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Risks, resuscitation and resilience in the manufacturing sector

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Risks, resuscitation and resilience in the manufacturing sector

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The VUCA (Volatility, Uncertainty, Complexity and Ambiguity) world, well described by our keynote speaker, Bridgestone India MP Parag Satpute, has placed risk management at the center of this new normal. Whether it’s a simple compliance activity or a controversial topic of discussion between boards of directors, risk management is high on the agenda of every organization around the world. To understand the disruption caused by the black swan event in manufacturing and its impact on supply chains,

ICICI Lombard & CNBC-TV18 organized a specially organized “Risk Masterclass 2021”. This is a special initiative under the aegis of the India Risk Management Awards which recognizes leading Indian organizations that have taken the lead in business risk management.

The session began with a background statement from Sandeep Goradia, Manager, Corporate Solutions Group, ICICI Lombard General Insurance. He said: “As a member of the non-life insurance industry, we have always worked to shift our focus from being a risk transfer entity to playing a much more active role as a management partner. risks. “

Sharing alarming statistics on cybercrime, he said: “For cyber events, 2021 has actually seen the highest incidences on record – on average 30,000 websites are hacked every day and there is a cyber- attacks every 39 seconds. “ He welcomed Satpute to deliver his opening speech. Emphasizing the importance of agility, Parag said, “What we have learned during this crisis is that the importance of agility and the importance of adapting very quickly to the situation we will also be of great help in future crises. So this is the lesson we are taking from the COVID-19 crisis and hopefully this is what will also help businesses continue to thrive in future situations. “

He explained how at Bridgestone they followed a structured approach to counter challenges during the pandemic by deploying the 4S – secured, streamlined, supported and change.

Then there was an invigorating panel discussion with industry leaders where Paromita Chatterjee, Special Correspondent, CNBC-TV18, had a conversation with Anil Chopra, Group Leader and CEO, Apollo Tires Ltd; Dinyar Manekshaw Jivaasha, Global Director and President, ESSAR; Abhay Baijal, Chief Financial Officer, Engrais Chambal; and Alok Agarwal, Executive Director, ICICI Lombard General Insurance. Anecdotal references, insightful strategies, and contextual analogies were shared as panelists unanimously agreed that digitalization was the driving force that kept manufacturing units well oiled and functioning in the midst of the pandemonium.

Anil explained how technology came to their rescue when 400 of Apollo’s trucks were abandoned halfway through the lockdown, and with the help of a GPS tracking mechanism, they were able to avert a major crisis. He also looked at the interesting acronym coined at Apollo called “DRIVE”, discovering new sales, optimizing inventory and production, value for money and eliminating bad costs. He argued that a mixed combination of offline and online is needed to stay ahead of the game. Speaking of digital transformation, Alok explained how ICICI Lombard has stepped up its IT systems to transition the entire insurance process and also ensure transparent claims clearance. Abhay shared the valuable lessons learned during this trial period and correctly quoted that “the risk is like a snake in your garden and you won’t know which way it turns and bites you”. Being in a continuous process industry, he explained how the company met the challenges of labor, packaging materials and plant maintenance throughout the first and second. locking phase.

Dinyar berated companies for not taking the role of risk management seriously and highlighted the growing relevance of the digital world, which he said is unafraid of risk. He said, “Strong risk management practices are the backbone of a successful business and that will set people apart, otherwise it’s like an elephant in a room and we’ll just grope in the dark. ” He spoke at length about the exploitation of technological tools such as cloud computing AI, ML, blockchain, 3D printing, predictive analytics, which will play an important role in the days to come.

Alok explained how the Internet of Things (IOT) game is transforming the supply chain space. The use of digital supply networks and solutions is a practical tool for transparent supply chain management. In addition, ICICI Lombard has developed an India Business Risk Index that measures a business across six general risk parameters, 32 detailed risk parameters and compares its risk preparedness versus reaction time at the time of business. risky event occurs. This risk index then gives a benchmark to the company against other industry peers. He also highlighted the importance of self-sufficiency as well as raising awareness of global events that disrupt the supply chain and preparing for supplier safeguards.

Comparing the pandemic to a war scenario, Alok summed up the session by saying, “We have to anticipate risks, we have to prepare in peacetime to respond better in war time. “

(Edited by : Vijay Anand)

First publication: STI

Risks, resuscitation and resilience in the manufacturing sector

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