Do I need a risk management policy

The answer depends upon one question. Is it regulatory required or not. If yes, then you have no option. If not regulatory required, then it depends upon you.

If you ask Riskpro, it is always a good idea to have an effective risk management structure. For example, recently, State-run National Bank for Agriculture and Rural Development (Nabard) has asked regional rural banks (RRBs), state cooperative banks (SCBs) and district central cooperative banks (DCCBs) to formulate their risk management policy and constitute risk management committee.

What this means is that there is a stronger focus to bring these more in lines with better practices and in line with other credit institutions such as banks. Nabard has stated that the risk management framework should be oriented towards the institutions size, complexity of business and market perception. So, although there is flexibility in what goes in the policy, the fact is that the policy is required.

NABARD has stressed on the need for strong credit risk elements to be part of the risk management policy. It believes that a strong credit risk management will go a long way in stemming the losses from credit defaults. Nabard also wants banks to devise a grading system to enable comparisons of risks for purposes of analysis and top management decision-making. But such grading system should be flexible and able to accommodate future refinements in risk Categorisation.

Such types of notifications will soon start to be issued for other types of corporates, institutions, industry. So, wny not be prepared and be a mover when it is your turn to be compliant.

Other Services of Interest

  • Global Compliances - Free Webinar on key Global Regulations

    EVENT OVERVIEW: Riskpro India is conducting a free webinar on how to be future ready with respect to Global Compliances. Alleviate risk and strengthen your control on global compliance with this...
  • Sarbanes Oxley (SOX) Compliance - Free Webinar

    EVENT OVERVIEW: Riskpro India is conducting a free webinar on SOX (Sarbanes Oxley) Compliance which will take you through the applicability and requirements of the SOX 404 and 302 Act. The...
  • Auditing EUC - Free Webinar

    EVENT OVERVIEW Uncontrolled and untested spreadsheet models pose significant business risks. These risks include: lost revenue and profits; mis-pricing and poor decision making due to prevalent but...
  • Personal Data Protection Services (PDP) - India

    Overview of the Indian PDP Bill (draft) 2018 The Indian PDP Bill (draft) 2018 is one of the most momentous steps towards safeguarding the personal data of citizens. The Bill gives citizens a say...
  • SSPA Assessment - Microsoft DPR Assessments

    The Supplier Security and Privacy Assurance (SSPA) and Data Protection Requirement (DPR) previously known as the Vendor Privacy Assurance Program is an assessment for Microsoft suppliers/vendors who...
  • Self Assessment Software Login - India Data Protection Regulation

    Riskpro India has developed a Self Assessment tool to evaluate and manage the compliance gaps against the almost here regulation on Data Protection. The Free Login access provides you the ability...
  • India: Data Protection Services

    The EU General Data Protection Regulation (GDPR) is the most important change in data privacy regulation in 20 years. Now India has its own version of Data protection regulation that will change...
  • Fire Safety Assessments and Training

    Some of our features of Fire Safety Assessments and Training • Fire Science • The common causes of fire • Identify fire hazards • Types of fires and extinguishers • Fire...
  • Data Protection Officer (DPO) Services

    Why a DPO The General Data Protection Regulation (GDPR) makes it compulsory for certain companies to appoint a DPO. this is a mandatory position that is expected to carry out certain defined tasks....
  • Go to top