ICICI Lombard’s 2nd edition of Corporate India Risk Index witnesses a 9 per cent jump
With the country’s economic activity picking up pace, Corporate India has another reason to rejoice.
cityairnews
Apr 4, 2022 08:27
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Chandigarh, April 4, 2022: With the country’s economic activity picking up pace, Corporate India has another reason to rejoice. The Corporate India Risk Index 2021 score of 62 is up from 57 in 2020, representing "optimized risk handling" with scope for further improvement. These findings are a part of the second edition of ICICI Lombard’s Corporate India Risk Index (CIRI). The company has released the study in continued collaboration with Frost and Sullivan, a leading global management consulting firm.
The second edition of Corporate India Risk Index 2021 (CIRI) was launched in the presence of Mr. Bhargav Dasgupta, MD & CEO ICICI Lombard, Chief Guest Mr. Nirmalya Kumar, Lee Kong Chian Professor of Marketing at Singapore Management University, Mr. Alok Agarwal, Executive Director, ICICI Lombard, and Mr. Aroop Zutshi, President and Managing Partner, Frost & Sullivan.
CIRI is a first-of-its-kind risk measurement tool to gauge the level of a company’s risk exposure and preparedness. A higher score signifies better risk management, enabling companies to adopt effective risk management practices.
The framework comprises 32 risk elements across six dimensions. This year, the study covered 220 companies across 20 sectors, in comparison to 150 companies across 15 sectors in 2020. The five new sectors include Agriculture & Food processing, Bio-tech & Life Science, Aerospace & Defence, Media & Gaming and Educational Skill Development.
Commenting on the launch, Mr. Bhargav Dasgupta, MD & CEO, ICICI Lombard, said, “ICICI Lombard’s Corporate India Risk Index intends to give companies access to an extensive and comprehensive range of quantifiable metric of risk management. The improvement in India Inc.’s score of nearly 9% are a reflection of better risk management across 200 corporates from 20 industries. With continued focus on risk agenda in boardroom, we have the potential to move from ‘Optimal’ to ‘Superior Risk Handling’ on the Index.”
Mr. Nirmalya Kumar, Lee Kong Chian Professor of Marketing at Singapore Management, University, said, “ICICI Lombard’s Corporate India Risk Index is an important contribution in identifying and measuring risks across various sectors. The practical application of this risk metric helps firms understand the level of risk their business is exposed to, assess their level of preparedness, and take steps to improve their risk management strategies accordingly.”
