Leading global association promoting best practices in risk management, Professional Risk Managers International Association – PRMIA, successfully concluded its ‘Blockchain and Risk Management: Challenges and Opportunities’ meet that brought together leading industry experts from local and globally-acclaimed organisations.
At the meeting, Keynote Speaker Enrico Massignani, CRO of Generali Group Asset and Wealth Management, Milan, Italy stressed on the need to strengthen the risk management to address various risks including credit risk, market risk, liquidity risk, and more particularly the reputation risk.
“I do expect that this is one of the greatest innovations in the financial landscape in many years from an infrastructure point of view,” said Massigniani about Blockchain Adoption. “However, from a Risk Management standpoint, adopting this technology is a risk. Anyone venturing in this field must consider the reputation, regulation and operational risks but eventually the benefits will be massive.”
Blockchain, one of the greatest technological innovations, provides immediate, shared and completely transparent information stored on an immutable ledger that can be accessed only by permissioned network members. Blockchain offers immense cost-savings and revenue-enhancing opportunities. The global blockchain technology market is worth $210.2 Million in 2016. It is expected to reach $2,312.5 Million in 2021 at a CAGR of 61.54 percent.
During the webinar, Dr. Kishore, CFO of Meenakshi Group moderated a panel discussion between Sumit Gupta, CRO of Yes Bank, Prasanna Lohar, CIO of DCB Bank, and Vikas Singh, CEO of Bloque Labs. Speakers emphasised how blockchain has the potential to positively disrupt sectors including banking, insurance and financial services.
Various use-cases including land registrations, investments, artificial intelligence, crypto currencies, non fungible tokens, etc. were also discussed in lieu with how blockchain will enhance several business process and will bring cost and operational efficiencies across the board.
Prof (Dr.) K. Srinivasa Rao, adjunct Professor at IIRM summarised the deliberations and elaborated significant aspects. The webinar was attended by over 150 participants comprising Bankers, Finance Professionals, Insurance professionals, Professors, Blockchain Experts, and management scholars.
Dr. Nirakar Pradhan, India CEO for PRMIA highlighted the transformative journey of PRMIA India in creating a value chain of knowledge, skilling, networking, career and professional enhancements for individuals and enterprises.
Sravan Janaswamy, Regional Director, Hyderabad, welcomed all the guests and thanked volunteers and participants for their overwhelming interest.