{"id":1636,"date":"2022-06-01T09:14:29","date_gmt":"2022-06-01T09:14:29","guid":{"rendered":"https:\/\/www.theirmindia.org\/blog\/?p=1636"},"modified":"2026-04-16T13:06:51","modified_gmt":"2026-04-16T13:06:51","slug":"future-of-risk-technology-in-india","status":"publish","type":"post","link":"https:\/\/www.theirmindia.org\/blog\/future-of-risk-technology-in-india\/","title":{"rendered":"Future Of Risk Technology In India"},"content":{"rendered":"

\"Getting<\/a><\/p>\n

Risk Technology \u2013 the use of technology in Risk Management. Well, ten years back, if I had spoken of Risk Management<\/a>,<\/strong><\/em> it was almost synonymous with Internal audit management. Two years back, the pandemic changed the perception. \u201cRisk management \u201c as a term was used in every board room (thankfully so! Though we, as risk professionals, wanted the much-awaited outcome, but not at the cost of Covid!) Fundamental, to this understanding is the fact that Risks exist and need to be managed<\/p>\n

The Dreaded \u201cDelta Variant\u201d And What We Did Right<\/strong><\/p>\n

Let\u2019s take the Covid example. The mild first wave made India declare a premature victory of sorts and Actions by the Government and the citizens led to the virus spreading to dangerous levels. Organisations focused on Continuity of business. Could we have used DATA ANALYSIS to drive decision making? Absolutely. India was hit hard by the second wave, with many of us, reading this, losing our loved ones, due to incapacitated infrastructure. And then, there was the WHO prediction of a much dreaded third wave. But lo and behold, India emerged stronger. Scientists at IIT(and other institutions leveraged the power of technology to predict infection rates, allowing Governments, healthcare systems and organisations to take anticipatory measures in preparation for the third wave. Oxygen cylinders, ban on large gatherings, bed availability and so on. Outcome: faster Inoculation drive, Less severity, a lesser rate of infection, lesser deaths.<\/p>\n

This is a fantastic example of data analytics using technology to proactively manage risk.\u00a0 Again, one of my favourites, could we prevent Covid-19 from hitting us, No. But could we have leveraged technology to manage these risks better, of course, yes, and the results could be seen in the third wave. So yes, risk technology plays a pivotal role in Risk management, if used right.<\/p>\n

I have consistently seen organisations resistant to the use of technology and data analytics to predict emerging risks or even to monitor the existing risks. I am a firm believer in the adage \u201cWhat gets measured gets done\u201d.\u00a0 To measure, we need Data collection, analytics mechanisms and strong governance. I have seen both ends of the spectrum.\u00a0 Organisations that leverage the power of technology to assess and most importantly monitor the risks, manage to avert most risks from turning into unpleasant events. One of the organisations, I was associated with in the past, did a fantastic job, of leveraging data from the internal systems to drive business outcomes.<\/p>\n

What Needs To Change?<\/strong><\/p>\n

For Risk Management to be driven effectively, technology needs to be an integral part of the ecosystem. In my experience, I have seen tools \/technologies that promise a lot but have poor user experiences and hence organisations fail to adopt technology for Risk management. In my view, a bunch of things need to happen across levels<\/p>\n