RISK MANAGEMENT ASSOCIATION OF INDIA

Introduction Risk Management has assumed great significance in the global economic scenario. More and more companies are recognising the need of implementing the concept in their organisation. Most of the insured’s are ignorant about the importance of this vital aspect. In western countries Risk Management is an important area which has attracted the attention of Government, business houses, Scientists, Individuals in forecasting the imminent risk in undertaking any project/work and taking suitable precautions to avoid or minimize the adverse impact of risk. However in India though the importance of Risk Management has been recognized but no concrete step has been taken to establish it as integral part of activity so that risks may be perceived in advance and suitable measures be taken to avoid it. After the opening up of the Insurance Industry in 2000 due to extreme competition the concept of risk management is fading away. We will have to again develop an environment of Risk Management without which the Insurance Industry cannot exist and grow. Risk is omnipresent in all activities we undertake. The only difference being the ability of the person to perceive the risk and manage it effectively. The Risk Management Association of India was founded in the year 1993 with a view to promote the concept of Risk Management and loss prevention in India. After closure of Loss Prevention Association of India there has been a vacuum for training and research work in Risk Management aspects particularly in insurance sector. Recognising the need of the hour Risk Management Association was promoted by The Insurance Times group to create a platform for Insurer’s, Risk Managers, Brokers, Intermediaries, Insurance Managers in Corporate bodies so that they may come together and share and exchange their views to spread the concept of Risk Management. Chapters We plan to open chapters of the Association all over India. The role of the chapters would be to promote the cause of Risk Management in the local area by organizing workshops, seminars and interactions. Interested persons/bodies having the urge to promote the concept may contact the Secretary General for the formalities. Workshop/Seminars We shall be conducting workshops and seminars across India on recent Risk Management Developments to discuss and deliberate on various issues related to Risk Management, Safety, Fraud, Technology and other relevant areas. Sub Committees We also plan to have sub committees to cater to niche areas under the risk management so that different areas can be represented fully. Initially the sub-committees would include –

1. Operational Risks 2. Financial Risks ( Insurance ) 3. Financial Risks (Banking/Mutual Fund/Other Financial Services etc.) 4. Risk Based Capital/Economic Capital 5. Emerging/Global Risk 6. Loss Prevention & Safety 7. Other committees

Research/Case study We shall be encouraging members to submit case study on various industries which may serve as a roadmap to others and help to adopt best business practices in Risk Management. Quarterly Bulletin We shall be publishing a quarterly bulletin covering research articles, features on risk management, share latest development around the world in the field of Risk management. Members/guests would be invited to share their experience and lay a roadmap for development of Risk management discipline in India. Online Repository We shall be maintaining a online repository of Risk management related information at our website www.rmaindia.org We shall be sharing various information, PPT, articles, Links, Glossary, Case study for the members. Membership We invite membership from Risk Management professionals, Insurance and Finance Professionals, Insurers, Bankers, Financial Companies, Intermediaries, Regulatory Bodies, Educational Institutes, Students and persons interested to learn and explore the area of Risk Management. By becoming a member you can play an active role in promotion of Risk Management and enrich your knowledge to get optimum benefit of Risk Management. Types of Membership

1. Fellow Member, FRMAI 2. Associate Members, ARMAI 3. Affiliate Member, AFFRMAI 4. Corporate Member 5. Student Member

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**For detailed information about “Risk Management Association of India” Please visit our website www.rmaindia.org

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