N Rangachary Advocates Setting up National Assets Depository Ledger to Address Business Risks and Data Privacy Issues

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“It was the spring of hope, it was the winter of despair” – the words of Charles Dickens during the French Revolution echoed in an inaugural address by Shri N Rangachary, the founding Chairman of Insurance Regulatory and Development Authority of India (IRDAI). While inaugurating the Hyderabad Chapter of PRMIA – a leading global association of Risk Professionals – the veteran leader put the spotlight on the importance of risk management for the country to achieve its economic potential!

Shri N Rangachary

PRMIA organized a webinar where a galaxy of experts from the financial sector highlighted the need to strengthen the risk management architecture of the industry, critical to navigate the uncertain future amidst COVID-19. The experts view the pandemic as an ideal Stress-Test for the Indian economy, business and markets.

PRMIA Hyderabad

The Chief Guest of the event, Shri N Rangachary, advocated setting up National Assets Depository Ledger (NADEL) to address business risks and data privacy in the Indian financial sector. This entity could be the repository of the citizens data – transactional or static information, stored based on their consent.

Shri Rangachary said, “Risk, like God, is omnipresent. A lot of good work in academics, the business world, and policy-making bodies has been accomplished. The core question is how the unknowns in our financial sector trigger heavy regulatory fiat and bailouts at regular frequency despite such statistical sophistication, mathematical modeling and advancement in computing modeling.”

“All our great institutions in the Indian financial sector, such as SEBI, RBI, IAI, ICAI, and IRDAI play a pivotal role in dealing with a part of the “associated risks”. But, given the complex interplay of various market segments, greater coordination among the market players in banking, insurance and capital markets along with the regulators is crucial towards effective identification, assessment, transfer, and mitigation of risks,” emphasized Shri Rangachary.

Delivering the keynote address, Shri Praveen Kumar Gupta, former Managing Director of State Bank of India, brought out the distinction between Risk and Uncertainty. He said that while both preclude knowledge of future states, a lack of predictability arises from insufficient knowledge (uncertainty) or from a well-understood probabilistic process (Risk).

“Global Financial crisis in 2008-09, the Asian crisis in the 1990s, or the current COVID-19 pandemic are Black Swan or 3-sigma events now occurring more frequently. To this end, we should work to maximize the potential for positive surprises and cushion the impact of negative ones, by diversifying our actions and having a buffer ready, a margin of safety, should those downside shocks exceed our expectations,” added Shri Praveen Kumar Gupta.

On this occasion, a panel discussion was conducted with a cross-section of experts comprising Shri Vishesh Kumar Srivastava – Group Chief Risk Officer of Punjab National Bank, Shri Piyush Kabra – Chief Risk Officer from Mindtree and Shri Siddhartha Sanyal – Chief Economist from Bandhan Bank. Dr. Srinivasa Rao, Professor from IIRM, brilliantly moderated the panel discussion.

Shri Srivastava outlined the increasing challenges of risk management in the financial sector, wherein diversification of products, increased customer base, lines of consumer banking business, new regulatory dispensations, and cybersecurity add new dimensions to the risks.

While talking about competency, Shri Srivastava said, “PRMIA certified people can be a durable source to meet the demands of the financial sector. Well-qualified manpower can be a potential source to mitigate the emerging risks. Grooming line management to remain sensitive to various risks is equally important.”

Comparing the current environment to that of post “2nd World War”, Shri Kabra from Mindtree added the catastrophic risks like COVID-19 are difficult to apprehend and mitigate. While making every effort to build resilience to meet catastrophic risks, it is necessary to explore such risks to learn the nuances of managing them.

Shri Sidhartha Sanyal, while speaking about macroeconomic risks in current uncertainty, emphasized boosting of demand for goods and services to enhance productivity, employment and wider economic activities. Otherwise, risks will continue that may push inflation and curb economic growth.

Ken Radigan, CEO of PRMIA Global, thanked volunteers for the excellent work. He announced a partnership with SRICHID Academy to boost risk training and job placement assistance to Indias PRMIA community, which was appreciated by participants with thunderous applause.

Nirakar Pradhan, CEO of PRMIA India, welcomed guests and highlighted its impressive journey in India during the last two years. Even though a late starter in the country, PRMIA has opened five chapters and conducted 18 market events.

About PRMIA

The Professional Risk Managers International Association (PRMIA) is a well-recognized, non-profit, highly respected, global association owned and managed by Risk Professionals, dedicated to defining and promoting best practices in Risk Management. It has 50 chapters in major cities worldwide. Established in 2002, PRMIA offers a range of competency-focused training and certification courses to become an effective risk professional.

PRMIA is especially recognized for walking the members throughout their professional career, connecting to learning and development, cost-effective training, professional certifications, global networking, and online resources that reinforce the skills and knowledge to cope with the bankings emerging challenges and financial sector.

For information on PRMIA, please visit the website www.prmia.org.

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Handicraft Furniture setting a new trend in the interior and home décor industry

Handicraft Furniture setting a new trend in the interior and home décor industry

Furniture is one of the most prominent and significant aspects of any space. It adds a distinct depth and feel to the décor and enhances its beauty to the next level. Conventionally furniture was considered only as a side element while designing an interior. However, today the trend has changed; the limelight is on the furniture and furnishing elements. Young interior designers and architects are giving utmost importance to furniture and are heavily investing their time and efforts to get the best furniture for modern urban spaces.

Antique Handicraft Furniture

Saharanpur – the furniture city of India is renowned for its explicit patterns, wide motifs, and creativity. The city is home to some of the most skilled and proficient artisans and craftsmen. These creative enthusiasts are known for their attention to detail, intricate carving, and eye for perfection. The finishing and look of the furniture created in this city are beyond comparison. Craftatoz is one of the reputed furniture manufacturing companies in India. Established in the year 1989 in Saharanpur, the company has more than 300 trained and skilled workmen. The antique and eternal furniture created by Craftatoz sets the perfect symphony of texture and gives your space a stunning and grandeur appearance.

Furniture artefacts are one of the worthwhile investments. It not only augments the overall appearance of your room but also meticulously sets the whole ambience. The novelty and ethnic feel of antique furniture make it highly popular amongst the masses. The designers and interior decorators are hunting unique and exquisite antique furniture that connects one with the Indian roots. Craftatoz is one of its kind of handicraft furniture manufacturing company striving to preserve the Indian handicraft industry and introducing artistic handicraft furniture that is spectacular and awe-inspiring.

Preserving the art of Handicraft

Handicraft furniture online is a part of Indian heritage and culture from the Britishers time. Handicraft furniture speaks volumes about our rich history and love for art. Handicraft furniture is an integral part of our interiors and gives your premise an elegant touch. However, over the period of time with the introduction of modernization and machine-made furniture, the significance of handicraft furniture has been also affected to a great extent.  Furniture giants like Craftatoz are exerting themselves to promote the artisan’s talent and preserve the art of handicraft. They are bringing handicraft furniture to modern homes and preserving our legacy. Handicraft furniture is a seamless combination of modern art, style, and antiquity. They are unmatched and a true epitome of sophistication.

Handicraft furniture suits your décor and adds more splendor to it

The latest global trend in home furniture and decoration is Handicraft Furniture. Décor with the layer of Indian handicraft products and furniture creates an interesting décor and creates an impeccable melody of texture, color, fabric, styles, etc. Antique handicraft furniture in the form of mirrors, center table, jharokhas, Chandeliers, key holders, table lamps, corner tables, and much more. Handicraft Furniture is true alchemy of style and poise. They are an ideal fit for any modern urban or conventionally designed abodes. The handicraft wooden furniture celebrates luxury and creates a lavish feel.

The matchless collection of handicraft furniture

Handicraft furniture is never outdated. They are timeless and always in fashion. Other furniture styles may come and go but the love for Indian handicraft and artistic furniture is increasing at an enormous rate. A true lover of Indian culture and exclusive products is sure to get impressed by the sumptuous range of handicraft furniture offered by Craft atoz. The handicraft furniture can truly revamp your furniture and add a gleam to your interiors. Handicraft furniture is available in size, style, and pattern. The availability of premium grade handicraft furniture collection has led to an immense increase in the demand and utility of the same. Interior designers and décor experts are incorporating handicraft furniture to create a comprehensive mood of the space and give it a cutting-edge.

Taking furniture industry to newer heights

Like every industry, the furniture industry has also witnessed several ups and downs. The trends in the furniture industry are ever-evolving. There are continuous introductions and upgrades in this sector. However, the heart of the furniture segment is still ‘Handicraft Furniture’ the simplicity, quirkiness, antique touch, regal patterns and immersive feel of handicraft furniture still continue to mesmerize everyone with its grandeur and sheer opulence.

Handicraft furniture is at the pedestal and gaining substantial attention worldwide. They are widely acknowledged as one of the most reputed, credible, and authentic Indian art forms. The handicraft furniture reflects the legacy of the country and opens new avenues for Indian craftsmen and artefacts. Craftatoz with an aim to provide these artists global exposure and widespread Indian culture to every corner of the world brings a well-thought, finely detailed range of handicraft furniture that creates the cult and sets new milestones in the world of online furniture.