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Institute of Risk Management (IRM) India, a professional body for enterprise risk management, and the National Institute of Micro, Small and Medium Enterprises (ni-MSME), an organisation of the Ministry of MSME, Govt. of India, have signed a Memorandum of Understanding (MoU).
The MoU envisages lending support to the Indian MSME sector in strengthening its defenses against threats, such as the Covid-19 pandemic, through a series of policy and education initiatives.
According to the joint official release, the sector is the largest job provider in India, second only to agriculture. However, it has been struggling with employment and economic losses since the Covid-19 lockdown began.
Discussing the agreement, Hersh Shah, CEO, India Affiliate of Institute of Risk Management, UK, said in an official statement: “World Bank, World Trade Organisation and other organisations have acknowledged the grave risk that MSMEs have been confronted with globally, and have highlighted the urgent need for sweeping reforms to help them steer safely through these difficult times.”
He added: “The substantial impact of the Covid-19 pandemic on domestic MSMEs further corroborates the need to pivot from the sector’s current approach towards an enterprise risk-driven one, which has proven helpful for many organisations across the world, especially in developed economies.”
According to him, the ongoing pandemic has severely impacted the ability of Indian MSMEs to compete in the global market. This has made it imperative to create an environment that will nurture them, and provide a robust policy roadmap to help them regain their global advantage.
S Glory Swarupa, Director General, ni-MSME, said in an official statement: “Ni-MSME has always been conceiving specialised need-based initiatives in tune with the changing policy and economic situation. Ni-MSME is not just a world-class training institute but a also comprehensive hand-holding institution for the MSMEs and entrepreneurial youth in India and the developing world.”
Through their partnership, IRM India and ni-MSME aim to reorient Indian start-ups and MSMEs towards risk-awareness and strategic mitigation planning.
As part of the collaboration, they will also offer a Joint Certificate Program in Enterprise Management and Risk Valuation, for start-ups and MSMEs that will qualify for an exemption from IRM’s Level 1 examination.
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