Despite its limited focus on asset protection, conventional risk management doesn’t work in today’s complex business environment, as evidenced by the recent financial crisis. Deloitte Touche Tohmatsu India Private Limited and CNBC-TV18, India’s no. 1 business medium presents ‘Risk Intelligent Governance – Role of the Board’, a panel discussion that was recently held in the city, highlighting that the conventional risk management focuses largely on protecting existing assets and not future growth.
Mr. Stephen Wagner, Chairman Emeritus, Deloitte Global Centre for Corporate Governance; Mr. Praveen Kadle, Managing Director, Tata Capital; Mr. Y. M. Deosthalee, Group CFO, L&T and Mr. Pratip Kar, Former Executive Director, Securities and Exchange Board of India brought into viewpoint important issues associated with Risk Intelligent Governance such as ‘What are risk intelligence skills and the corresponding fatal flaws in conventional risk management?’; ‘How risk management tools can be used proactively instead of reactively to improve decision making’; ‘Perspectives of those who face off against risk, from business directors and senior executives’ and ‘Why doing business based on tradition, habit, or on autopilot can mean a business’s downfall?’.
“Most business leaders and risk managers fail to see risk management as part of value creation, which is a major reason we’ve written this book,” said Wagner, who in 2009 retired as managing partner of the Center for Corporate Governance of Deloitte LLP. “Quite the contrary, the goal of effective risk management in business is to preserve existing value and to enable the creation of new value. And, the reality is that value and risk are inseparable.”
Commenting on the occasion, Mr. Anil Uniyal, CEO, CNBC- TV18 & CNBC Awaaz said, “We at CNBC-TV18 constantly undertake activities that would educate and immensely benefit our viewers. We understand the need of the hour and work accordingly to fulfill that need. Risk management has become one of the core components of strategic functioning of any company and it is important to get familiar with such aspects and utilize it for best end results.”
A book authored by Mr. Rick Funston and Mr. Steve Wagner, ‘Surviving and Thriving in Uncertainty: Creating the Risk Intelligent Enterprise’ was also launched during this event.
Notes to the editor
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK Private Company Limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
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This press release has been given by Deloitte Touche Tohmatsu India Private Limited, a Company established under the Indian Companies Act 1956
About CNBC-TV18:
CNBC-TV18 is India's No.1 business medium and the undisputed leader in business news. CNBC-TV18 has been an integral part of the Indian economic story, spearheading and mirroring these enterprising times. The channel's benchmark coverage extends from corporate news, financial markets coverage, expert perspective on investing and management to industry verticals and beyond. CNBC-TV18 has been constantly innovating with new genres of programming that helps make business more relevant to different constituencies across India. India’s most able business audience consumes CNBC-TV18 for their information & investing needs. This audience is highly diversified at one level comprising of key groups such as business leaders, professionals, retail investors, brokers and traders, intermediaries, self employed professionals, High Net Worth individuals, students and even homemakers but shares a distinct commonality in terms of their spirit of enterprise.CNBC-TV18 is currently available in over 30 million households in India.