Risk management committees are supposed to define the risk appetite of an organisation and ensure that appropriate measures are taken to achieve a prudent balance between risk and reward in business.
Though there is no regulatory diktat on the frequency of meetings, it’s extraordinary that the risk management committee of Infrastructure Leasing & Financial Services (IL&FS) did not find time to have even one meeting in the last two years, despite enough warning signals about the declining health of the infrastructure financing conglomerate. IL&FS’ consolidated debt had ...
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