By staying proactive against risks, improving risk forecasting systems, and leveraging data for insights, organizations are committed to anticipating and overcoming an unpredictable future. For over a decade, IRMA has been reinventing itself to recognize this steadfast pursuit of excellence in risk intelligence. In its 11th edition this year, the discussions centered on AI in risk management, highlighting the convergence of technology, ethics, and strategy, attracting participation from India’s top executives, policymakers, and risk strategists.
Starting with just 25 entries in its inaugural year, IRMA now boasts over 3,500 nominations across 60 categories, reflecting the growing acknowledgment that risk management is no longer merely defensive but essential for growth, innovation, and stakeholder trust.
At the heart of IRMA’s credibility and success lies its esteemed jury, which brings expertise and industry insight to the selection process. The distinguished panel included P. Balaji, Group Head – Governance, Risk, Compliance & Corporate Affairs, Air India; Prem Kumar, General Manager – Controls Assurance, Hindustan Unilever Ltd.; Kamala K, Chief Regulatory Officer, BSE; Bharat Panchal, Chief Risk, Security & Stakeholder Management Officer, Bima Sugam India Federation; and Sandeep Batra, CFO, Pidilite Industries Ltd. Their collective expertise and careful evaluation ensured each winner not only displayed remarkable risk management skills but also showcased innovative leadership in a complex global landscape.
AI models redefining the principles of risk management
In an insightful address, Sanjeev Mantri, Managing Director & CEO of ICICI Lombard, emphasized the transformative potential of AI in the contemporary risk landscape. “AI is no longer just a tool; it’s an integral partner in strategy. We are witnessing a shift from reactive to predictive. For us in India, Inc., risk can’t remain a checklist. It’s a dynamic part of strategy, with AI at its core”, he remarked.
Utilizing insights and data from emerging sectors, Mr. Mantri illustrated how AI is being integrated into various businesses:
- • In pharmaceuticals, it shortens trial durations and maintains regulatory compliance.
- In manufacturing, it boosts worker safety and reduces downtime.
- In insurance, it enhances underwriting accuracy and streamlines claims processing.
However, alongside these innovations, Mr. Mantri warned of challenges such as data bias, privacy issues, and regulatory scrutiny, which pose pressing risks. He underscored the necessity of ethical governance, advocating for a “balanced AI ecosystem” grounded in transparency and accountability.
Dr Arvind Panagariya: The journey towards Viksit Bharat
In a thought-provoking keynote, Dr. Arvind Panagariya, Padma Bhushan awardee and Chairperson of the 16th Finance Commission, linked the theme of risk to India’s aspiration of becoming a developed economy by 2047.
He noted that the macroeconomic fundamentals are robust, reflecting on India’s growth over the last twenty years, during which the economy expanded at 7.8% in real dollar terms. He asserted that realizing this goal in coming years is not only achievable but probable, given the right reforms and perspective.
He emphasized the significance of:
- Proactive policies to mitigate volatility
- Trade liberalization to enhance competitiveness
- Equitable growth strategies to foster social resilience
- Leveraging India’s demographic advantage
Backing his optimism with real-world examples, he assured the audience of India’s promising future as it aims to evolve into a fully developed economy.
After the address, Latha Venkatesh engaged Dr. Panagariya in a fireside chat titled “Risk vs Resilience: Navigating New India’s Economic Path,” which highlighted the dangers posed by impending tariff wars that might hinder trade and economic progress. He discussed the changing global trade dynamics, characterized by increasing protectionism, fragmented trade agreements, and a move from multilateralism to regionalism. He explained how India could adapt by forming strategic free trade agreements (FTAs) with key partners like the US and EU. Extending his optimism to the China+1 trend, he stated, “India is the only large country equipped to accommodate these supply chains. It possesses a labor force eager to develop new skills. The challenge lies in establishing factories that can provide those skills.” His poignant closing remarks were, “We need enhanced enforcement and streamlined regulations.”
Celebrating the risk champions
This year’s award categories spanned cybersecurity, ESG, supply chain, innovation, and fraud prevention and ethics management among others. The winners represented companies that have seamlessly integrated risk thinking into their culture, transforming uncertainty into opportunity and proceeding with strategic readiness.
The challenging road ahead
As IRMA Season 11 concluded, one message resonated throughout the evening: the future belongs to organizations that embrace technology with a sense of responsibility, lead with data and empathy, and invest in people and processes that stay ahead of the curve. Recognizing risk leaders is not merely ceremonial but vital for fostering a culture of resilience-driven growth. In the age of AI, risk leadership transcends avoiding pitfalls; it focuses on building inclusive ecosystems and creating long-term value.
| IRMA 2025 category-wise winner list | |
| Large Level Companies | |
| Award Category | Winner |
| Masters of Risk – Private Company | Cognizant Technology Solutions Ltd |
| Masters of Risk – PSU | Hindustan Petroleum Corporation Ltd |
| Masters of Risk – Conglomerate | Grasim Industries Ltd |
| Masters of Risk – Automotive | VE Commercial Vehicles Ltd |
| Masters of Risk – Banking | Axis Bank Ltd |
| Masters of Risk – Capital Projects & Infrastructure | Prism Johnson Ltd |
| Masters of Risk – FMCG | ITC Ltd |
| Masters of Risk – IT – ITeS | Wipro Ltd |
| Masters of Risk – Logistics | Blue Dart Express Ltd |
| Masters of Risk – Metals & Mining | Hindalco Industries Ltd |
| Masters of Risk – Power, Energy & Utilities | TATA Power Company Ltd |
| Masters of Risk – Telecom | Reliance Jio Infocomm Ltd |
| Masters of Risk – Business Continuity Management | TATA Consultancy Services Ltd |
| Masters of Risk – Cyber Security | TATA Consultancy Services Ltd |
| Masters of Risk – Environmental, Social, and Governance (ESG) | Hindustan Zinc Ltd |
| Masters of Risk – Fraud Prevention and Ethics Management | VE Commercial Vehicles Ltd |
| Masters of Risk – Regulatory Compliance Management | Bank of Maharashtra |
| Masters of Risk – Risk Technology | TATA Steel Ltd |
| Masters of Risk – Supply Chain Risk Management | Bharat Petroleum Corporation Ltd |
| Medium Level Companies | |
| Award Category | Winner |
| Masters of Risk – Private Company | TATA Consulting Engineers Ltd |
| Masters of Risk – Capital Projects & Infrastructure | Antony Waste Handling Cell Ltd |
| Masters of Risk – IT – ITeS | Happiest Minds Technologies Ltd |
| Masters of Risk – Industrial Chemical Manufacturing | NOCIL Ltd |
| Masters of Risk – Logistics | Inland World Logistics Pvt Ltd |
| Masters of Risk – Cyber Security | Latent View Analytics Ltd |
| Masters of Risk – Environmental, Social, and Governance (ESG) | Allcargo Terminals Ltd |
| Masters of Risk Regulatory Compliance Management | Harsha Engineers International Ltd |
| Small Level Companies | |
| Award Category | Winner |
| Masters of Risk – Manufacturing | Mitsu Chem Plast Ltd |
| Masters of Risk – Services | UTI Pension Fund Ltd |
