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FICCI-GRMI launches draft 'Voluntary Code on Risk Management for Indian businesses'

Jul 16, 2022

NEW DELHI, 16 July 2022: Presenting the pioneering work on risk management, FICCI and Global Risk Management Institute (GRMI) have invited stakeholders' comments on the draft Risk Code, which was released yesterday. The Risk Code is aimed to be a practical playbook for the Indian industry with effective enablers for implementation of risk management practices so that organizations can take bolder, faster, risk-intelligent business decisions.

The Risk Code is intended for listed companies, public unlisted companies, private companies, start-ups, not-for-profit organizations, societies, trusts, as well as MSMEs and start-ups, for which the implementation of risk management practices is nuanced due to their dynamic nature of business, varying maturity levels and risk appetite. The Risk Code would be especially useful for the sectors witnessing multi-dimensional disruption across technological, demographic, financial and other external aspects.

The Code focuses on the following key aspects:  

  1. Relevance of Risk Code - why it is imperative for organizations to adopt the Risk Code
  2. Principles of Risk Code - the key principles around which the Risk Code is structured such as Strategy & Leadership, Risk Embracing Culture, Ownership & Empowerment, Resources & Structure, Communication & Reporting, Governance & Oversight and Risk Data & Information Repository
  3. Implementation Guidelines - guidance for Board of Directors, Risk Management Committee, CEO, and CXOs

Against the background of evolving spectrum of risks, be it industry-specific risks, strategic, ESG, operational, reporting, competition, people, reputational, compliance, physical security, data privacy, or business continuity risks, there is general consensus that being 'risk intelligent' offers competitive advantage to organizations; however, not having robust risk management practices often leads to an existential crisis.

Underscoring the value that can be derived through implementation of risk management practices, FICCI and GRMI had collaborated to develop a 'Model' Risk Code for Indian industry that guides business for effectively managing risks in all segments of business. The Code is painstakingly developed by a dedicated Task Force on Risk under the chairmanship of Mr M Damodaran, Chairperson, Excellence Enablers and former Chairman, SEBI; and would guide businesses to develop effective enablers for practical implementation and benefit from making risk-intelligent decisions, not only dealing with risks but also optimizing risks.

The Risk Code will be released by the end of this year after incorporating feedback received from the stakeholders.

Members of FICCI GRMI Risk Task Force    


Mr M Damodaran (Chairman)

Chairperson, Excellence Enablers and former Chairman, Securities and Exchange Board of India (SEBI)


Mr Subhrakant Panda

Sr Vice President, FICCI and Managing Director, Indian Metals & Ferro Alloys Ltd


Mr Sidharth Birla

Past President, FICCI & Chairman, Xpro India Limited


Prof. Madhu Vij

Academic Council Chair and President at GRMI, Former Senior Finance Professor at FMS Delhi and visiting faculty at IIM Raipur & IIM Jammu


Mr Mukesh Butani

Founding & Managing Partner, BMR Legal


Prof. Rajan Saxena

Former Vice-Chancellor of the SVKM's NMIMS


Mr Richard Rekhy

Former CEO of KPMG India, current Board Member of KPMG Dubai


Mr Subhashis Nath

Founder & Mentor of GRMI, SVP & Enterprise Risk & Compliance - Service Line Leader, Genpact


Ms Jenitha John

Former IIA Global Chairperson


Mr Nawshir Mirza

Former Senior Partner at E&Y LLP (India)


Mr P. Dwarakanath

Former Non-Executive Chairman, GSK


Mr PR Ramesh

Former Deloitte India, Chairman


Prof. Paul L. Walker

James J. Schiro / Zurich Chair in ERM at St. John's University


Mr Richard Evans

Former Chief Risk Officer, Citibank


Ms Ritu Chawla Kochhar

Financial Services & PE India Practice Leader, Spencer Stuart


Ms Satyavati Berera

Chief Operating Officer, PwC India


Mr Shardul Shroff

Executive Chairman, Shardul Amarchand Mangaldas & Co Advocates & Solicitors


Mr Sunil Mehta

Non-Executive Chairman, Yes Bank


Mr Harish Dua 

Former Compliance & Internal Audit Head, Bharti Airtel


Mr Jayant Palan

Co-Founder, GRMI & Consultant, Genpact Enterprise Risk & Compliance


Mr NG Shankar

Former Group Executive President - Corporate Audit, Aditya Birla Group


Prof. Vinay Dutta

Senior Consultant, Sustainability Reporting Standards Board, the ICAI & Former Senior Professor, Fore School of Management


Mr Vinod Rao

National Business Finance Controller, Indus Towers Limited