News Risk Management21 Nov 2018

India:Life insurance company receives first RIMS India ERM award of distinction

21 Nov 2018

The first winner of RIMS (the risk management society) India Enterprise Risk Management (ERM) Award of Distinction has been announced.

For its outstanding efforts to deliver enterprise-wide risk management solutions that address dominant risks while uncovering financial savings, RIMS presented SBI Life Insurance Co. Ltd. with the 2018 India Enterprise Risk Management Award of Distinction.

The award was accepted by SBI Life’s EVP, chief of risk, information and cyber security management NKV Roopkumar at RIMS Risk Forum 2018 India in Mumbai.

In RIMS' citation issued in a statement last week, it said that SBI Life’s ERM initiatives have improved processes that identify patterns and indicators to recognise fraudulent claims. Additionally, the risk management team’s efforts support cross-departmental collaboration that allows for a more accurate assessment of customer insurability.

Inspired by the catchphrase ‘ERM: Everyone is a Risk Manager’ between April 2017 to March 2018, these initiatives contributed to over $15m in savings.

“Aligning SBI Life’s ERM program with its mission and vision has allowed our risk management team to deliver invaluable insight that enhances both operational and strategic decision-making,” said Mr. Roopkumar. “We are humbled to receive this honor from RIMS and look forward to sharing our experiences with the Society’s global risk management community.”

This is the first year that RIMS has introduced this award, for which nominees are judged on the scope of the ERM program; how effective it is at engaging people throughout the organisation; the program’s link or connection to the company’s overall mission; and its ability to create additional value for the organization.

“SBI Life’s risk aware business culture has spread across the enterprise, facilitating greater operational efficiency and quantifiable cost savings opportunities,” said RIMS vice president of strategic initiatives Carol Fox. “RIMS is proud to present its inaugural India ERM Award of Distinction to SBI Life and recognize its risk management team for its accomplishments.”

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