SBI Life’s Mature Risk Management Practices Triggers Over
$15 Million (USD) in Savings
NEW YORK (November 14, 2018) – For its outstanding efforts to deliver enterprise-wide risk management solutions that address dominant risks while uncovering financial savings, RIMS, the risk management society™, presented SBI Life Insurance Co. Ltd. with the 2018 India Enterprise Risk Management Award of Distinction. The award was accepted by SBI Life’s EVP, Chief of Risk, Information & Cyber Security Management NKV Roopkumar at RIMS Risk Forum 2018 India in Mumbai.
SBI Life’s enterprise risk management (ERM) initiatives have improved processes that identify patterns and indicators to recognize fraudulent claims. Additionally, the risk management team’s efforts support cross-departmental collaboration that allows for a more accurate assessment of customer insurability. Inspired by the catchphrase “ERM: Everyone is a Risk Manager,” between April 2017 to March 2018, these initiatives contributed to over $15 Million (USD) in savings.
“Aligning SBI Life’s ERM program with its mission and vision has allowed our risk management team to deliver invaluable insight that enhances both operational and strategic decision-making,” said Mr. Roopkumar. “We are humbled to receive this honor from RIMS and look forward to sharing our experiences with the Society’s global risk management community.”
This is the first year that the Society has awarded the RIMS India ERM Award of Distinction. For the award, programs are judged on the scope of the ERM program; how effective it is at engaging people throughout the organization; the program’s link or connection to the company’s overall mission; and its ability to create additional value for the organization.
“SBI Life’s risk aware business culture has spread across the enterprise, facilitating greater operational efficiency and quantifiable cost savings opportunities,” said RIMS Vice President of Strategic Initiatives Carol Fox. “RIMS is proud to present its inaugural India ERM Award of Distinction to SBI Life and recognize its risk management team for its accomplishments.”