Corruption, bribery and corporate frauds has been ranked as the topmost risk to the entire economic system of the country, according to a survey conducted by the industry chamber FICCI.
The survey, FICCI-Pinkerton India Risk Survey 2015, encompasses 12 key risks that pose a threat to the entire economic system of the country.
"In 2015, corruption, bribery and corporate frauds is ranked as the topmost risk. This is followed by 'information and cyber insecurity' at number 2 and 'terrorism and insurgency' at number 3," the survey report said.
Presenting the theme of the report, Gurpawan Singh, Vice President - Asia, Pinkerton stressed that though each of the risks are rated on a mutually exclusive basis for the purpose of the survey, a deeper reading would reveal their interconnectedness across domains.
The survey report was released at a conference, which was inaugurated by Rajiv Arora, CEO, NATGRID, Ministry of Home Affairs.
Arora appreciated the efforts of FICCI to bring forward the non-business risks to businesses to the forefront.
He highlighted the reasons behind the creation of NATGRID, and what the organisation purports to do in the future.
NATGRID was conceived in the aftermath of 26/11 as a framework to assist law enforcement agencies in their investigations by connecting disparate databases.
Arora also delved into the challenges of NATGRID and the impact it will have in law enforcement in the country.
Bhaskar Rao, ADGP - Computer Wing, Karnataka State Police, said that in the last five years, risk management has become an important aspect of business establishment in India.
Apart from the risks mentioned in the report, Rao highlighted other risks such as road traffic accidents, which kills 260 people every day.
He delved into cumbersome business processes, unethical practices and the fear of litigations as having an adverse effect on businesses in the country.
Delivering the welcome address at the conference Manjari Jaruhar, chair, FICCI Committee on Private Security Industry and Former Special DG, CISF, pointed to the changing risk scenario.
She emphasised that risk is anything that arise from the unknown. However, recently businesses and risk assessment organisations have taken the challenge to not only know this unknown but also to mitigate the ills that will come with it.