The highly infectious COVID-19 pandemic has hit workers hard. Protecting workers through adequate health and safety measures, promoting supportive working environments, managing online teams, dealing with their isolation, maintaining productivity while working remotely: are all becoming very challenging.
Professional Risk Managers’ International Association (PRMIA) organized a webinar where a galaxy of thought leaders and industry experts from diversified sectors highlighted the need to strengthen workers’ health and wellbeing. The seminar dwells on the insights, perspectives, best practices and knowledge around the current healthcare crisis from a risk management standpoint.
In attendance were leaders from the financial sector: mainly comprising C Suite Executives and Senior Risk Professionals from Banks, Asset Management Companies, Non- Banking Finance Companies, Fintech, Insurance Companies and Regulators as well as students from various business schools.
Mr. G N Bajpai, the former Chairman of SEBI and LIC, the visionary leader responsible for most of the reforms and innovations in Indian insurance, pension and capital markets, graced the event as the chief guest. He set the tone for the event by highlighting the urgent need to re-arm the global health order to timely identify, assess, mitigate and control the current pandemic as well as prevent the occurrence of such black swan-like events in the future.
“People’s risk management needs to be on the front burner. The loss of opportunity and obsolesce are emerging as the most significant people’s risk. Formula 555 demonstrates how every five years a person becomes stale, then obsolete and finally fossil,” Mr. Bajpai said.
On this occasion, a panel discussion was conducted with a cross-section of industry experts. Dr. Pankaj Sinha, Professor in Finance at Faculty of Management Studies (New Delhi), brilliantly moderated the panel discussion.
Mr. Prashant Praharaj, Chief Risk Officer of India Infrastructure Finance Company, recommended a sound risk management framework grounded on ISO 45001 (occupational health and safety), ISO 35001 (bio risk management), ISO 31000 (enterprise-wide risk management), ISO 27001 (IS security(, and ISO 22300 (business resilience). Basel II, III frameworks on Operational risk involving people. These frameworks can be looked up to by top management of workplaces for employees’ wellbeing.
Sunil Warrier, Chief People Officer of Future Generali India Insurance Company, highlighted the profound changes to people risks from the pandemic and how the leadership is addressing through employee participation in various welfare programs, including re-skilling, talent management, motivational strategies.
Nirakar Pradhan, CEO of PRMIA India, highlighted the company’s impressive journey in India during the last two years. A late starter in the country, PRMIA has opened five chapters and conducted 20 market events to promote knowledge, skills, standards and best practices among the PRMIA community.