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Institute of Risk Management (IRM) India Regional Group and All India Council for Technical Education (AICTE) report uncovers gaps on Enterprise Risk Management (ERM) knowledge in the Indian higher education system

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Enterprise risk management intelligence is a critical requirement for both organisational and individual success. A key finding of a survey conducted by the IRM’s India Regional Group in collaboration with AICTE, found that education institutions in India still have a long way to go when it comes to delivering Enterprise Risk Management (ERM) education.

The publication ‘Enterprise Risk Management and the Indian Higher Education System’ drew responses from over one thousand Indian institutions. This initiative is engaging with higher educational bodies to help them to improve risk management education, while focusing on embedding ERM education across the country.

The research was led by Dr. Shashank Shah, SAI Fellow’17, Harvard University, Board Research Chair, IRM India Affiliate; and Dr. Sapna Malya, Associate Professor – Finance, SPJIMR, Project Co-Chair, IRM India Affiliate. 

Nearly 96% of the responding institutions considered risk literacy as critical for both organisational and personal success. Yet, only 27% of institutions believe ERM courses should be offered at the undergraduate and postgraduate levels. Not surprisingly, only 19% of these institutes thought that their students had high risk literacy.

Given that 60% of the respondent institutions were affiliated with universities that exercised control over their course framework, there was a general consensus on the need for regulations that emphasise better risk education, for improving risk literacy among students. This was evident as 82% of the study participants believed that academic regulators mandating a formal ERM framework would help the teaching-learning process. The lack of risk preparedness extends to the institutional level, with only 37% employing a dedicated risk officer or faculty to advise the school’s leadership team on institutional risks.

Commenting on the survey, Hersh Shah, Chairman, IRM India Regional Group, said:

“Our survey reveals a worrying gap between the need for ERM and the risk literacy of India’s graduate and post-graduate students.

Global events leading to business collapse to risk related events demonstrate the consequences of ignoring organisational-wide risk management issues ranging from cyber-attacks – supply chain – reputational damage.

This lack of risk preparedness among India’s emerging workforce is a matter of grave concern. To build a robust and resilient economy, we must urgently address the gap in the system by strengthening the curriculum framework to promote ERM education across our higher educational institutions. In addition, there must be a sustained and systematic process to ensure the inclusion of new and emerging courses on the subject.”

Prof. Anil D Sahasrabudhe, Chairman, AICTE, added:

“Although the corporate world is now taking a proactive approach towards strengthening their risk management frameworks, academia is still, unfortunately, lagging behind. AICTE partnered with IRM with the view of raising awareness about risk management in our higher educational institutions.

The findings of the survey should motivate all the stakeholders, including academic institutions, students, instructors, the government, and organisations who depend on these schools for their workforce, towards greater introspection. We hope that this survey will help induce greater impetus towards strengthening risk management, both at the institutional level, and in building higher education curriculums across the country. With an increasing regulatory focus on risk management, there is a rising demand for qualified ERM and risk-intelligent professionals across every sector. Now, the onus lies with us, in academia, to ensure that our students are ready to take on the challenges of Industry 4.0.

We recognise IRM’s global leadership in ERM qualifications and examinations across 140+ countries and are confident of the support that they can provide to education institutions in creating qualified risk-ready professionals.”

Key findings:

45% of responding institutions do not have industry experts to deliver courses in the risk management subjects. Among the institutions that offered courses in risk management, 72% said that their full-time faculty was engaged in teaching these programs. Of these, 11% of the respondents said that their risk-teaching faculty held IRM qualifications.

However, there is a severe paucity of academia-industry collaborations, with only 12% of the respondents being able to provide industry-linked risk management internships to their students. Not surprisingly, almost half the respondents believed that the current educational framework was insufficient to equip their students to meet the emerging demand for risk-intelligent professionals across different sectors.

Given the importance of risk management, 88% of the respondents expressed a willingness to work with professional bodies such as IRM to integrate ERM qualifications into the curriculum.

IRM’s qualifications can be key in developing both the organisational risk management and risk education in higher education institutions. At the organisational management level, IRM-qualified professionals have been appointed risk leaders or chief risk officers in colleges and universities.

In terms of faculty training, IRM Certified Members and Certified Fellows are employed full-time or part-time in ERM teaching roles in academic institutions, ensuring academic rigour in the delivery of ERM education. In terms of developing the curriculum, IRM can help in developing a clear study pathway that combines both the theory and practice of ERM. Institutional collaborations with IRM can open up career prospects through the latter’s robust industry network. IRM qualifications can be integrated with the ERM programmes of higher education institutions to help undergraduate and postgraduate students to build risk literacy, and facilitate practical exposure and industry recognition.

The report can be downloaded here https://www.theirmindia.org/thoughtleadership

Report contributors

Many senior industry and academic leaders shared their views on the current status of ERM education for the survey, including: Mr. Shailesh Haribhakti, Prof. Himanshu Rai, Director, IIM Indore; Mr. Santosh Kumar, Partner, Deloitte India; Dr. Pankaj Mittal, Secretary General, Association of Indian Universities; Mr. Nirav Doshi, Head – Enterprise Risk Management, National Payments Corporation of India (NPCI); Mr. Sivaram Subramoniam, Head – Internal Audit, Titan Company Limited; Mr. Vijay Chawla, Head – Risk Advisory, KPMG India; Mr. Mohan Tanskale, Former CMD, Central Bank of India and Former CEO, Indian Banks’ Association, Mr. Nandan Pendsey, Partner, AZB & Partners, Dr. Arnab Kumar Laha, Associate Professor, Indian Institute of Management, Ahmedabad; and Prof. Abhijit Chattoraj, Programme Chairperson, PGDM (Insurance Business Management), Birla Institute of Management Technology (Greater Noida), among others.

Wladimir P. is a Content Editor at European Gaming Media and at PICANTE Media and covers a large variety of industries.

Artificial Intelligence

XtalPi Unveils XtalGazer: A Comprehensive AI-Driven Polymorph Selection Platform

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CAMBRIDGE, Mass., March 28, 2024 /PRNewswire/ — XtalPi Inc., a leading global technology company in integrating artificial intelligence (AI) and robotics to advance the discovery of groundbreaking medicine and innovative materials, announced today the launch of its proprietary comprehensive solid form discovery and selection platform, XtalGazer. This advanced platform aims to significantly improve the polymorph selection process for the pharmaceutical industry by integrating AI- and automation-powered experimental and computational approaches.

XtalGazer provides a total solution for delivering high-quality polymorph screening and selection methods to expedite drug development and mitigate risks. It represents a paradigm shift in solid-state research, moving from the traditional trial-and-error approach to a data-driven, design-led methodology. The platform provides an expansive suite of foundational tools to accelerate polymorph discovery, characterization, and selection process, empowering pharmaceutical companies to conduct thorough research with less active pharmaceutical ingredient (API) in shorter development cycles.
A key component of XtalGazer is XtalCSP, a crystal structure prediction platform to perform global searches of crystal structures for target molecules and the other optional components in the corresponding searching space, offering a deep insight into possible stable forms. Furthermore, crystallization strategy recommendations will provide AI-backed experimental design to help avoid human bias. XtalGazer also utilizes MicroED to rapidly elucidate crystal structures from powder samples, reducing the need for growing single crystals.
XtalPi’s launch of XtalGazer marks another significant step in the company’s ongoing exploration of solid-state research. From crystal structure prediction platforms being one of the first products to launch at XtalPi, to today’s comprehensive polymorph selection platform, XtalPi will keep fulfilling its promise to solving challenging problems in this space. XtalPi will continue to deliver faster, more accurate, and more comprehensive approaches to building an ecosystem for the R&D process in solid-state, pre-formulation and crystallization.
For more information about XtalPi, please visit www.xtalpi.com.
About XtalPi:
XtalPi is an innovative technology company powered by artificial intelligence (AI) and robotics. Founded in 2015 on the MIT campus, XtalPi is dedicated to driving intelligent and digital transformation in the life science and new materials industries. With tightly interwoven quantum physics, AI, cloud computing, and large-scale clusters of robotic workstations, XtalPi offers a range of technology solutions, services, and products to accelerate and empower innovation for biopharmaceutical and new materials companies worldwide.
Media Contact: Vivienne [email protected]
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ICIS and Base Oil News Announce Partnership to Enhance Market Insights

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LONDON, March 28, 2024 /PRNewswire/ — ICIS, a global source of commodity intelligence, is pleased to announce a strategic partnership with Base Oil News, a premier news outlet founded by industry expert Iain Pocock that provides in-depth coverage of the base oils and lubricants market. This collaboration marks a significant milestone in the dissemination and exchange of critical market data and insights.

With more than two decades of journalism experience at Bloomberg, Reuters, and Argus Media, Iain Pocock brings unparalleled expertise to this partnership. His deep understanding of illiquid energy markets makes him a credible and influential figure in the industry. Since November 2023, Iain has been working closely with ICIS to share and exchange valuable data and insights, enhancing the services both platforms offer to the base oils and lubricants market.
Through the collaboration, Iain integrates ICIS’ extensive content and data resources in Base Oil News market coverage. In return, he contributes market insights to ICIS News, including expert and exclusive analysis of supply and demand dynamics, price margins, and other critical market drivers. This exchange ensures that subscribers of both ICIS and Base Oil News have access to the most comprehensive, timely, and accurate market information, empowering them to make informed decisions.
“It’s a very exciting partnership – where we leverage each other’s strengths and provide actionable insights to our customers,” said Iain Pocock, Founder of Base Oil News. “The market is the winner.”
“As ICIS is already the world’s most trusted pricing benchmark for base oils, this collaboration with Iain Pocock and Base Oil News provides an even stronger and deeper service to our customers,” said Stephen Burns, Editorial Director at ICIS. “Iain’s expertise and extensive industry connections are invaluable, and we have established a fruitful partnership that benefits the market at large.”
For the latest insights from Iain Pocock on ICIS News, visit ICIS News.  
About ICIS
ICIS – Independent Commodity Intelligence Services – helps businesses through seamlessly delivering data and analytics, across the chemical, fertilizer and energy markets. A trusted source and benchmark for price information and insight across key commodities markets worldwide. Our independent, transparent market intelligence informs thousands of quality decisions every day, taking the pressure out of negotiations and giving customers space for more innovative thinking, through published datasets including price assessments, price forecasts, supply and demand fundamentals and more.
Over 150 years of shaping the world by connecting markets to optimise the world’s valuable resources. With a global team of more than 600 experts, ICIS has employees based in London, New York, Houston, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Dubai, Sao Paulo, Seoul, Tokyo and Perth.
ICIS is part of RELX, a FTSE15 company with a market cap of £64bn and an employee base of over 30,000 experts across 40 countries.
About RELX
RELX is a global provider of information and analytics for professional and business customers across industries. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom almost half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. Total market capitalisation is approximately £64bn | €75bn | $81bn.
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Trianz Welcomes Israel Abraham as Vice President of Services for Extrica.ai – The Data to AI Platform

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SANTA CLARA, Calif., March 28, 2024 /PRNewswire/ — Digital transformation technology & services company Trianz is pleased to announce the appointment of Israel Abraham as Vice President of Extrica Platform Services.

Trianz has embarked on a transformative journey, redefining its value proposition with an ‘IP Led’ model, with a commitment to deliver the fastest time to value, lowest human dependence, and highest ROI. Central to this approach are our hyper-automated platforms, Concierto.Cloud, Extrica.AI, and Pulse, driving industry-leading transformations in cloud, data and analytics, AI, and the digital workplace.
Israel Abraham is a very well-known pioneer and industry leader in AI, data management, and analytics systems, with over three decades of experience. He joins as the services leader for Extrica- the Trianz Data to AI platform, which productizes data, provides data a face and purpose, and accelerates time to insights and AI by 50% or more. In the role of Extrica Services leader, Israel will lead the shaping, visioning, and delivery of Extrica.ai based enterprise wide datamesh, BI, and AI solutions for customers worldwide.
“We are thrilled to welcome Israel Abraham to the Trianz family,” said Sri Manchala, CEO of Trianz and author of Crossing the Digital Faultline. “He is a leader in modernization as well as conceptualization of data platforms anew. Israel’s prior background in the industry with financial services and insurance giants underscores our commitment to securing top-tier talent that brings real-world experiences and needs to our technology platforms. As we continue to broaden our footprint in the digital transformation space, Israel’s visionary leadership and practical experience will serve as the cornerstone in accelerating insights and AI to deliver transformative value to our clients.”
Having played pivotal roles in highly reputed and large organizations such as Liberty Mutual Insurance, MassMutual, Safeco, and CNA Insurance, Israel has garnered recognition as a seasoned leader in big data and AI cloud implementations. His accolades include the prestigious 2014 Ventana Research IT Innovation Award, the 2009 Informatica MDM Innovation Award, and three filed Data Engineering patents in the last four years.
“Trianz has been at the forefront of digital innovation, and Extrica.ai is a paradigm shifting data to AI platform that completely changes how analytics and AI are delivered- much faster, taking business ahead of change. I am excited to scale the adoption of the Extrica platform, which has attracted attention from giants across the industry and hyperscalers,” said Israel Abraham. “I look forward to engaging with customers, bringing my own experiences, and collaborating with the talented team at Trianz to further enhance the capabilities of the Extrica Platform Services to transform data & AI strategies, execution, and outcomes for customers.”
About Trianz
Trianz is a leading-edge technology platforms and services company that accelerates digital transformations at Fortune 100 and emerging companies worldwide in data & analytics, digital experiences, cloud infrastructure, and security. Our ‘IP Led Transformations’ approach, informed by insights from a recent global study spanning 20+ industries and 5000+ companies, addresses challenges posed by the rapid pace of AI-driven transformation, digital talent scarcity, and economic uncertainty. Our IP and platforms, including Concierto, Extrica, and Pulse, revolutionize cloud adoption, data analytics, and AI insights, empowering organizations to navigate the complexities of digital transformation seamlessly.
Founded in California and with an organization of over 2,000 associates across the United States and India, Trianz is a Premier Partner of AWS, consistently rated #1 by clients for value delivery over the past five years. Trianz has been ranked as one of the best Consulting Firms by Forbes and has been certified as a Great Place to Work for three years in a row. To learn more about Trianz, email [email protected] or visit www.trianz.com.
Watch Trianz CEO Sri Manchala’s insightful interview with Bloomberg on Partner | Crossing The Digital Faultline & Leading Towards Transformative Success – YouTube and delve deeper into his book Crossing the Digital Faultline at Crossing the Digital Faultline | Trianz.
Trianz Media [email protected] +1-408-387-5800
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