As Artificial Intelligence (AI) makes increasing inroads into the processes of Indian financial institutions, the risks associated with these technologies, to customers, institutions and society need to be carefully identified and monitored. Reserve Bank of India has taken an important step in bringing attention to the need for Responsibility and Ethics in deployment of AI...
Understanding Risk Appetite: clarity beyond the numbers Despite years of effort, many organizations still struggle to define Risk Appetite meaningfully – especially when it comes to Non-financial / Operational Risk. The confusion often arises from two major misconceptions. First, Risk Appetite is frequently conflated with Risk Capacity and / or Risk Tolerance. Second, it is...
TRUE ENTERPRISE RISK MANAGEMENT IN THE AGE OF AI Enterprise Risk Management (ERM) has long promised a panoramic view of risk – across functions, geographies, and time horizons. Yet, in many organizations, it remains a fragmented exercise: a checklist for regulators, a scorecard for boards, or a quarterly ritual with little influence on decision-making. The...
FRAUD RISK MANAGEMENT: DEFENDING AGAINST INTERNAL AND EXTERNAL THREATS As fraud threats multiply across internal operations and external partnerships, organizations must move beyond reactive control to proactive, resilient risk management. Fraud has moved far beyond the confines of back-office concerns or periodic forensic audits. In today’s interconnected business environment, it is a front-line strategic issue-finding...
ARTIFICIAL INTELLIGENCE VS REAL INTELLIGENCE IN RISK MANAGEMENT “AI doesn’t blink. But sometimes, risk hides in the blink.” The rise of Artificial Intelligence has transformed how we think about risk. Data is no longer just reviewed—it is mined, mapped, modeled. Algorithms scan for outliers, predict future scenarios, and surface red flags before the human...
Rethinking Vendor & Third-Party Risk in an AI-Powered Era In today’s hyperconnected, outsourced business environment, the risks posed by third-party vendors are not just operational concerns—they’re existential. Whether it’s a fintech partner with access to sensitive customer data or a cloud provider hosting mission-critical systems, third-party risk has become a direct extension of enterprise risk....
Reputation Risk: The Risk of Risks Back in the day, many banks gave “Reputation” its own line in their risk taxonomies. But it showed up of course everywhere. Like the over-eager student begging to answer every question. Then, in early 2025, U.S. and U.K. regulators scrubbed it from standalone exam categories and tucked it into...
RETHINKING RISK: FROM DEFENSE TO COMPETITIVE EDGE There was a time when “Risk” had clear definitions to include Interest Rates, Market Volatility, Credit Defaults, Operational Hiccups etc.. Patterns of risk, while never simple, followed familiar curves. Compliance, in turn, responded with frameworks built for steady navigation that were codified, siloed, well-documented. THAT TIME IS OVER....
In today’s world, disruptions are inevitable— whether from cyberattacks, system failures, natural disasters, pandemics, or geopolitical upheavals. Financial institutions (self-respecting firms of any genre actually), embedded as they are in the global economy, must not just react to these shocks but ensure they can continue delivering critical services seamlessly, whatever the challenge may be. This is where Operational Resilience takes center stage. It’s no longer about just preventing failures—it’s about withstanding, adapting, and recovering from them while minimizing impact on all stakeholders, customers, markets, and economies.
The root of most risk management failures lies in human behavior. Greed, fear, and ego often lead to poor decision-making and unethical behavior, particularly during times of stress or opportunity. Effective risk management requires not only robust systems and processes but also a strong focus on people, culture, and ethics.
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