The global financial crisis was a watershed moment that made the world, including India; put some serious thought into risk literacy with a newfound appreciation for crisis and business continuity planning within the private sector and government. India, too, has its fair share of scams and scandals; the outcome resulting in plausible changes made on the legal and compliance front.
In the present scenario, the COVID-19 pandemic has escalated the field back into prominence as businesses have to deal with safety issues along with digital risks, reputation risks, people risks, market risks and credit risks. The role of qualified risk professionals and chief risk officers has come to the fore. Companies are now responding to the new risk management landscape by creating new board risk committees and emphasising more on crisis experience in director recruitment. These committees are focusing on how to avoid operative risks, navigate through the new normal through crisis planning and create a risk-based culture and risk-based decision-making process.