Apr 26, 2022
RNB Global University’s Training and Placement Cell organized the Online Finance Conclave on “Risk Management in the Financial Services sector” on 26th April 2022.
The session commenced with the introduction and welcome address, introduction of the speakers and brief introduction about the conclave was given to all the invited speakers, faculty members and to all the students by Muskan Rampuria-Student-MBA-II semester.
Speaker 1- Dr. Susanta Kumar Mishra, starts with the introduction of the Risk Management in the financial services sector domain and the discussed that by 2025, risk functions in banks will likely need to be fundamentally different than they are today. As hard as it may be to believe, the next ten years in risk management may be subject to more transformation than the last decade. And unless banks start to act now and prepare for these longer-term changes, they may be overwhelmed by the new requirements and demands they will face. He also stressed upon that the structural trends that are driving many of these substantial shifts stem from multiple sources. Regulation will continue to broaden and deepen as public sentiment becomes less and less tolerant of any appearance of preventable errors and inappropriate business practices.
Speaker 2- Dr. Harshit Sinha, spoke that customers’ expectations of banking services will rise and change as technology and new business models emerge and evolve. Risk functions will also have to cope with the evolution of newer types of risk (e.g., model, contagion, and cyber)—all of which require new skills and tools. Fortunately, evolving technology and advanced analytics are enabling new products, services, and risk-management techniques, while de-biasing approaches that improve decision making will help risk managers make better choices about risks. However, the risk function of the future will probably be expected to deliver against all these requirements and deal with these trends at a lower cost, because banks will in all likelihood have to reduce their operating costs substantially.
This conclave gives a clear understanding that if banks want their risk functions to thrive during this period of fundamental transformation; they need to rebuild them during the next decade. To be successful, they need to start now with a portfolio of initiatives that balance a strong short-term business case with enabling the long term achievement of the target vision. Such initiatives could include digitizing the underwriting processes, use of machine-learning techniques, and interactive risk reporting. However, to succeed, this transformation could also require a shift in the organizational risk culture—the adoption of an approach that embeds shared and communicated values and principles throughout the organization. In the sessions taken by the invited resource persons, the students were enthusiastic to ask the relevant questions. The speakers were very responsive to the queries asked by students.
At the end of sessions conducted by the invited resource persons the valedictory session was delivered by Aditi Bothra-Student-BBA-IV semester. The event was successful and it rightly benefited all those who attended it.