Taking risks: How the manufacturing sector recovered
Industry leaders believe the pandemic is a learning curve with every new challenge, an opportunity
Published: Nov 11, 2020 05:50:25 PM IST
Updated: Nov 12, 2020 11:11:19 AM IST
Speakers at the recently held Risk Masterclass 2020 under the aegis of India Risk Management Awards organised by ICICI Lombard General Insurance and CNBC TV-18, talked about challenges faced by companies in the manufacturing sector due to the 2020 pandemic and the steps taken by them to retrieve the situation.
The high-powered panel included Mr. Koushik Chatterjee, Executive Director and Chief Financial Officer, Tata Steel, Mr. Sandeep Goradia, Head Corporate Solutions Group, ICICI Lombard General Insurance Company and Mr. Vivek Chaturvedi, Risk Assurance Services Partner, PWC.
Boundaryless risk management
This was followed by a panel discussion on Boundaryless Risk Management. It included stalwarts from the manufacturing sector including Mr. Mukesh Agarwal, Executive President, Ultratech Cement, Mr. Parthasarthy S, Chief Accounting & Transformation Officer, Nayara Energy, Mr. Alok Agarwal, Executive Director, ICICI Lombard General Insurance Company, Mr. Anand Agarwal, Group Financial Controller, Tata Power and Mr. Neeraj Kanagat, Head – Global Insurance, Jindal Saw Group.
According to Alok Agrawal, pre-Covid, the demand for cyber security was limited to service, media and BFSI companies, but now, given increased digitalisation, even large companies and MSMEs are opting for it.
Koushik Chatterjee said that while the pandemic had a debilitating impact on the manufacturing sector, the resilience of the risk management process, system and the ability to take agile leadership positions have helped restore the situation.
The keynote address was given by Dr. R S Sodhi, Managing Director, GCMMF (Amul). The discussion was moderated by Mridu Bhandari of CNBC-TV18.
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