The Risk Management Honor Roll, introduced by RIMS in 1983, recognizes outstanding performance in the practice of risk management through a stringent selection process. Winning the RIMS Honour Roll 2024 is a significant milestone in my professional journey as an Insurance and Risk Management Professional. This award is a recognition by global professionals and leaders for the work I have done in the insurance and risk management space.
मुझे गर्व है कि मुझे रिस्क मैनेजमेंट सोसाइटी (RIMS) द्वारा 2024 के ऑनर रोल में शामिल किया गया है। यह पुरस्कार मेरी पेशेवर यात्रा और Risk Management के क्षेत्र में मेरे योगदान की मान्यता है। इस सम्मान ने मुझे प्रेरित किया है कि मैं अपने अनुभव और सीख को साझा करूं और दूसरों को भी Risk Management में उत्कृष्टता प्राप्त करने के लिए प्रेरित करूं। मेरी सफलता का रहस्य है निरंतर सीखना, धैर्य और अनुकूलनशीलता। आशा है कि मेरे अनुभव से अन्य पेशेवर भी प्रेरणा ले सकेंगे और अपने करियर में उन्नति कर सकेंगे।
The award process involves a nomination from peers followed by a review from a panel of jury members. This year, over 500 professionals sent in their entries from across the globe, and I am honoured to have been selected.
Understanding the Role of a Risk Manager
A Risk Manager’s role is crucial in identifying potential risks, highlighting them for the organization, and providing recommendations to cover these risks—often through insurance—to minimize financial impact on the business and, most importantly, its people.
For instance, the consumer goods organization I am associated with has operations spread across geographies, exposing us to climate risks, geopolitical instability, pandemic risks, and the emerging threat of cyber-attacks. We manage a vast portfolio of physical assets and perishable inventory. A risk manager’s duty is to provide a comprehensive overview of these risks and stitch together an insurance solution. As a publicly listed company, we must also factor in specific regulatory requirements.
Keys to Success as a Risk Management Professional
Success in this field requires a keen awareness of events in India and around the world, followed by analyzing and communicating how they can impact our business. For example, when natural catastrophe perils like cloudbursts or unseasonal rains threaten parts of the country, detailed guidelines and mitigation steps are sent to our operations teams in advance. These proactive steps are often what save the day.
Another key is continuous learning. In recent years, our company’s risk landscape has changed significantly with new business acquisitions. The insurance industry itself is also evolving rapidly due to new regulations, automation, climate change, and cyber risks. It is vital to understand the new products emerging in the insurance market and determine what best suits the company’s needs.
The Way Forward
The journey to winning the 2024 RIMS Honour Roll has been one of continuous learning, adaptation, and proactive risk management. This award is not just a personal achievement but a testament to the collective efforts of my team and the unwavering support of my organization.
You may also like to read:
- Interview with Risk and Insurance Management Society
- How Internal Partnerships Foster Risk Insurance Management
- Interview: Holistic Risk Management in India
I would like to thank RIMS, USA for this honour, and the consumer goods company I am associated with for their support.
