As technology redefines business, risk awareness must evolve to match the pace of change

He has always been passionate about teaching and training. His expertise is in risk management, and he is passionate about education. The concept of establishing an institute where both could intersect was extremely appealing. That vision gave rise to the Global Risk Management Institute (GRMI), an institution dedicated to combining knowledge, practice, and purpose in order to build a new generation of resilient, risk-aware leaders for the global community.

Speaking to BIZZ BUZZ, Subhashis Nath, Dean & CEO, Global Risk Management Institute, Gurgaon, explains how the growing relevance of risk management arises from the fact that the corporate world is shrinking—national borders are becoming less significant as most large businesses operate in several locations and the role that GRMI promises to play in the entire scheme of things.

What was the trigger for setting up a dedicated institute on Risk Management?

The idea for establishing a separate risk management institute originated during my time at Arthur Andersen and later at EY's Global Centre of Excellence. First, I recognised the universality of risk management practices—the principles applied across sectors and locations.

Second, I experienced how successfully global risk management delivery could be managed with people headquartered in India. Third, I identified a big worldwide gap: there was no institutionalized postgraduate school anywhere in the world that trained people exclusively in risk management.

At the same time, I could see that the world was increasingly turning to India as a hub for talent and aptitude. This provided a rare chance to establish an institution in India that could create globally relevant risk management professionals.

My experience establishing Axis Risk Consulting in 2004 only confirmed my conviction. The firm subsequently became a completely owned subsidiary of the NYSE-listed Genpact, where we established a $100 million practice including owning relationship and service delivery for 6 of the Fortune 50 companies.

Strategically, 98.5% of our revenue came from international clients, while 97% of our delivery talent was situated in India. This demonstrated that India could not only provide world-class risk services, but also develop the talent that the world required.

It became clear to me that India's road to becoming the Vishwa Guru and achieving Atmanirbhar Bharat was about more than just manufacturing products or providing services; it was also about developing potential and future leaders.

What is the importance/significance of risk management in the current business context?

The growing relevance of risk management arises from the fact that the corporate world is shrinking—national borders are becoming less significant as most large businesses operate in several locations. This globalization has exacerbated disruption concerns, particularly in supply chains, where dependencies now cross borders.

Similarly, talent concerns are no longer local; firms must negotiate a global talent landscape that necessitates a grasp of many cultural and operational settings. Because corporate culture has a fundamental impact on risk management, understanding these intricacies has become crucial.

Equally noteworthy is the rise of geopolitical dangers, which have progressed from theoretical worries to practical corporate issues. Events such as the Suez Canal blockade, sanctions on Iran ports, and disruptions across Europe, the Middle East, and Asia illustrate how geopolitical volatility can immediately impact business continuity.

From a governance standpoint, risk management has earned a permanent place on the boardroom agenda. In India, legislative regulations mandating Risk Management Committees for the top 1,000 listed businesses have reinforced this approach, emphasizing the importance of risk in strategic decision-making.

Finally, the rapid rate of technology change has introduced a new dimension to enterprise risk. Beyond artificial intelligence and generative AI, technology has emerged as a key business driver, presenting unprecedented benefits but also posing significant hazards. Understanding and managing technological risks is increasingly critical for all business leaders.

These dynamics—globalization, geopolitical volatility, regulatory focus, and technological transformation—all contribute to risk management's importance in today's interconnected and rapidly changing business world.

Which are the broad areas under risk management that are covered in the course?

GRMI's flagship PGDRM program includes a wide range of risk management subjects, providing students with a comprehensive overview. We start with core enterprise risk management, learning how to identify and prioritise organizational-wide challenges like strategic misalignment or reputational issues.

Then we go into financial risks (credit, market, and liquidity), teaching modelling and mitigation using real-world case studies of Indian banks and global crises.

Operational risk is a primary emphasis, with seminars on forensic accounting and business continuity planning. We also emphasize on emerging topics such as cyber risk, in which students learn about data breaches and IT governance through examples such as recent ransomware attacks on Indian companies.

Recognising the growing importance of data as it is considered the new oil, the curriculum includes Applied Analytics in Business Context, taught by expert practitioners. This allows students to gain the ability to analyse, evaluate, and use data to make faster, bolder, and better decisions, which is an essential talent for modern business leaders.

We recently entered the undergraduate education area to bring risk learning to a younger audience. In August 2025, we established India's first structured undergraduate risk management program in collaboration with Shiv Nadar University (SNU), an Institute of Eminence.

You have firmed up collaborations/tie-ups with some other premier institutes. Could you please throw some light on that?

We've formed strategic partnerships to expand our reach and improve our offerings. We run India's first undergraduate risk program with Shiv Nadar University (SNU), an eminent institution, by incorporating risk modules into their curriculum to introduce concepts early on.

This enables students from varied backgrounds to comprehend risk in context, such as when applied to engineering or commercial initiatives. Our cooperation with Rome Business School in Italy, formed recently, focuses on double certification and mobility programs providing specialization opportunities for our students along with cultural exchange.

We've also collaborated with NIIT University's 98-acre campus in Manesar on a specific Technology Risk Management curriculum, which combines our risk knowledge with their technology focus to combat digital dangers.

Domestic collaborations, such as those with The Bhawanipur Education Society College in Kolkata, provide risk education to eastern India through cohort-based programs. In collaboration with Shri Shikshayatan College, we also provide additional courses on AI and machine learning threats.

The goal is to build a networked ecosystem in which students can gain global perspectives, which is critical in risk management because threats do not respect borders.

What about the employability potentials of these courses? Which are the companies/ sectors that are hiring from the institute? Can you give us some idea about the typical salary range that these companies offer to the successful students?

Our programs are notable for their high employability, as proven by a steady 97% placement record for PGDRM alumni, despite global and national economic downturns affecting many business schools and engineering universities.

This success is due to our emphasis on providing practical, industry-relevant information that prepares students to thrive in volatile circumstances, particularly in risk consulting, compliance, and analytics. Our alumni network is already making an impact, with early graduates landing important positions such as directors at Morgan Stanley and Marsh McLennan, senior AVPs at Wells Fargo, and countless managers in Big Four risk advisory firms.

Placements are available in a variety of industries, including consulting (e.g., EY, PwC, Deloitte, KPMG, Grant Thornton, RSM), financial services (banks and NBFCs), healthcare (e.g., Fortis), IT (e.g., Wipro, Accenture), and telecom (e.g., Tata Communication). Alumni succeed in these domains as risk consultants who manage audits and compliance, as well as operational roles that control supply chains and strategic projects.

Compensation is competitive, with an average CTC of around 9.5 LPA for new hires. High achievers, particularly those with prior experience, can obtain up to 30 LPA in six years, aided by performance-based incentives popular in consulting.

We accomplish this through strong industry ties, mandated internships that allow for real-world application of ideas such as Monte Carlo simulations, and ongoing mentorship, eventually expediting career paths and supporting long-term professional progress.

Are you also looking at introducing formal courses on ESG? What will be the focus in that case?

In terms of ESG, we acknowledge that the demand for entry-level talent—or even the recognition of that need—is still lower than what the market requires.

While our core curriculum already places a strong emphasis on ESG education, with two dedicated courses, our current goal is to raise awareness among large corporations. To that aim, we are developing and delivering ESG-focused executive education programs.

We term these programs "ESG for Non-ESG Professionals" because ESG team members often understand the concepts well. However, for a business to effectively embrace ESG concepts, leaders outside of ESG—whether in procurement, sales, finance, or technology—must grasp how their roles contribute to sustainability and "going green."

However, while our core curriculum provides extensive ESG coverage, we are making a significant effort to enhance information for working professionals through these executive education initiatives. It is worth noting that, while your question focuses on ESG, we are taking a similar strategy to increasing awareness about the risks of digitalization and AI.

These themes are already incorporated into our curriculum, and, as with ESG, we are actively investing in executive education on AI dangers. Amidst the growing debate about AI's revolutionary potential for organizations, we feel there is an urgent need to raise awareness of the additional hazards it poses.

How would these courses help in creating future ready business leaders?

Our courses are designed to develop leaders who thrive in uncertainty rather than simply managing it. By focusing on real-world risks such as financial volatility and technological disruptions, students learn to think strategically and make educated decisions utilizing methods such as stress testing and scenario analysis.

For example, in PGDRM, they work on live cases from Indian corporations, using MRC to assess enterprise risks, honing their capacity to incorporate risk into business strategy. This results in leaders that predict trends, such as AI ethics or climate implications, rather than reacting.

The interdisciplinary approach, which combines finance, operations, and ESG, enables their versatility and readiness for employment in dynamic sectors. Partnerships with SNU for UG and Rome Business School for global exposure provide cross-cultural insights, which are critical for future leaders in interconnected marketplaces.

How would cross-sector and cross border exchanges help in this regard?

Cross-sector and cross-border contacts are critical for building well-rounded risk leaders, as hazards do not operate in isolation. Students get insights into how risks appear differently by partnering with multiple businesses, such as consulting, healthcare, and technology.

Examples include operational dangers in manufacturing versus cyber risks in banking. This increases adaptability; for example, a healthcare case from Fortis could teach compliance details relevant to banking. Internationally, links with Rome Business School could expose students to European ESG rules, which contrast with Indian circumstances and promote global flexibility.

In reality, this means that students replicate cross-border issues while utilizing MRC to overcome cultural or regulatory variations. What was the result? Leaders who skillfully manage international markets, avoiding difficulties such as currency swings and ethical lapses.

These exchanges provide opportunities for India's youth to connect with global networks, increasing employability and innovation. Finally, they develop company leaders who think beyond boundaries, transforming various perspectives into strategic advantages for resilient, inclusive growth.

What is this CXO/Dean Leadership Meet that you are organising in Mumbai on December 11 & 12 all about?

The CXO/Dean Leadership Meet 2025 presents an unparalleled opportunity to co-create solutions that will shape resilient institutions and drive sustainable global progress.

The event offers a dynamic platform to exchange cutting-edge perspectives, forge strategic partnerships, and address pressing challenges—from preparing future-ready talent to building adaptive organizations.

By bringing together the sharpest minds from academia and industry, this event will catalyse actionable outcomes with far-reaching impact. The Theme is: Co-Creating Future-Ready Leadership.