Latest News

K J Somaiya Institute of Management Hosts Risk Management Conference for NBFCs

The event addressed evolving Operational Risk Management challenges for NBFCs, focusing on adapting to new RBI regulations and technological advancements.

Mumbai,  – K J Somaiya Institute of Management, in collaboration with Whitebridge Consulting LLP, a boutique consulting firm focused on Risk and  Change Management in Financial Services, formed by a group of senior banking domain leaders, organized a conference focused on Risk Management for Non-Banking  Financial Companies (NBFCs) at their Vidyavihar campus in Mumbai. The event attracted industry professionals, academics, and students to discuss the shifting landscape of Operational Risk Management and recent regulatory guidance from the  Reserve Bank of India (RBI) that affect the sector. 

The conference highlighted the critical nature of effective risk management,  emphasizing the need for NBFCs to adapt to new regulatory changes impacting their operations. Experts shared strategies for developing strong frameworks to address the complexities of contemporary financial risks, especially within today’s dynamic economic and regulatory landscape. 

Dr. Raman Ramachandran, Director & Dean of K J Somaiya Institute of Management,  welcomed the gathering and emphasized the vital role of risk management for any organization in maintaining stability, given the current volatile global environment. 

Mr Sunil Nair, Chief General Manager of the Department of Regulation at the Reserve  Bank of India, spoke at length regarding Operational Risk and Operational Resilience for all regulated entities. He stressed the necessity for a structured approach to  Operational Risk Management, given the evolving challenges posed by AI, cybersecurity threats, climate risk, cloud computing, and increased competition from non-traditional players. He addressed regulatory concerns and offered guidance on effectively managing these risks. 

Anuprita Daga, Group Chief Information Security Officer at Angel One, highlighted the need for financial institutions to continuously adapt their defences against increasingly sophisticated and unpredictable risks.  

The conference concluded with an engaging panel discussion featuring industry leaders, including Nitin Dharma, Chief Risk Officer at Tata Capital; Sachin Jain, Head of the Fraud Control Unit at TVS Credit Services; Rajendra Mohrir, former DGM, Risk  Management at Bank of Baroda; Saiprasad Muzumdar, former CTO of Royal Scotland  Bank (India); and Arun Thukral, Professor of Practice in Finance at K J Somaiya Institute of Management and former CEO & MD of Axis Securities. The panel was moderated by T V Narayanan, Partner & COO of WhiteBridge Consulting. 

The panel explored the role of NBFCs in India and their rapidly expanding role to the country’s growing economy. The speakers delved into practical aspects of implementing a robust Operational Risk Management framework, emphasizing the principle of “trust, but verify” to ensure vigilance in a fast-paced financial landscape. 


Overall, the conference served as an important platform for participants to gain insights into the ever-evolving Operational risk management landscape and the significant influence of regulatory and technological advancements on the financial services industry. Attendees left with a greater understanding of the challenges and opportunities that lie ahead, particularly for NBFCs.

Click Here for More Latest News