The business field in today’s age is like a dragon with too many heads, popping out more and more heads the closer you get. It is never-ending, forever changing and constantly raising its standards of quality and becoming by the day more and more specific in its requirement of desired qualifications for a job in one of the many heads of this corporate dragon. The only options one sees to establishing a successful career in any kind of business are only two- join dad’s business or sign up for degree courses like BMS,BFM,BBI,BBA,BAF, etc and start your own. Now since factors of risk are higher in the latter and none of these courses satisfactorily cover all aspects of business, each being specific to its own field only; they do not teach the most essential criterion imperative to a successful entreprenual start-up— Risk Management. But thanks to Mr. Subhashis Nath, students both in India and abroad will not have to worry about the same.
Subhashis Nath is the Mentor of Global Risk Management Institute. He is currently a Senior Global Partner and Executive Director at Axis Risk Consulting Services Pvt Ltd, a Genpact company. He was the founder partner of Axis Risk Consulting in September, 2004. He has also spent nearly 2 years with the Global Center of Excellence of Ernst & Young, and about 9 years with Arthur Andersen. He was part of the core team that built Risk Consulting practice of Arthur Andersen in India. Subhashis is a qualified Chartered Accountant. He has been a visiting speaker on Risk Management and HR Management at reputed India Business Schools (ISB, IIM, FMS, MDI, NMIMS, IMI, Fore, etc.), and also at multiple industry forums like NYSE General Counsel, CII, IIA, and others. He maintains a strong passion for education and training. He is an avid sports and music buff.
GRMI (Global Risk Management Institute) based in Gurgaon, is a pioneer to put together a cutting edge curriculum in Risk Management to educate aspiring professionals for a successful career in the Risk Management market, which is estimated to be upwards of USD 40 Billion and growing. It’s the first of its kind comprehensive risk management curriculum in the world, covering end-to-end fundamentals of risk management, across multiple industry verticals such as, manufacturing retail, banking, life sciences, telecom, hospitality, etc.
Credibility at GRMI is defined by the quality of leadership that is driving the entire programme. Led by the Dean under the distinguished guidance of an exceptionally learned and relevant Board of Directors and Strategy Board, an internationally represented Board of Governors, and impressive Academic Council, GRMI aims to be a hallowed portal for creating future leaders for the country and the globe.
GRMI is committed to ensuring an environment where students get to interact with more global risk leaders and risk practitioners than what any other institute can offer.
“In the age of globalization and rapid growth in businesses across the globe, effective Risk Management has become a critical factor for businesses success. Business needs to steadily analyze and respond to challenges like market volatility, geopolitical crises, wide-spread economic changes, regulatory reforms, and not to forget cyber threats, which have become frequent. To manage these risks effectively, there is a huge demand for skilled Risk Managers, who can navigate the organizations through all these risk and help them achieve their business goals.”
The idea behind framing this venture was GRMI’s research, in which they found that smaller modules on Risk Management like Insurance and Credit Risk are being offered by few select colleges across the globe, but there didn’t exist a specialized college which covers all aspects of Risk Management. This lead to the idea of creating a world class Institute which specializes in training people on end to end Risk Management concepts.
Current courses being offered by GRMI are PGDRM (Post Graduate Diploma in Risk Management), the tenure of which is 1 year. PGDRM from GRMI is a great alternate to various regular Masters programme. It’s a full time one year class room education programme with cutting edge curriculum and extensive infusion of live case studies, to give students a more practical experience. Students will also significantly benefit from regular course curriculum that will be provided by leading industry icons who would be delivering a real life context learning experience making it interesting and engaging.
“At GRMI we are committed to building “world beaters” who will be all-rounded professionals and not only risk domain experts. We aspire to be the global recruitment hub for the best talent in Risk Management space,” said Subhashis Nath, this being the larger and long term goal of GRMI.
Leading consulting firms and industry players have shown keen interest in hiring an all round specialist from GRMI in their organization as that will help them gain substantial productivity and efficiency from day 1. Some of the potential recruiters are –Some of the large consulting and risk consulting organizations like Accenture, EY, KPMG, PwC, Deloitte, Protiviti, Grant Thornton, etc. and other large corporate organizations like General Electrics (GE), Tata Group, PepsiCo etc. are potential recruiters; Leveraging GRMI’s global client connects with Fortune companies to channelize placements; GRMI’s strategic partner with leading Global HR associations – Society of Human Resources Management (‘SHRM’) will give GRMI students a great opportunity to explore placement on a global canvas.
GRMI already has a MOU signed with Institute of Internal Auditors of India. Being the single largest globally accepted Institute in the domain of Internal Audit, this partnership allows GRMI access to knowledge, leading practices and most importantly establishes credibility of working with the best and largest. GRMI is also a week or so away from a Partnership with a leading European University which would then convert GRMI’s Post Graduate Diploma in Risk Management (‘PGDRM’) into a dual Diploma to be jointly issued by GRMI and the European University. GRMI is also in agreement negotiation stages with a leading exclusive Global Risk Consulting firm as one of its Knowledge Partners. This once more allows GRMI to access knowledge to continually improve and increase its real life case study base and would also be a tremendous acknowledgement of the need and acceptance of the programme content by the end employers of the skill set.
Risk is omnipresent, and needs to be managed in all business processes like finance, procurement, sales and marketing, manufacturing, logistics etc. that makes an organization. An example by Mr. Nath of how risk recoginition will help in making a successful business – An e-retail company selling branded clothes, will usually compete with other competitors if you are priced right, have better product selection and able to make the product availabe for customer to select and order from. To ensure all this, if you manage the risk of buying the right product from the right vendor at the right price, you will always be able to win your customer over others. This is where a Risk Manager will design your risk mitigating framework in a way, that you always get the right product as part of your regular operations.
“For students of GRMI however, world map will be the canvas for operations. Risk Management opens up great career roles in large organzations across the globe.”
The skill sets a successful Risk Manager should demonstrate and the role he plays as propounded by Subhashis Nath are- Developing Risk Library of all risks, an organization is exposed to – strategic, operational, regulatory, compliance and financial. Design robust control frameworks to avoid business breakdowns, pilferage, inefficiencies etc. Supporting management in taking risk intelligent decisions to ensure business value maximization. Conduct periodic reviews to ensure all processes like manufacturing, procurement, finance, human resources, payroll, sales and marketing etc. are working as desired. Risk Management encompasses multiple activity that a risk manager has to do, to ensure maximization of business value. Risk Management cuts across the organization and is required across processes. The Risk Manager, manages all type of risks like strategic, operational, compliance, regulatory and financial risk for an organization / client.
In a critical role of ensuring business value maximization along with compliance to organization and regulatory policies, Risk Managers are needed in every organization, which is on a robust growth path. GRMI is certainly the first of its kind and is set to be a pioneer in professional education in the space of Risk Management. For future Chartered Accountants and others in the Finance field, this is like a dream come true. It will certainly open up more doors for business students and set benchmarks for efficiency of services, help organisations in making risk intelligent decisions, but most of all it will help students understand business much better. We wish GRMI all the luck and success.