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Dec 15, 2020

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.


In this episode, Justin Smulison is rejoined by special guest, Ashish Parakh, the Senior Vice President of Strategy, Risk Management Practice, Data & Analytics, and Marketing & Communications at Marsh India.


Recorded just two days after the RIMS Risk Forum India 2020, Ashish discusses his experience as well as the panel he presented, “Spotlight on Resilience, Risk Management During COVID-19.” He is also here to discuss the results and takeaways from the “Excellence in Risk Management India 2020, Spotlight on Resilience: Risk Management During COVID-19,” which was jointly produced by RIMS and Marsh. Ashish also gives advice to risk management professionals and companies on the risk strategies that they can implement in order to remain resilient and vibrant, both in India and globally.


Key Takeaways:

[:01] About RIMS’ Global Membership.

[:25] About today’s episode.

[:33] Current RIMS features, offerings, news, and events.

[1:51] More about today’s episode with Ashish Parakh.

[2:21] Justin welcomes Ashish Parakh back to RIMScast!

[2:52] Ashish speaks about his RIMS India Forum 2020 experience.

[3:32] Did Ashish find that the virtual format was effective for this year’s RIMS India Forum?

[4:08] Ashish’s RIMS India Forum highlights.

[4:40] Where to access the RIMS India Forum 2020 content.

[5:21] Ashish discusses the results from the “Excellence in Risk Management India 2020, Spotlight on Resilience: Risk Management During COVID-19” survey.

[7:03] According to the report, around 63% of the 231 survey respondents — including C-suite executives and senior risk professionals — identified a new pandemic or continued fallout of COVID-19 among the top three risks facing their organization. Ashish shares some examples of effective strategic and preventative measures that companies took this year that can reduce those top risks.

[9:45] Rounding out Indian businesses’ top risks were cyber attacks (56%), data fraud or theft (36%), failure of critical infrastructure (33%), fiscal crises (31%), and extreme weather events (25%). How did these top risks surprise Ashish? And what are some of the strategies that risk managers can use to keep so many plates spinning all at once?

[11:17] If time were to fast-forward to the end of 2021 and the same results were found in the 2021 survey, what would Ashish’s reaction be?

[13:12] General risk strategies companies can implement to remain resilient and vibrant.

[16:50] Ashish was one of the panel presenters on the discussion titled, “Spotlight on Resilience, Risk Management During COVID-19,” at RIMS India Forum. Ashish shares some of his insights and philosophy on mental wellbeing during COVID-19.

[19:48] Justin thanks Ashish for joining the podcast once again and shares some of the links to check out in this episode’s show notes.


Mentioned in this Episode: — The RIMS Global Resource Center

RIMS and Marsh Study: “Excellence in Risk Management India 2020”

Marsh/RIMS Study: “Pandemic, Cyber-Attacks and Data Fraud Remain Top Risk Concerns for Indian Companies”

RIMS Risk Forum 2020 India — Register for On-Demand Content!

RIMS ERM Conference 2020 — Access the On-Demand Sessions! — Available through January 5th, 2021

RIMS Webinars:

Sponsored by Resolver: Dec. 15th, 2020 “Practical Strategies for Developing Your Risk Metrics”

RIMS Webinar: Jan. 28th, 2021 “Strengthening Risk Management Capabilities to Navigate Social & Economic Concerns in Nigeria” — Register Today!

RIMS Advisory Services — Ask a Peer

On-Demand Webinars

RIMS Coronavirus Information Center

RM Magazine

Risk Management Monitor

RIMS-Certified Risk Management Professional (RIMS-CRMP)


RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!

Download any episode of RIMScast.

Related RIMScast Episodes:

“Deepak Padaki and the RIMS Award-Winning ERM Program at Infosys”

“Risk Culture in India with Harshit Baxi”

“Speaking with Leaders in Risk Management at the RIMS Risk Forum India 2018”

“Speaking with Leaders in Risk Management at the RIMS Risk Forum India 2018 (Part 2)”


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Follow up with Our Guest:

Ashish Parakh’s LinkedIn