Chapter spotlight: PRMIA Mumbai

The PRMIA Mumbai Chapter was set up in August 2018 and was the first one in India. This was in recognition of the fact that India is the second most populous country in the world, the largest democracy, is among the fastest growing large economies, and has a large, diversified and thriving financial sector. As we celebrate two and a half years of our existence, we are happy to share with our colleagues across the world the journey travelled so far.

The Mumbai Chapter was set up by a small nucleus of PRMIA members, which soon grew into a full- fledged steering committee, covering a wide range of stakeholders. Since then, the chapter has been actively involved in establishing the PRMIA brand in India and having it recognized as the institution of choice in the field of risk management education, certification, and accreditation. In order to achieve this positioning among our target stakeholders, the chapter has conducted a series of activities and events aimed at promoting thought leadership and best practice in the area of risk management by reaching out to and establishing relationships with a wide range of commercial, professional and academic institutions.

The PRMIA Mumbai Chapter has organized ten events since their conception, including the following events:

• Indian Banking and Financial Sector: Resiliency through effective Risk Management

• The Risk Management Landscape in India for 2019

• Risk Management Lessons in the backdrop of COVID 19 - Insights on Stress Testing and

Cyber and Information Security Risk Management

• Leadership Roundtable on “Financial Crime Risk”

• Enterprise-Wide Stress Testing in Indian Financial Services

• Key Emerging Risks for India in 2021

• Inter-relationship between Liquidity, Credit, Market, and other Risks: Lessons and Challenges for the Indian Financial Services Sector

• Work from Home (WFH) and Management of Operational Risks Amid and Post Covid 19: Issues,

Lessons and Way Forward

Thanks to these events and activities and leveraging on the positive atmosphere they have helped create around the PRMIA brand locally, the Mumbai Chapter has supported Dr. Nirakar Pradhan in successfully engaging with local regulators and Industry bodies in recognizing the PRMIA programs as mandatory qualifications for selection to senior leadership roles in the local banking Industry. This is aimed at helping the industry “build capacity” in the field of risk management, which is a strategic imperative for the country. Thereafter, taking advantage of this development, the chapter has initiated an outreach campaign, aimed at a wide range of premier educational, professional, and commercial institutions to seek candidates for PRMIA programs and memberships. This initiative has been supported through two visits of Mr. Ken Radigan, PRMIA CEO, during which he had travelled with Dr Pradhan to various cities in India, meeting with key stakeholders and PRMIA volunteers. Further, the chapter is in the process of implementing a potentially game changing tie-up with SRICHID, a strategic partner for PRMIA India, which will help us in onboarding and handholding candidates throughout their accreditation journey with PRMIA. We have also helped the establishment of other chapters in India - including Bangalore, Chennai, Delhi, with several more in the offing (Kolkata, Pune, Hyderabad).

Regional Director • Shantanu Srivastava, Head of Operational Risk, India, HSBC

Steering Committee • Ajay Panchel, VP-Risk Management, Future Generali India Insurance • Akshaya Shetty, Senior Vice President, Operational Risk, HSBC • Anurag Jain • Bimal Ravindran, Senior Vice President, Operational Risk, HSBC • Biswarup Mahapatra, Vice President - Equity, Mirae Asset • Chandresh Shah, Axis Bank

• Darpan Kulshreshtha, Senior Vice President, Operational Risk, HSBC • G Senthil, Head - BFSI, ETF & Retirement Products, HDFC AMC

• Nakul R, Principle Consultant, SAS • Nirakar Pradhan, Director, PRMIA

• Piyush Chamria, Chief Risk Officer, Treasury, Edelweiss Financial Services • Rameshwar Sharma, Founder, Arthasya • Sanjoy Choudhury, Consultant • Shirish Patil, Senior Vice President, Operational Risk, HSBC • Shilesh Dhuri, Executive Director, DecimalPoint

• Sujit Patnaik, Consultant, SAP Treasury & Risk Management, L&T Infotech • Trayambkeshwar Vatsa, Assistant Vice President, Project Management Vertical, Reserve Bank

Information Technology Private Limited (ReBIT) • V N Srinivasan, Consultant