KPMG Unveils Report on 'De-risking the Future of India' Inc. at CII National Risk Summit

KPMG in India unveiled the report titled ‘De-risking the Future of India Inc.’ at CII’s National Risk Summit today in Mumbai. The report was unveiled by the Chief Guest H R Khan, Deputy Governor, Reserve Bank of India (RBI), and was followed by a brief presentation on the overview of the report by Richard Rekhy, Chief Executive Officer, KPMG in India. The release witnessed participation of senior industry leaders and regulators.

“Risks can be only effectively dealt with if there is a common understanding of their importance and interconnected nature and readiness to engage in multi stakeholders dialogue and action,” said Richard Rekhy, Chief Executive Officer, KPMG in India

The report highlights the following points from a risk management framework:

• Importance of risk management – a priority for every board

• Linking risk management to strategy

• Emergence of cyber security and data privacy risks in a digitally enabled enterprise

• Increasing stakeholder scrutiny of climate change and sustainability related risks

• Growing importance of financial risk management in a volatile world

• Business continuity planning: need of the hour for India Inc.

“Risk exposures, though omnipresent and multifaceted, can be managed through effective and real time risk identification, prioritisation and mitigation which should be based on the foundation of understanding the dynamics of the business, customer, and society, as a whole. This report focusses on the need for understanding, and mitigating risks in the context of strategy, business operations, customer needs, and societal responsibilities in a complex and dynamic economic environment,” said Mritunjay Kapur, Head, Risk Consulting, KPMG in India

The risk landscape has indeed undergone a vast change over the past few years. The degree of uncertainty is only likely to increase for enterprises as their involvement with global supply chains increases due to the sheer number of variables and their complex inter-dependencies. In addition, the speed and the magnitude with which these risk events occur can potentially de-stabilise the long-term sustainability of an enterprise. It is thus imperative for concerned stakeholders to exercise greater caution and look for ways to mitigate these risks, said, “Akhilesh Tuteja, Head, IT Advisory, KPMG in India.

After subdued growth in the past few years, driven by global and domestic factors, India’s economy now seems to be out of the woods. Potentially game-changing developments over the past few months gives reason to believe that the Indian economy may well be at an inflection point. ‘Make in India’: an initiative of the new political establishment to revive manufacturing is one such development which aims to provide the much needed impetus to India’s long-term economic recovery. Undoubtedly, the sentiment seems to have shifted from ‘risk off’ to ‘risk on’.

About KPMG:

KPMG in India, a professional services firm, is the Indian member firm of KPMG International and was established in September 1993. It strives to provide rapid, performance-based, industry-focussed and technology-enabled services, which reflect a shared knowledge of global and local industries and its experience of the Indian business environment. KPMG in India provides services to over 4,500 international and national clients in India and has offices in Ahmedabad, Bengaluru, Chandigarh, Chennai, Delhi, Hyderabad, Kochi, Kolkata, Mumbai and Pune.

KPMG International is a global network of firms providing professional services. We have 162,000 outstanding professionals working together to deliver value in 155 countries, worldwide. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.  Each KPMG member firm is a legally distinct and separate entity and describes itself as such.

www.kpmg.com/in

About CII:

The Confederation of Indian Industry (CII) works to create and sustain an environment conducive to the development of India, partnering industry, government, and civil society, through advisory and consultative processes.

CII is a non-government, not-for-profit, industry-led and industry-managed organisation, playing a proactive role in India's development process. Founded in 1895, India's premier business association has over 7200 members, from the private as well as public sectors, including SMEs and MNCs, and an indirect membership of over 100,000 enterprises from around 242 national and regional sectoral industry bodies.

www.cii.in