Risk Management Courses in India is a new field of study. This specialized discipline focuses on managing calamities like fire, earthquake, and flood. With urbanization and increase of human settlements the risks of flood and fire increase manifold. Settlements lying in earthquake prone areas are always at the risk of being damaged by earth movements. Inhabitants staying in coal mine regions are always at a threat of exposure to methane and other toxic gases.
Risk management trainees are also taught to handle industrial gas leakages, building collapse, and epidemics. The threats of mass destruction of either natural or artificial nature are intensified in densely populated areas. Risks might also be of non-materialistic nature like share market crash, project failures, or financial failure. Risk management also refers to the risk involved with financial investments, share market operations, and wealth management.
Risk management process is based on prioritization with the most vulnerable being catered to first. Risks are also classified according to the value of loss incurred. There could be risks of lower value but high probability of occurrence, and also risks with loser probability but higher value loss. It requires thorough training and experience to judge between the risk types.
With quality assurance becoming a norm in industries and commercial activities across the globe, risk management has taken a crucial dimension. Risk management processes have been made parameters for evaluating the worthiness a concern. Process management tools are deployed for effective risk management in manufacturing enterprises.
Risk Management Institutes in India
Risk management degrees courses have been introduced in many institutes for professional and dedicated training in this sphere. The notable risk management colleges offering study programs in this field include:
Institute of Insurance and Risk Management, 1149, Road 57, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh; Tel.: 040-23556470; Website: www.iirmworld.org.in
Course: International Post Graduate Diploma in risk Management
Duration: One year
The Institute of Chartered Accountants in India, Post Box 7100, Indraprastha Marg, New Delhi – 110002; Tel.: 011-39893989; Website: http://icai.org/post.html
Course: Certificate course in Enterprise Risk Management
Indian Institute of Banking and Finance, The Arcade,2nd Floor, World Trade Center, Cuffe Parade, Mumbai – 400005; Tel.: 022-22187003; Website: http://www.iibf.org.in/
Course: Diploma is Treasury, Investment and Risk Management
Scopes in Risk Management in India and Outside
Risk management jobs mostly exist in the financial sector. Wealth managers, venture capitalists, and insurance companies employ qualified risk management professionals in different capacities.
Candidates after having successfully completed risk management courses in India are appointed in responsible positions. Apart from financial undertakings, risk management organizations recruit professionals in risk management.
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This post is extremely helpful for those who want to pursue a career in risk management as it highlights upon the importance of risk management. The author has also provided a list of colleges that offer risk management. To this list, I would like to add CMR University. The School of Economics and Commerce – CMR University offers B.Com (Hons) in Risk Management Accounting. This programme follows the curriculum prescribed by Chartered Institute of Management Accountants (CIMA), UK, and after the completion of this programme, students can earn a CIMA certification. For further information, you can visit CMRU’s website.
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