RIMS-CRMP Stories

Based in India, Mrunal Pandit is the Global Head of Insurance at Tata Consumer Products and is also known worldwide for being named to the RIMS Risk Management Honor Roll in 2024. She discussed how her passion for continuing education in risk management guided her to the RIMS-CRMP certification, and how it added value to her already stellar professional profile.

RIMS: What inspired you to pursue the RIMS-CRMP?

Pandit: I heard about RIMS-CRMP around 2019 when I had just joined Tata Consumer Products as a risk manager. I had met the RIMS India head who had informed me about the RIMS-CRMP. I was initially a little skeptical whether taking this certification would add value to my profession and I parked this thought for a while. COVID-19 followed in 2020, during which I had attended one workshop. Ultimately, hearing the experts talk about the course inspired me to study for the exam.

RIMS: How did your career experience (at Tata or prior roles) lend itself as a knowledge base for taking the exam?

Pandit: I have been an insurance and risk management professional for close to 20 years. My role as a property underwriter, followed by insurance consulting, has helped me immensely in understanding risk management frameworks.

RIMS: How frequently will the knowledge from studying for the RIMS-CRMP resurface in a risk (or ERM) professional’s regular responsibility?

Pandit: I would say very frequently. For any ERM Professional to start the groundwork and be successful, they need to understand the risk exposure of their organization. The RIMS-CRMP offers a structured approach to identify and address the risks for any organization. The entire risk management framework is a step-by-step guide and acts as a ready reckoner for any ERM professional.

RIMS: Similarly, how valuable is the RIMS-CRMP for a risk manager of a large company like Tata Consumer Products?

Pandit: RIMS-CRMP had added immense value professionally and personally in identifying and evaluating the risks. Since Tata Consumer Products is a listed company, risk management is a key aspect for our organization. In fact, we have a risk management committee reporting to the board which evaluates the risk landscape of the organization worldwide. My work starts by understanding the risk for the company. After understanding the risk, I categorize it as operational risk, strategic risk, political risk, speculative risk, hazard risk etc.

Business risks are generally not insurable. After categorization, the next step is to see if the risks are totally insurable, partially or non-insurable and what is the cost for the transfer of risk. Based on the cost benefit analysis, a decision is taken whether to self-insure or to transfer the risk via insurance. So, I can say the knowledge gained through the RIMS-CRMP certification is relevant for any risk manager.

Tata Consumer has also been supportive to employees for pursuing any courses which would add value to their professional journey.

RIMS: How has the RIMS-CRMP elevated your professional profile? Do you find more people reach out to you for speaking engagements or career advice?

Pandit: It has helped me in understanding any risk holistically which helps to structure solutions. Even when it comes to publicly facing opportunities, it has helped me guide other risk managers during speaking engagements as a panelist as well as provide insight to students during guest lectures that I lead for insurance and risk management students.

RIMS: How did you study for the exam?

Pandit: I had attended a small workshop along with few other risk managers from India which was conducted by a RIMS-CRMP holder. Since it was a workshop, each risk professional brought their views about risks and how they implemented the risk management framework in their respective organizations played an important learning experience.

I had initially planned to take the exam within 15 days of this workshop but due to my father’s chronic illness, I had to take exam almost five months later without much time for preparation. I think the on-the-job learning and the knowledge share from the workshop has played a pivotal role in reviewing the core concepts and excelling during the exam.

RIMS: What are your favorite methods for accruing recertification points?

Pandit: My favorite methods of accruing recertification points are leading webinars and speaking at conferences. This helps other risk managers gain knowledge through interactive sessions as well as attending online sessions and helps me understand and gain new knowledge in this field of insurance and risk management.

I’m also enjoy writing blog posts on insurance matters. I have the bylines to demonstrate my participation and I can submit the clips through the portal and claim the RIMS-CRMP recertification points.

Read more about Mrunal Pandit in the 2024 Awards Edition of Risk Management.

See the full RIMS-CRMP Exam Prep calendar.

Interview by Justin Smulison, RIMS Business Content Manager