With an aim to enhance the ERM ecosystem in the country, especially in the insurance and reinsurance broking sector, India Affiliate of Institute of Risk Management, the world’s leading professional body for Enterprise Risk Management (ERM), and J.B. Boda Group, a 75-year-old insurance and reinsurance broking and allied services company in India, have signed a Memorandum of Understanding (MoU) for a wide-ranging knowledge partnership. Under the agreement, the two organisations will work together across various platforms to raise risk awareness and build a more resilient corporate structure. This is the third such partnership by IRM India Affiliate towards reinforcing Indian industry’s risk practices with a view to preventing future crises.

Commenting on the partnership, Mr. Hersh Shah, CEO, IRM India Affiliate, said: “As our economy looks at revival, we have the perfect opportunity to strengthen this resurgence organically, by fortifying risk management practices and frameworks across various sectors. Building risk-aware agility is the only way to prepare a resilient corporate India that can counter any threats to business continuity in the future. With this goal in mind, IRM India Affiliate is partnering with leading firms from different industries in expanding risk-awareness, and creating a self-supporting and collaborative risk management infrastructure that includes entrepreneurs, business leaders, and professionals. As a modern insurance broking and solutions firm, J.B Boda Group is perfectly positioned to lead this industry transformation, and their insight into risk best practices in the domain will be invaluable.” 

Rohit Boda, Managing Director, J.B. Boda Group, also spoke about the merits of the collaboration, adding: “As (re)insurance brokers, assessing, managing and transferring risk is the bedrock of all our operations and decision-making for our clients. The company has always emphasised on enforcing risk management practices in all the industries they deal in with their corporates and multinational companies. When working with our clients, we have to be vigilant of risks present currently and ones that are foreseen in the future, to protect their interests through a measured approach. Implementing well-established ERM processes was a key factor in our having been able to optimise the operations and ensure business continuity in the challenging times, while continuing to provide exemplary service.  

We are excited to collaborate with IRM India Affiliate to educate our clients in this space, not only in India, but globally where we operate in 80+ countries (in other countries as well), and spread awareness about the strategic importance and benefits of proactive risk management.  As a leading organisation in the field of ERM education, IRM can make a valuable contribution to facilitating this awareness through their reach. With their expertise and our global network, we look forward to building greater resilience in the Indian and worldwide insurance industry for our clients in various fields.”

Together, the two organisations hope to address the red-hot issues in fintech, artificial intelligence, cryptocurrency and many other areas, through various knowledge initiatives such as research papers, opinions and analyses, and webinars to build wider awareness of ERM and its vital importance in building corporate resilience. Students who have cleared IRM’s examinations will also get opportunities to work with J.B. Boda Group.