RETHINKING
RISK FOR
THE FUTURE
– AN INDIA PERSPECTIVE

IN COLLABORATION WITH

ACCA

IOD Contributors:

Lt. Gen. J. S. Ahluwalia, PVSM (Retd.)
President, Institute of Directors, India

Shailesh V. Haribhakti, FCA
Chairman – Western Region, Institute of Directors; India Board Chairman – Blue Star Ltd., L&T Finance Holdings Ltd., Future Lifestyle Fashions Ltd. and NSDL e-Governance Infrastructure Ltd.; and Independent Director on multiple Boards

Manoj K. Raut
Chief Executive Officer and Director, Institute of Directors, India

ACCA Contributors:

Vijay Muralidharan, ACCA
Associate Director, Deloitte’s Risk Advisory Practice, India

Arpit Vashishtha, ACCA
Risk Management Analyst, ED&F Man, Bengaluru, India

Aanchal Makwani, ACCA
Risk Management Associate, Abans Group, Mumbai, India

Suman Murthy, ACCA
Former Business Risk Advisor, Grant Thornton, India

Key Highlights of the Report:

Skill considerations for the risk professional
Climate risk reporting
Address sustainability
ERM’s evolving doors
Governance in the new universe of risks
Board composition and diversity of thought
Audit and Risk Committees: To be or not to be separate
Operational resilience and the unthinkable

Skill Considerations for the risk professionals

Failing to address sustainability

ACCOUNTANTS CANNOT OVERESTIMATE THE IMPORTANCE OF HOW THEY COMMUNICATE THESE RISKS AND OPPORTUNITIES BECAUSE MATERIALITY IS BECOMING AN EVER MORE POWERFUL DRIVER OF STRATEGY AND RISK MANAGEMENT.

PRAGMATISM AND FLEXIBILITY WITHIN THE ORGANISATION ARE WHAT IS NEEDED TO MANAGE THE EXISTENTIAL THREATS THAT WE'RE SEEING TODAY AND THE BOARD SHOULD BE DRIVING THAT.

BOARDS MUST MOVE AWAY FROM THE INGRAINED NOTION OF RISK AS A LOSS AND TREAT UNCERTAINTY AS AN OPPORTUNITY TO EXCEL.

India Discussion Takeaways by:

Lt General JS Ahluwalia, the former President of the Institute of Directors

Mr. Shailesh V. Haribhakti, FCA former
Chairman – Western Region, Institute of Directors,
India Board Chairman – Blue Star Ltd.,
L&T Finance Holdings Ltd., Future Lifestyle Fashions Ltd.

Mr. Jyotin Mehta Chairman – Audit Committee, Linde India Ltd and Independent Director in multiple companies

Vijay Muralidharan, ACCA, an Associate Director in Deloitte’s Risk Advisory Practice

Suman Murthy, ACCA, a former Business Risk Advisor at Grant Thornton, Bengaluru

BOARDS NEED TO MAKE SURE THESE EXISTENTIAL AND CATASTROPHIC RISKS ARE BEING MONITORED AND THAT PLANS TO ADDRESS THEM ARE IN ACTION.

BY FOCUSING ON CRITICAL ACTIVITIES AND TESTING THEIR PROCESSES, CONTROLS AND DOCUMENTATION, ORGANISATIONS CAN START LAYING VALUABLE FOUNDATIONS FOR A MORE RESILIENT FUTURE.