Risk Management as a practice seems to be in a nascent stage in India. In most cases risk management is thought to be confined to be IT Security and management of risks in these areas. Due to Satyam episode there seems to be more awareness regarding Governance.
I believe very few Indian companies are performing comprehensive Risk Management. This is not taken up as this is not part of any complinace or regulators are not demanding it. So there is very little incentive, since the benefits of risk management are long term and most times are not easily quantifiable.
So as a community what can be done in order to convince management about the benefits of risk management and why should they do it ? Can we start to quantify the benefits so that the activity can be seen in real rupee sense ?
I will appreciate others comments.