<ul><li><strong>Risk management must be driven by the understanding of what is good for the corporate, said M Damodaran, Chairperson, Excellence Enablers and former Chairman, Sebi.</strong></li><li><strong>FICCI-GRMI Model Risk Code is a toolkit to sensitise senior officials and corporate boards on risk assessment and mitigation processes.</strong></li><li><strong>The Securities and Exchange Board of India (Sebi) mandates that the top 1000 companies listed must have risk management procedures. </strong></li></ul>Risk management must be driven by the understanding of what is good for the corporate, said M Damodaran, Chairperson, Excellence Enablers and former Chairman, Sebi."The success of the risk code will be when people look at it, not as a direction or something that is mandated, but as the distilled wisdom of persons in corporate India and see how to apply that to their own corporate," the former chairman said at the release of the FICCI -- GRMI Model Risk Code on Friday.<br /><br />FICCI-GRMI Model Risk Code is a toolkit to sensitise senior officials and corporate boards on risk assessment and mitigation processes.<br /><br />The Securities and Exchange Board of India (Sebi) mandates that the top 1000 companies listed must have risk management procedures. However, while releasing the Model Code, Damodaran said risk management could be a voluntary exercise for others. "I am not a great believer in something being drafted into law", he said, adding, "if they don't see the value, it might end up as one more tick box," but whether it will add to corporate well-being is suspect. "Don't mandate because mandating comes with a cost".<br /><br />On occasion, <keyword id="462786" type="General" weightage="80" keywordseo="sidharth-birla" source="Orion">Sidharth Birla</keyword>, Past President, FICCI, said evaluating and addressing risk is a critical attention area for boards. "Any framework that helps businesses take more informed and risk-intelligent decisions should be most welcome," he said.<br /><br />In this context, he added, the Model Risk Code addresses entities of all sizes, including non-listed and private entities and can be of great significance in building risk maturity, should they choose to draw upon the Code. "This code will support boards as accountability increases with each passing day," he said.<br /><br />During the launch ceremony, <keyword id="838661" type="General" weightage="80" keywordseo="subodh-bhargava" source="Orion">Subodh Bhargava</keyword>, GRMI Board Chairman, said the Code was going to be a toolkit to bring about a change in the mindset of corporate boards and senior officials, and make risk assessment and risk mitigation processes a part of their DNA.<br /><br />Subhashis Nath, Founder and CEO - GRMI, former Senior Vice President and Service Line Leader for Enterprise Risk and Compliance, Genpact, said there was a significantly increased expectation from the corporate world, which requires corporate India to be more resilient, agile, and future proof. He added, "the model risk code intends to be a playbook, a guide or toolkit, to ensure boards and CEOs have an effective enabler to embed risk into their DNA."<br /><br />Anita George, Independent Director, Piramal Enterprise and former Executive Vice President and Deputy Head of CDPQ Global, said that while the risk was always there, the pace, unpredictability, volatility, and the myriad types of risks that are coming at us are making us aware that we need to have someone in the organisation who is firefighting, not just on a day-to-day basis, but more strategically.<br /><br /><keyword id="216369" type="General" weightage="80" keywordseo="richard-rekhy" source="Orion">Richard Rekhy</keyword>, Board Member of KPMG Dubai and former chief executive officer of KPMG India, noted that risk management was entirely about the business and has to be led by the CEO. Alluding to the Covid crisis, Rekhy noted that "post-Covid, the companies that bounced back faster are the ones that had better risk management practices." <keyword id="245593" type="General" weightage="80" keywordseo="mukesh-butani" source="Orion">Mukesh Butani</keyword>, Founding and Managing Partner, BMR Legal, <keyword id="204991" type="General" weightage="80" keywordseo="rajan-saxena" source="Orion">Rajan Saxena</keyword>, former Vice Chancellor of the SVKM's NMIMS, and Ritu Chawla Kochhar, India Head, Spencer Stuart, were also present at the occasion.<br /><br /><br /><strong>SEE ALSO:<br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/government-invites-suggestions-for-union-budget-2023-24/articleshow/95799750.cms">Government invites suggestions for union budget 2023-24</a><br /></strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-needs-1000-pilots-annually-but-training-infra-in-short-supply/articleshow/95799701.cms"><strong>India needs 1,000+ pilots annually, but training infra in short supply</strong></a>

Risk management must be driven by understanding of what is good for corporate: Ex-chairman Sebi

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5807650ac524021c008b557c-748/gettyimages-495461972.jpg" alt="James Gorman" data-mce-source="Neilson Barnard/Getty Images" data-mce-caption="Chairman and CEO of Morgan Stanley James P. Gorman participates in a panel discussion at the New York Times 2015 DealBook Conference at the Whitney Museum of American Art on November 3, 2015 in New York City." data-link="http://www.gettyimages.com/photos/james-gorman?family=editorial&amp;phrase=james%20gorman&amp;sort=best&amp;excludenudity=true#license" /><p class="source"><span><a href="http://www.gettyimages.com/photos/james-gorman?family=editorial&amp;phrase=james%20gorman&amp;sort=best&amp;excludenudity=true#license">Neilson Barnard/Getty Images</a></span></p><p class="caption">Morgan Stanley CEO James Gorman.</p></div><p></p></div></div>Morgan Stanley recently promoted 140 people to managing director, and now we have the full list of names.</p><p>This year's list is shorter than last year's, when <a href="http://www.businessinsider.com/morgan-stanley-managing-directors-2016-1">156 people were named managing director</a><span>.</span></p><p>About 29% of the new MD intake is female, according to one person familiar with the matter, the highest percentage on record. In 2016, 21% of the new MDs were women.</p><p>Morgan Stanley last Tuesday <a href="http://www.businessinsider.com/morgan-stanley-q4-2016-earnings-2017-1">reported fourth-quarter earnings</a> that beat expectations. </p><div title="Page 1"><ul><li>Aida Abou-Rahme</li><li>Irina Adler</li><li>Eric Alby</li><li>Jessica Alsford</li><li>Trevor Anderson</li><li>Kow Atta-Mensah</li><li>Geoffrey Boulter</li><li>James Bruno</li><li>Rick Bruno</li><li>Alex Brunton</li><li>John J. Burns Jr.</li><li>Arthur Carvalho</li><li>Amit Chahal</li><li>Brad Chandler</li><li>Tony Charles</li><li>Carrie Chen</li><li>Tao Chen</li><li>Sok-Theng Cheng</li><li>Andrew Kwanghi Cho</li><li>Kate Claassen</li><li>Richard Class</li><li>Katherine Clune</li><li>Lindsey B. Coleman</li><li>Maura Coolican</li><li>Paul d'Arcy</li><li>Aditya Damodaran</li><li>Catherine Davidson</li><li>Mary Claire Delaney</li><li>Maureen Devas</li><li>Vinay Dhanuka</li><li>Jie Ding</li><li>Gareth Dittmer</li><li>Mikko Einio</li><li>Oliver Farrant</li><li>Tara A. Favors</li><li>Duncan Foster</li><li>Matthew Franks</li><li>Al Furman</li><li>Manuel Garcia-Diez</li><li>Lin Geng</li><li>Tara Giannone</li><li>Kelvin Goh</li><li>Juan Gonzalez Pedrol</li><li>Jason Paul Greenberg</li><li>Lokesh Gupta</li><li>Goli Habbas</li><li>Jessica Hainey</li><li>Darren Hilder</li><li>Margot Hill Kirby</li><li>Josh Hooker</li><li>Jimmy Huang</li><li>Michael Hufton</li><li>Sheri Imperiali</li><li>Lincoln Isetta</li><li>Stella Jaeger</li><li>Ian Jelbert</li><li>Keisuke Jo</li><li>Harold Joanknecht</li><li>Rene Jocelyn</li><li>Gareth D. John</li><li>Kevin Jones</li><li>Robert Josevski</li><li>Matthew Kaitz</li><li>Amanda L. Kan</li><li>Jitania Kandhari</li><li>Jamie Kemp</li><li>Usman S. Khan</li><li>Amir Khandani</li><li>Pankaj Khandelwal</li><li>Brett K. Klein</li><li>Justin Kotzin</li><li>Sonney Lalwani</li><li>Nicolas Levi</li><li>Eileen Levy</li><li>Michael Maag</li><li>Anne Mackle</li><li>Ashley M. MacNeill</li><li>Lily Mahdavi</li><li>Michael Maii</li><li>Lisa B. Manganello</li><li>Espen Marthinussen</li><li>Yoshiro Matsuoka</li><li>Peter Mattson</li><li>Darren McCarley</li><li>Nirav Mehta</li><li>Kate Mozzicarelli</li><li>Kevin P. O'Connor</li><li>Rob O'Donoghue</li><li>Amy C. Oldenburg</li><li>Anchal Pachnanda Thakral</li><li>Robert C. Patterson</li><li>Tevfik Peker</li><li>Mina Pell Mitby</li><li>Dean A. Pinto</li><li>Stephen Pratola</li><li>Marika Pritchett-Casey</li><li>Emma Prophet</li><li>Frédéric Proust</li><li>James Prussak</li><li>Ned Quinn</li><li>Vimal Rajamanur</li><li>Karan Rekhi</li><li>David Lawrence Richards</li><li>Sandra L. Richards</li><li>Tyler J. Rindler</li><li>Ryan Robinson</li><li>Emiliano Román</li><li>David Rosen</li><li>David Rowland</li><li>Jay Rubenstein</li><li>Samantha Schoen</li><li>Leslie A. Scott</li><li>Amar Shah</li><li>Alison Sharpe</li><li>Adam Shaw</li><li>Satish Shikhare</li><li>Bhavin Shukla</li><li>Giuseppe Sica</li><li>Francis Smith</li><li>Gary Spreadbury</li><li>Steven M. Strasser</li><li>Hidehiko Suefuji</li><li>Hironori Sugimoto</li><li>Deyi Tan</li><li>Nicholas Tatlow</li><li>Christopher J. G.</li><li>Taylor Lian Thurlow</li><li>Thomas Thurner</li><li>Joseph Toledano</li><li>Jonathan Trup</li><li>William Tsang</li><li>Dennis Tsesarsky</li><li>Daisuke Tsuyuki</li><li>Dan Vanden Boom</li><li>Deepta Venkataraman</li><li>Brian Walker</li><li>Cliff Wall</li><li>Harry Woods</li><li>Andy Wu</li><li>Kristin Zimmerman </li></ul></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/harvard-economist-rogoff-optimistic-about-economy-under-president-trump-2017-1">Harvard economist Rogoff explains why he is so optimistic about the economy under President Trump</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="s0eGcyOTE6sSPhSvnpDjLRHCIFmUUvlc" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 's0eGcyOTE6sSPhSvnpDjLRHCIFmUUvlc',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

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Risk management must be driven by understanding of what is good for corporate: Ex-chairman Sebi

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Here are all the people who just made managing director at Morgan Stanley

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