Briefing is on “Risk
Management and the Board of Directors in Indian Firms” and is drafted by Professor Afra Afsharipour.
The executive summary is as follows:
Risk Management (“ERM”) is a systematic and holistic approach for firms to
address all their risks, whether operational, strategic or financial.
involved in the everyday management of risk, the board of directors plays an
important oversight role in ERM by guiding and reviewing the company’s risk
policy and ensuring that an effective risk management system is in place.
in the world, India’s regulatory structure provides that the board must play a
central role in risk management.
India has become much more engaged with ERM, although there is room for
the board’s risk management role can help address the many complex areas of
risk faced by Indian firms.