First RIMS India Enterprise Risk Management Award of Distinction Presented to SBI Life Insurance Company
SBI’s Mature Risk
Management Practices Triggers Over $15 Million (USD) in Savings
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.
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
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