Inculcating the art and science of risk management and broader governance culture is imperative for Indian startups, says SBM Bank India CEO Sidharth Rath

Chennai, NFAPost: Speaking at the webinar organised by the Professional Risk Managers & International Association
(PRMIA), SBM Bank India CEO Sidharth Rath said that proactive risk management by entrepreneurs is inevitable as India progresses towards becoming a startup hub and a trillion-dollar economy.

“India is one of the fastest-growing startup ecosystems that produced more than 20 unicorns in the last decade, but the business risks have evolved and become more complicated. There is the emergence of regulatory, legal, judicial, cyber risks and others that we had never imagined before,” said Sidharth Rath.

SBM Bank India CEO Sidharth Rath said inculcating the art and science of risk management and broader governance culture is critical for startups, where PRMIA can step in and play a pivotal role.

The webinar was attended by leaders from the financial sector, comprising C-Suite Executives and Senior Risk Professionals. Additionally, a panel discussion was conducted with startup founders from various industries and moderated by Mr. Jainendra Shandilya, Assistant General Manager – Market Regulation Department, Securities and Exchange Board of India (SEBI).

WealthDesk Founder and CEO Ujjwal Jain said expansion of markets and the confluence of technology has given a huge opportunity.

“As the economies are in transition and with excess liquidity, there is an immense opportunity to create wealth. Having a good team, the ability to sell the future vision and be adept to the changing regulatory landscape and legal compliance is the key to success,” said Ujjwal Jain.

MyGate Cofounder and CEO Arisetty said he transformed from a helicopter pilot to a corporate employee and then became a founder.

“The common secret across is to keep taking decisions and risks. People take decisions, but the risks are in the opportunities in the offer and hence taking calculated decisions is key,” said Arisetty.

FMCG startup Stealth Mode Founder Vikram Gawande said he is impressed by the way technology was developing in India but at the same time with data generated through these becomes a double-edged sword while managing data privacy.

“Additionally, while solving any problems, customers are gods and to always remain focused on engaging with customers,” said Vikram Gawande.

Other dignitaries included Co-Regional Directors at PRMIA (Chennai Chapter) – Dr. Sushant Choudhury and A V Murali, along with Dr Nirakar Pradhan – CEO of PRMIA India.

PRMIA, which offers a range of competency-focused training and certification courses on risk management, is respected globally and has seen keen interest from students and professionals. RBI, Government of India, State Bank of India, other leading banks and corporates have adopted PRMIA as a part of capacity building and strategy for employees and learning and development.

The Professional Risk Managers & International Association (PRMIA) is a well-recognised, non-profit, highly respected, global association owned and managed by risk professionals, dedicated to defining and promoting best practices in risk management. It has 51 chapters in major cities worldwide.

Established in 2002, PRMIA offers a range of competency-focused training and certification courses to become an effective risk professional.

PRMIA is especially recognised for walking the members throughout their professional careers, connecting to learning and development, cost-effective training, professional certifications, global networking, and online resources that reinforce the skills and knowledge to cope with the banking’s emerging challenges and financial sector.

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