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Four industrial sectors, including healthcare, banking, financial services and insurance (BFSI), media-telecom and IT-ITES, show superior risk handling, according to the Corporate India Risk Index 2020 launched by ICICI Lombard General Insurance.
The index also revealed that sectors that deal with high-transaction volumes and customer touchpoints, including BFSI, FMCG, automotive and transportation, are observed to have high-risk exposure.
“BFSI has very high risk exposure, but excels in risk management too,” it found, adding that real economy sectors such as metals, automotive, manufacturing and infrastructure and realty are currently handling risks optimally.
Further, new-age, hospitality and logistics sectors have high intrinsic risk exposure, which are being handled sub-optimally.
“Most new-age companies adopt operational best practices from established players for operational risk management,” it revealed.
According to a statement by ICICI Lombard General Insurance, the Corporate India Risk Index is a quantifiable measure to gauge the level of a company’s risk exposure and preparedness. The framework comprises 32 risk elements across six broad dimensions and covers large, medium, and small corporates across 15 key sectors in India.
The insurer has worked with Frost and Sullivan to develop the risk index.
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