DMS-IIT Delhi to Hold Finance Rostrum in Association with PRMIA

DMS-IIT Delhi to Hold Finance Rostrum on "Risk Management" in Association with PRMIA
April 15, 2006

Risk Management has its origin in the basic human tendency to avoid uncertainty. The inherent need of the managers to take "calculated decisions" has given rise to a new domain of research called Risk Management. Simply put, risk management is nothing but an attempt to quantify uncertainty so as to make it much more manageable, and thereby, simplifying the job of the decision maker.

With the challenges of the new economy and business being many, this science has gained popularity, so much so that today its one of the prime domains of interest of many B-school graduates. In an attempt to de-mystify the entire arena of risk management, we at DMS, IIT Delhi, in association with PRMIA are trying to structure our learning around the four key parameters of risk management.

PRMIA [PREE - mee - ah] is the premier meeting place of the risk profession. It’s a fast-growing, collaborative network of risk professionals from around the globe, defining and implementing the best practices of risk management.

PRMIA is a non-profit professional association offering a vast array of resources to its members, including Local Chapter Network, The PRM Certification, The PRMIA C-Suite, Online Resources.

In this rostrum, we would try (with the help of PRMIA and our guests from the industry) to understand the following concepts of risk management: -

Risk Identification

Risk Quantification

Risk Response

Risk Monitoring and Control

Risk Identification: In this stage, we will try to identify and name the risks. The best approach is a workshop with business and academic people to carry out the identification. We would try to use a combination of brainstorming and reviewing of standard risk lists.

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Contributed by -
Annapurna Vishwanathan,
MBA - Batch of 2005-07,
Coordinator, Media Cell,
Department of Management Studies, IIT Delhi.

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