For enhancing and improvising risk management practices and to comply with the new capital adequacy framework, RBI has come out with guidance notes and circulars on Operational Risk.
Today, apart from traditional way of analysis through analytical procedures as mentioned in our auditing standards, certain other tools are needed to assist us in providing our services and maintai
Slowly and steadily, India is adopting global best practices (MiFID) surrounding Suitability and Appropriateness. Gone are the days when anyone could sell any investment product to any investors.
Insurance companies are in the business of taking risks. Worldwide these companies write policies that deal with specific risks, and in many cases, even underwrite exotic risks.
There is a very good document and a survey from Ernst & Young on "Risk Management in India". It clearly depicts the true position of Indian corporates when it comes to Risk Management.
Red flags are very useful in combating frauds. With more and more innovative ways of perpetuating frauds, companies struggle to keep pace with these fraud methodologies.
