementing a comprehensive risk management framework and the potential for good risk management to be a competitive advantage.

When it comes to strengthening their risk management function in 2020, more than 68% of the respondents listed integrating risk management into strategic planning as their top investment priority. Another 15% ranked upgrading risk management technology as a key investment goal. However, approximately 11% of respondents indicated that building risk management capabilities was not a significant investment focus for their organization.

The report, which was launched at RIMS’ Risk Forum 2019 India on November 22, aims to equip established and aspiring risk management professionals in the country with key insights on India’s rapidly evolving corporate risk landscape. Marsh and RIMS have a long history of collaborating to advance knowledge and best practices in risk management. The Excellence in Risk Management series is published annually in several countries across the globe.