The Risk Management Honor Roll Awards, introduced in 1983, recognize outstanding performance in the practice of risk management through a stringent two-step process of selection. Winning RIMS Honour Roll 2024 is a significant milestone in my professional journey as an Insurance and Risk Management Professional. This award is a recognition by global professionals and leaders for the work I have done in the insurance and risk management space.

मुझे गर्व है कि मुझे रिस्क मैनेजमेंट सोसाइटी (RIMS) द्वारा 2024 के ऑनर रोल में शामिल किया गया है। यह पुरस्कार मेरी पेशेवर यात्रा और Risk Management के क्षेत्र में मेरे योगदान की मान्यता है। इस सम्मान ने मुझे प्रेरित किया है कि मैं अपने अनुभव और सीख को साझा करूं और दूसरों को भी Risk Management में उत्कृष्टता प्राप्त करने के लिए प्रेरित करूं। मेरी सफलता का रहस्य है निरंतर सीखना, धैर्य और अनुकूलनशीलता। आशा है कि मेरे अनुभव से अन्य पेशेवर भी प्रेरणा ले सकेंगे और अपने करियर में उन्नति कर सकेंगे।

Winning RIMS Honour Roll 2024 | Mrunal Pandit, FIII

The RIMS Award Process is a two step process. The first step involves nomination or recommendation from peers, and the second step involves a review by a panel of jury members. This year, over 500 professionals sent in their entries from across the globe, and I am glad to have come out on top.

Understanding the Role of a Risk Manager

A Risk Manager’s role is crucial in identifying potential risks, highlighting them for the organization, and providing recommendations to cover these risks through insurance to minimize financial impact on the business and, most importantly, people.

For instance, the Consumer Goods Organization I am associated with has its operations spread across geographies, exposing us to climate risks, geopolitical and pandemic risks, and the recently emerging possibility of cyber-attacks. We have many colleagues, physical assets such as buildings, warehouses, factories, and perishables like inventory. A risk manager provides an overview of possible risks to our business from such forces and stitches an insurance solution for the same. Being a publicly listed company, there are also certain regulatory requirements that we have to factor in.

Keys to Success in Risk Management

Success in risk management requires a keen awareness of events in India and around the world, analyzing, learning, and communicating how they can impact our business. For example, natural catastrophe perils like cloud bursts or unseasonal rains in certain parts of the country can lead to flooding and disrupt our business. Detailed guidelines and steps to mitigate the risk are typically sent to the operations team in advance to reduce the losses. Proactive steps prove helpful in literally saving the day.

Another key to success is continuous learning and acquiring new skills. In recent years, the risk landscape has changed significantly after the acquisition of new businesses. Considering how rapidly we have grown, the integration of new business happens in parallel. The insurance industry has also seen significant changes due to evolving risks like new regulations, automation, climate change, cyber security, and geopolitical risks. It is important to understand the new products that keep evolving in the insurance market and see what best suits the needs of the company.

Winning RIMS Honour Roll 2024 : Way Forward

The journey to winning the 2024 RIMS Honour Roll has been one of continuous learning, adaptation, and proactive risk management. Staying informed about global events, continuously upgrading skills, and understanding the evolving insurance market are crucial to success in this field. This award is not just a personal achievement but a testament to the collective efforts of my team and the support of the organization.

I would like to thank RIMS, USA for awarding me the 2024 RIMS Honour Roll, and the Consumer Goods company I am associated with, for their support.

This post was published as a start of a new series on Risk Management.