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Topic : BPM and Risk Management
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Practice of Risk Management

Created by : RAMESH KANDADAI, Principal Consultant, ARM Consultants  | 02 18 2010 11:46:45 +0000
Industry : Management & Strategy ConsultingFunctional Area : Organizational Development(People Management)
Keywords : management project risk
Activity:  161 views;  last activity : 07 06 2010 20:18:09 +0000

There is no serious practice of Risk Management in Indian out sourcing service providers. Why is this?

Is this because we are constantly in a crisis management mode? or is it because it is a sun rise aspect of project management that has not yet caught on in India? 

I would request everyone to discuss the value of risk management and the awareness they have of it. I would also like to see feedback on the degree of practice that is prevalent in India today.

  
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Yes, there is not enough practice of RM in India, if so why? Vs No, there is enough awareness and practice. If so, how?
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A number of cases have occurred in the recent past which very well brings to light the lack of foresight and pro-activity on the part of the management in managing risk. 
Risk management  is an integral part of managing a business. A company would need to identify the risks that it faces in trying to achieve the objectives of the firm. Once these risks are identified, the risk manager would need to evaluate these risks to see which of them will have critical impact on the firm and which of them are not significant enough to deserve further attention.
It is very important for the investors to know if the companies in which they are investing are managing the risks as efficiently as they claim to maximise returns

A number of cases have occurred in the recent past which very well brings to light the lack of foresight and pro-activity on the part of the management in managing risk.

Risk management is an integral part of managing a business. A company would need to identify the risks that it faces in trying to achieve the objectives of the firm. Once these risks are identified, the risk manager would need to evaluate these risks to see which of them will have critical impact on the firm and which of them are not significant enough to deserve further attention.

It is very important for the investors to know if the companies in which they are investing are managing the risks as efficiently as they claim to maximise returns.
By Samir Das, Tech Architect, Infosys  02 19 2010 12:11:14 +0000
 
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Thanks Samir, I am trying to get a sense of the stage of risk mgmt in India. It would be nice if more people from a wider spectrum responded. Please feel free to refer the debate to your colleagues.
By RAMESH KANDADAI, Principal Consultant, ARM Consultants  | 02 20 2010 03:38:09 +0000
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At a very fundamental level, how many project teams actually evaluate risk from beginning to end? Do they actually set up a risk management plan and review it at every team meet? Do they have severity codes assigned and think in terms of proactive mitigation?
By RAMESH KANDADAI, Principal Consultant, ARM Consultants  | 02 18 2010 11:46:45 +0000
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If you talk about the institutes for Risk Management then i am not sure but i think it should be in build in a person.A risk taker is born for taking risk.I can give one live example, not from industry, it is from sports. Sehwag an indian batsman always want to hit every ball over the rope.We can not say him not to play big shots.If he wants to do he will get out.Reverse is also possible.We can not say a defensive player to attack.It is natural.Ultimately all is the game of mind, either in industry or in sports.I don't know about the past, At this time i thing we are involving in Risk Management in every field.When we were in college we study some important chapters and leave some other chapters.I think this can not be taught but we learn this with time.
By Mohit Trivedi, Game Developer in Emantras  | 02 20 2010 12:49:10 +0000
Argue for "Yes, there is not enough practice of RM in India, if so why?"
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