POWER TALK

Control Mapping
Identifying the efficacy of the current controls addressing the
risks (both the design & implementation) will be
comprehensively reviewed & re-looked afresh with a fresh
lens. Focus will be on pro-active, automated controls. Cost
will be a key criteria & hence prioritization would be must.
Redundant duplicate controls will be weeded out as
eliminate of waste, making processes simpler, smoother &
faster will be the new buzzword. Corroborative, deterrent &
corrective controls will continue to be even widely used.
There will be zero tolerance for ethical violations & right
things will have to be done right the first time. Human
Resource function will need to be more active to especially
handle skillset upgradation, work engagement, mental stress
along with delicately tackle termination, lay-off & pay-cut
issues.
❑ Unemployment levels will rise necessitating people to reskill
by upgrading current skill sets. Mental Toughness,
Collaboration, Grit, Resilience, Networking, Creativity,
Critical Thinking, Communication, Self-Awareness, Decision
making skills, Empathy will be in demand. Online or Digital
will be trending. Many business models will undergo a lot
of changes.
❑ Work from Home culture will continue for a long time.
There would be hybrid work models. Business Continuity
Planning will need to factor in long term disruption
scenarios & adapt appropriately. Data availability &
confidentiality will assume increased importance.
In all these scenarios, the risk function will
need to evolve with the times, being
strategically dynamic, flexible & adaptable to
the new changing normal. It will get increased
attention & focus that it rightly deserves
Risk Identification
Capturing the probability & impact of an event will be even
more pro-active, detailed, scientific, prudent, automated &
more comprehensive . The function will be more focussed &
specialized manned by people with a wide range of skillsets.
This process will now be even more pro-active, preventive
& continuously ongoing. The same will apply to risk
evaluation, analysis, measurement & monitoring. The
entire gamut of risks currently identified will be reviewed &
looked afresh being put to more stringent stress testing
norms. Risk Appetite & Risk Tolerance levels & limits will be
re-defined.
Abhijit Sanzgiri
Senior Partner 2015- Present
A.P.Sanzgiri & Co
Director- Simpliciter 2015- Present
Transaction Consultant Pvt Ltd
CFO 2014-2015
Aditya Birla Money Limited
Head –Internal Audit- 2010-2014
Aditya Birla Financial Services
Gap -Vulnerability Analysis
Solving or addressing the real threat or the main issue,
problem will be a pivotal exercise in all organizations.
Prudence, Conservatism, Scepticism will need fine balancing
for optimal results within overall business strategy. This will
be an ongoing exercise with no room for complacency at any
stage. Risk owners will need to stringently meet deadlines &
accountability will be non-negotiable. Each resource will
have to be pro-actively risk ready at all times
The basic philosophy of risk can & will never change. It’s the
focussed remediation or mitigation that will matter. Risk will
have to manage disruptions and in order to avoid disruption
“Perform or Perish will be the mantra”
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