The Finance and management experts from all over the country congregated at ‘National Finance Summit 2015: Managing Risks in the Vibrant Economy: Issues & Challenges’. Held at the Dwarka campus of lal Bahadur Shastri Institute of Management (lBSIM), the experts deliberated on whether the changed political scenarios in India has impacted on financial risks and investment management conditions in the country.
The summit was inaugurated by RK Dubey, former CMD Canara Bank who was welcomed by Anil Shastri, former Union Minister and Chairman, Board of Governors, lBSIM. Speaking on the occasion, RK Dubey said: “The Government is implementing International Financial Reporting Standards (IFRS) in banks hastily and it will adversely affect the stability of the banking system.”
One of the major highlights of the Summit turned out to be the risk analysis pertaining to the major initiatives of the central Government namely — Jan Dhan Yojana and Make in India.
Delivering the key note address, BB Goyal, Principal Advisor, Ministry of Finance observed that “in India we’ve policy mechanism, but no risk monitoring mechanism and that is the need of the hour.”
While giving the welcome address, Anil K Shastri, chairman of the board of governors of lBSIM stated that “following Shastrian values of inclusiveness, humility, social harmony, and empowering socially oriented competent technocrats can reduce financial risk and secure social harmony.”
Professor and convener of the Summit, Dr Alok Pandey explained how the Government is risking three ‘S’ policy — skill, scale, speed — unless risks in financial institutions and markets contained.
The summit consisted of three technical sessions — assessing risk for India, risk management in financial markets and managing risk in banks, insurance firms and enterprise wide risk management.