Institute of Risk Management (IRM), the world’s leading professional body for ERM qualifications, today announced that IRM India Affiliate has entered into a wide-ranging partnership with the Bombay Chartered Accountants’ Society (BCAS), India’s leading voluntary organisation promoting quality service and excellence in the profession of chartered accountancy. The alliance has been forged with the view of strengthening Enterprise Risk Management (ERM) education in the domain. Both organisations will collaborate extensively to nurture risk intelligence skills amongst budding and practising CAs across a range of areas, such as risk consultancy, enterprise-wide risk management advisory, risk-based audit and the myriad of other risk-related industry opportunities.
Commenting on the partnership, Mr. Hersh Shah, CEO, India Affiliate, Institute of Risk Management, said: “A Chartered Accountant is responsible for certifying the true and fair view of the business, making it vital that they incorporate ERM into their professional mindset. In the current scenario, their opinion on the organisation’s risk framework and culture in the face of an uncertain and volatile economy, will provide additional assurance on the “going concern” of the organisation. In addition, CAs must be cognizant of emerging risks, such as environmental, cybersecurity, geopolitical and reputational risks, and be able to assess the financial impact of these risks on the organisations balance sheet. Our partnership with BCAS, a national thought leader in the domain of chartered accountancy, is intended to ensure that aspiring accountants receive professional enterprise risk education that equips them with expertise in the principles and current practices in the risk domain, and help them apply the learnings and global knowledge in their current audit and tax services as well as in setting up their own risk consulting practice.”
Discussing the partnership, Abhay Mehta, President, Bombay Chartered Accountants’ Society, added: “In recent years, we have observed that the role of a CA has evolved beyond being a mere auditor or accountant. Today, they are also expected to guide robust organisational growth, by helping their company stay agile and responsive to rapidly-changing business dynamics. Hence, risk assessment and management is viewed as a key skill for CAs, irrespective of the industry they are employed in.
It is with this in mind that BCAS has decided to partner with IRM India Affiliate to strengthen risk management education among our cadre of members. We recognise IRM’s global leadership in ERM qualifications, playing a critical role in developing enterprise risk professionals and raising risk awareness across different industries. Their expertise will be invaluable in ensuring that our members have the right qualifications and in-depth knowledge to rise in their careers.”
Under the partnership, the two organisations will leverage ERM education through IRM qualifications that can be pursued parallel with a CA course or professional career. IRM’s globally-recognised qualifications will augment career opportunities for aspiring and practising CAs in various risk-related roles across different sectors and industries. In addition, IRM India Affiliate will also support capacity building, by providing a highly-qualified talent pool of ERM professionals to chartered accountancy firms, to improve their risk consulting and management services. The two organisations will also work to promote thought leadership in the field, through regular webinars, research publications and other activities, on risk-related topics.