The two organisations will collaborate across different platforms to develop an enterprise risk management culture in the hospitality sector
Mumbai, 09 March 2022: With an objective of strengthening risk-preparedness in the hospitality industry, the Institute of Risk Management, India Affiliate (IRM India Affiliate) has signed an MOU with Indian Hotels Company (IHCL), India’s largest hospitality company. The partnership is aimed at building a robust enterprise risk management ecosystem in the Indian hospitality sector. IRM is the world’s leading professional body for Enterprise Risk Management (ERM), offering 5-level pathway and internationally-recognised designations in ERM.
The hospitality sector was among the most severely impacted by the COVID-19 pandemic, with the lockdown and the resultant restrictions on the movement of people crippling the industry. The domestic hotel industry recorded a loss of INR 1.30 lakh crore in revenue for the fiscal year 2020-21, with the occupancy rate dropping from 60% in recent years to almost half the rate at 33.8 percent in FY2021. In order to recover from these losses and build resilience against future shocks, the industry must develop risk-based strategies to respond proactively and reduce the impact of uncertainties across the enterprise. As the hospitality sector seeks new avenues of growth through diversification and change in business models, an ERM framework can be a critical factor in ensuring business continuity, raising capital, generating revenue through innovative models and increasing stakeholder confidence. Identifying risk champions across the hotel value chain and getting them trained in the fundamentals of ERM will significantly enhance the quality of decisions thereby making risk-intelligence an embedded component of everything a hotel does.
Commenting on the collaboration, Hersh Shah, CEO, IRM India Affiliate, said, “We welcome IHCL with its iconic brands, as our knowledge partner in the hospitality sector. Our goal is to facilitate the development of a robust risk-intelligent ecosystem by leveraging on IHCL’s valuable experience of building a global brand that has successfully managed its operations during a very challenging period. As the leading professional body for ERM education, we will pool our insights and expertise to facilitate ERM adoption across the industry through round table conferences, webinars, research papers and more initiatives.”
S .Y. Raman, Vice President, Internal Audit, IHCL said, “The hospitality industry went through some difficult times in the past two years and ERM has helped in assessing, mitigating and monitoring the risks in such trying times. IRM India helped in strengthening the hospitality industry’s preparedness for risk-taking. The partnership between IHCL and IRM would be a win-win for both as well as for the industry.”
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Institute of Risk Management, India Affiliate
The Institute of Risk Management is the world’s leading professional body for enterprise risk management qualifications and memberships (Level 1 to 5). IRM publishes research and guidance, and also professional standards across the world. Our members (including members of the Institute of Operational Risk) work in all industries, in all risk disciplines and across the public, private and not-for-profit sectors in more than 140 countries. With 360 exam centers in India, candidates can earn the IRM designations by pursuing the global examinations through IRM India Affiliate. IRM India Affiliate has entered into knowledge partnerships with Invest India, National Institute for Micro, Small, and Medium Enterprises (Ministry of MSME), ICICI Lombard, Eduvanz, JB Boda Group, Cipla, and Bombay Chartered Accountants Society. IRM India Affiliate also recently collaborated with NMIMS to launch India’s first professional programmes in ERM covering IRM’s exams and further launched a report with AICTE (under the Ministry of Education) on ERM and the Indian Higher Education System. In addition, it also runs The CRO Circle with Deloitte India’s Risk Advisory.
About The Indian Hotels Company Limited (IHCL)
The Indian Hotels Company Limited (IHCL) and its subsidiaries bring together a group of brands and businesses that offer a fusion of warm Indian hospitality and world-class service. These include Taj – the iconic brand for the most discerning travellers and the World’s Strongest Hotel Brand and India’s Strongest Hospitality Brand as per Brand Finance 2021, SeleQtions, a named collection of hotels, Vivanta, sophisticated upscale hotels and Ginger, which is revolutionising the lean luxe segment.
Incorporated by the founder of the Tata Group, Jamsetji Tata, the Company opened its first hotel – The Taj Mahal Palace, in Bombay in 1903. IHCL has a portfolio of 232 hotels including 59 under development globally across 4 continents, 12 countries and in over 100 locations. The Indian Hotels Company Limited (IHCL) is India’s largest hospitality company by market capitalization. It is primarily listed on the BSE and NSE.
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