A joint initiative by ICICI Lombard General Insurance and CNBC-TV18, the 10th India Risk Management Awards recognised MSMEs, the primary risk-takers, who are relentlessly contributing to significant economic growth.

CNBC-TV18 and ICICI Lombard embarked on an ambitious journey to acknowledge and reward strategic risk management practices. The decade of excellence has been a dream run for the partners as the India Risk Management Awards have grown into a juggernaut platform of knowledge-sharing and information exchange.

For almost a 10 years India Risk Management Awards have been at the forefront of celebrating excellence in risk mitigation, and this year, the focus of the Awards was on India shining amidst geo-political risks and uncertainty, with strategies to combat risks arising from an evolving landscape.

ICICI Lombard & CNBC-TV18 organised a specially curated “Risk Masterclass 2021” -- a special initiative under the aegis of India Risk Management Awards that recognises India’s leading organisations that have taken the lead in managing business risks.

The term “risk” has never been as pronounced as in the current pandemic. In fact, it has got a whole new meaning in the new normal. India Risk Management Awards as a platform recognizes Indian companies that champion the cause of risk management and lead the way by embracing new-age risk mitigation practices and solutions.

Covid-19 has been a huge learning curve for Indian companies, who are now introducing global best practices, experimenting with the latest cyber technology and tightening up their supply link chains.

Pandemic has opened the way for technology and fresh innovations. In the process, it has also prompted healthy investment

Industry leaders believe the pandemic is a learning curve with every new challenge, an opportunity

On the risk emanating from the coronavirus pandemic, Reinhart said that the impact could be much larger than the SARS epidemic of 2003.

Indian companies are rapidly becoming aware of the new-age risks and are fast gearing up to manage and mitigate those risks, including threats emanating from cyber risk and geopolitical risks.

Sunil Saraf, Vice President, Commercial, Gemini Edibles & Fats India, also pointed out the need for diversification in the context of the emergence of climate change as a risk.

With the corporate risk landscape constantly changing with new risks companies should work on creating an overall enterprise risk management (ERM) framework.

In the Hyderabad edition of The Risk Masterclass Sunil Saraf, Vice President, Commercial, Gemini Edibles & Fats India; Kiran Yanamandra, Head of Treasury, Risk, Insurance and M&A, Dr Reddy's Laboratories; Rakesh Singhania, Senior Vice President, Enterprise Global Services, Finance, Wells Fargo; Gaurav Arora, Head - Corporate Underwriting & Claims, Customer Service, ICICI Lombard; Rajendra Prasad, Associate Vice President - Risk Management, Greenko shared their views on what does risk management function of the future look like and what should risk managers gear up as the risk management is transforming rapidly.

The India Risk Management Awards, organised jointly by ICICI Lombard General Insurance Co and CNBC-TV18, held an insightful master class on new-age risks and their management, with industry veterans and thought leaders coming together under one roof to decode how businesses can de-risk themselves in an age characterized by technological disruption.

In the Mumbai chapter of The Risk Masterclass Ranjana Pathak, President, Medical Affairs and Pharma Co-vigilance & Global Head – Quality, Cipla; Deepak Patkar, Group Chief Risk Officer, Magma Fincorp; Mukesh Agarwal, President – Finance, Ultratech; Bharat Panchal, Chief Risk Officer – India, Middle-East & Africa, FIS Global; Anil Agarwal, Chief Financial Officer, Atos Syntel shared their insights on the evolving landscape of risks and how Pharma, Manufacturing, BFSI sectors are prone to cyber-attacks.

New age risks are concerns across the globe, they’re especially relevant in India, which is home to the second-largest number of internet users in the world.