Risk Management Strategies of Indian Banks: A Descriptive Study of Experts' Opinion

Abstract

Significant developments have recently been occurring in India's banking sector. Banks have been pushed to adopt fresh approaches to risk management due to the development of digital technology, escalating rivalry, and the appearance of new threats. This study looks at the risk management tactics used by Indian banks to lessen various hazards. The report opens with an overview of the Indian banking sector and the many hazards that banks must deal with. After that, the study looks at the many risk management strategies used by banks, such as risk assessment, risk identification, risk reduction, risk monitoring, and risk reporting. The usage of artificial intelligence, machine learning, and blockchain is covered in the paper's discussion of technology's role in risk management. The study also emphasizes the significance of corporate governance and the function of the board of directors in risk management. The survey revealed that banks in India have risk management committees in place to supervise the risk management process and guarantee adherence to the bank's risk management policies and procedures.