In enterprise risk management and enterprise resource planning solutions, India is far behind its global peers, believe experts.
Indian economy has maintained growth rate of more than 7% in last few years and companies from the country have established global presence, but when it comes to implementation of enterprise risk management (ERM) and enterprise resource planning (ERP) solutions, India Inc are far behind than its global peers, believe experts.
However, there is a reversal in trend after the corporate governance scam at Satyam has been unearthed and companies now focus on such kind of initiatives, but still preparedness of Indian firms to face any risk including global turmoil, they say.
“Being a developing nation, we have to focus on our risk taking ability.
Most of the times, many companies have to face big crisis due to lack of pre-planned strategies for risk management. Some problems such as improper management of supply chain, unavailability of raw materials or financial crunch exert adverse impact on production and as a result, the particular company has to post lose in a particular quarter.
In certain cases, such kind of development even impacts company’s credibility among the shareholders,” said Sunil Bhadu, associate director, risk advisory services, Ernst & Young. He was speaking at a seminar on ERM and ERP conducted by Confederation of Indian Industry (CII).
“Out of total registered companies in the country, very few consider ERM as a major tool for business. However, some companies including several firms from Gujarat have implemented these solutions seriously and reaped the benefit remarkably. Now it is time for small and medium scale enterprises (SMEs) to adopt such solutions, as they really help,” he added.
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