Date: 7th October 2014
Mr. Santhana Anandraman, Head – Risk & Compliance at GASCO – UAE interacted with the students of IBA on the topic ‘Organization Resilience Through Enterprise Risk Management’.
Mr. Santhana started off the session by asking students a question. What will be their biggest nightmare being the manager of a company? After deliberations the answer came out to be – A landslide decline in company’s share prices and Manager getting fired! He stressed that a big reason of debacle at work for Managers happens when they fail to link the events and their interdependence. Hence it is important for Managers to have an Overall Awareness of all the events in their company.
He declared that of all the technical reasons for the ‘The Financial Crisis’ of 2008, ‘Greed’ amongst a few was a major root cause; ethical practices were kept at bay and companies were satisfying their greed. He went on to define ‘Resilience’; which in his words is ‘The ability to come to its original form’. It is like company facing huge losses but bouncing back to their original position in due time (may be months or years).
He stressed that a good product might be sufficient for starting a business but it is not enough for business continuity; for that organisations need to have a resilience framework. He also emphasised over the presence of indicator systems and plans which will be implemented during times of crisis; both being important in a company’s resilience.
Towards the end Mr. Santhana enlightened students over the various aspects of risk, types of risk and the role of a Risk manager in a company. The session came to an end as Mr. Santhana explained how, not just Business activity but Human activity too, has risks associated with it.