SBI Life awarded first RIMS ERM accolade

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

The award was accepted by NKV Roopkumar, SBI Life’s EVP, chief of Risk, Information & Cyber Security Management at RIMS Risk Forum 2018 India.

SBI Life’s enterprise risk management (ERM) initiatives have improved processes that identify patterns and indicators to recognize 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 USD15 million 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 Roopkumar. “We are humbled to receive this honour from RIMS and look forward to sharing our experiences with the Society’s global risk management community.”

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