Risk management is a process of identifying, assessing, and controlling threats in an organization. These risks stem from a wide variety of sources, including financial uncertainty, legal liabilities, strategic management errors, accidents, and natural disasters. Risk management is conducted in order to reduce the impact of potential hazards on the organization to an acceptable level. We can see the applications of risk management in many aspects of modern life – from insurance, banking, health issues, business ventures, project management, and more.
Mostly we deal with risk management for setting up a business or an organization, but it is not limited to this anymore. It has its wider uses and purposes and its inclusion in the school/ college curriculum is important and a need of the hour. As we all have witnessed in pandemics, risk education has come into the spotlight and is seen as a demanding skill that should be inherited by all the students. Moreover, in recent years we have seen that in many educational institutes, academic literature has emerged which solely focuses on risk management studies in many countries. The idea, basically, is to address potential threats in an orderly, systematic fashion, and to devise mitigation strategies – blueprints for dealing with these unfortunate events – well before they occur.
Here we will be dealing with the gap in risk management in the Indian education system:
In recent years, it has been seen that risk management without a doubt has emerged as one of the most demanding subjects in India and thanks to Covid-19. Furthermore, there is sudden demand in many organizations for risk managers, analysts, and consultants, to take strategic initiatives to build and strengthen businesses especially in an adverse time.
This comes to me as a shock and bitter truth that risk management is only pursued after high school and is available at different levels such as diploma, certificate, UG, PG, and Ph.D. level.
My question is, why is it not a general, important and compulsory subject to be studied by the students at the high school level as a part of their integrating holistic subject in the curriculum?
From my perspective, risk management teaches the skill sets, to possess excellent analytical skills, and understanding and interpreting data, and making risk-based decisions across the entity. People skills are also learned by students such as communication, diplomacy, and negotiation which are highly valued regardless of your future career and goals. These skill sets will be helping to take every crucial decision in one’s life.
When it comes to the new normal after the pandemic, our future workforce must be trained to predict the future by doing a thorough analysis of the business environment, make radical changes in the business to adapt to the evolving environment needs and develop a people-first approach.
Some of the colleges which offer courses related to risk in India are Mumbai University, Ramanujan College, Indian School of Business Management and Administration, ATM Global Business School, Institute of Management Research, University of Jammu, Global Risk Management Institute, Manipal Academy of Higher Education, etc.
To conclude, it is high time to consider risk management as an important part of people’s lives, and learning these skills only will benefit each one of us. Hence, some serious majors and changes in the policies need to be taken by the National Education Policy of India to make Indian students better at risk management.
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Blog Published by: Kanchan Rathore, Student Risk Committee Member