Guest lecture by Mr Sushant Kalra, VP, Max New York Life Insurance.

The second ICG lecture for the year 2003 was held on August 30, 2003
on the topic "RISK MANAGEMENT" by Mr.Sushant Kalra, VP, Max New York Life Insurance.
It was a very interactive session with main emphasis on internal audit and internal control. He emphasized the need for adherence to procedures with examples from his experience in the banking industry .He also mentioned about a calendar of events which is an inherent part of auditing. The main highlights of the talk are as follows

• Risks are "what goes wrong". This is the mantra for every process and this helps in Risk management.
• Various risks faced by organisations are:
  
  1. Financial risk
  2. Operational risk
  3. Technology risks
  4. Legal risks
  
  
• Internal audit has been transitioned to what is today known as risk management. The controls are moving up front where the processes prior to the implementation are checked and controls put into place.
• Along with external control self assessment and control is the talk of the day.
• An auditor should be a jack of all trades.
• The auditing process is complex and is determined by various factors like MIS, evaluations of processes and risk assessment (financial impact etc) which could be due to changes in government and parent company policies, quality of output, competition, attrition, unsatisfied customers.
• The emphasis is on the auditor's accountability and responsibility.

The session ended with interactions between the guest and the students.