emphasising the importance of developing strategies and frameworks that enable organisations to navigate and thrive in these turbulent times.
The event was attended by more than 200 risk managers and industry players from the region.
Risk professionals and senior leaders from companies such as A. Menarini India Pvt Ltd., Adani Group, Airtel, Bharat Petroleum Corporation Limited, Cipla Ltd, Cube Highways, Daimler India Commercial Vehicles, Deutsche Bank, Dr. Reddy’s Laboratories, Flipkart.com, General Mills, Hemani Group, Hindalco Industries Limited, Hindustan Unilever, ICICI Bank, JSW Group, KSB Ltd, Larsen & Toubro, Owens Corning, Pidilite Industries, PolyPeptide Laboratories, Reliance Infrastructure, Reliance Jio, RPG Group, SNC-Lavalin, Tata Consultancy Services, Unilever, UPL Ltd, Welspun Corporation, Wipro Enterprise Limited and many others participated in the Conference.
Welcoming the audience, PARIMA's Co-founder and General Secretary, Steve Tunstall, opened the Conference with a highlight reel on the organisation's roots back in 2013 as it sprung with just a handful of passionate risk professionals, and how it has now grown to have over 2,700 members in 22 countries in the Asia Pacific. Tunstall remarked, "The complexity of risk is unprecedented, and so are the opportunities."
The keynote address by Jeevan Sonparote - Chief General Manager at Securities and Exchange Board (SEBI), shone a spotlight on the commitment of companies in India to achieving a net-zero economy by 2070. Sonparote stressed the need for education and awareness of the consequences of not adapting to the evolving ESG scene for businesses and corporations to integrate this into the company culture.
The morning plenary discussion on the development of ESG in India was led by senior leaders from Aon India, namely Jonathan Pipe, CEO, India, and Nitin Sethi, CEO, India & South Asia, along with Vinit Prabhu, Larsen & Toubro Limited's Head of Corporate Insurance and PARIMA India Board Member Soni Srivastava, Regional Head of Corporate Insurance, APAC at Deutsche Bank. The panel emphasised how impactful a top-to-bottom approach can be with board leaders driving change supported by risk owners on the ground, and how measuring processes can help organisations visualise the results of their practices.
The afternoon plenary focusing on emerging risks for businesses in India was led by Marsh India's Anup Dhingra, Managing Director – FINPRO & Private Equity M&A, supported by a panel of senior risk professionals Pranati K., Associate Vice President – Corporate Insurance at Mphasis Limited, Jignesh Mehta, Director, ERM & Insurance at Dr. Reddy's Laboratories and PARIMA India Board Member, Nitin Nair, Group Head Insurance at RPG Group. They discussed the need for risk managers to be proactive to stay ahead of emerging risks. Attendees were encouraged to learn from best practices in industries that prioritise the risks they face, leverage big data to better understand their business, and continue challenging the top management.
The PARIMA Mumbai 2023 Conference concluded with a panel discussion featuring senior risk managers Anil Mathew, President Public Policy Advocacy and Chief Risk Officer at Hindalco, Rajeev Tanna, Risk Management and Internal Compliance at Tata Consulting Engineers Ltd, Monica Yadav, Group Head – Insurance and Vice President – Commercial at JSW Group, and Kelvin Wu, Head of Insurance at Weybourne Holdings, as they shared their insights and takeaways from the sessions. In line with the theme of "Adapting to Permacrisis," risk managers were advised to remain agile in the ever-changing environment, master communication with internal and external stakeholders, and be transparent about the vulnerabilities of their businesses.
The day was packed with five educational sessions which put a limelight on the Indian landscape considering the spider web that is Geopolitical Risks, the development of Cyber Risk maturity, risk mitigation through Climate Engineering, the shift in perspective towards Health & Wellness, and how far India has gone and yet to go on the road to Energy Transition.
Earlier in the week, PARIMA held two localised events exclusive to risk managers in Bengaluru and Delhi on 13 June. The event in Bengaluru was supported by PARIMA's Knowledge Partner, Marsh India, where risk managers engaged in a thought-provoking discussion on how corporations in India can integrate ESG elements into their risk management framework. Aon India led the session in Delhi, where risk professionals shared their opinions on the need for insurers to acknowledge the intensified efforts made by the insured to mitigate losses, especially in an environment with increased costs of business interruptions and heightened claims.
The PARIMA Mumbai 2023 Conference was made possible by the generous support of our industry partners, namely Aon, Marsh, J.B. Boda Group, AIA, Allianz Global Corporate & Specialty SE, FM Global, and HDI Global SE. The next PARIMA Regional Conference will be held in Tokyo, Japan on 19 October at Akasaka Intercity Conference Center.
For photos from the Conference, please visit the PARIMA Mumbai 2023 website: www.parima.org/mumbai-conference-2023-highlights
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