OPINION
FICCI - GRMI MODEL RISK CODE
Prof. Madhu Vij and Subhashis Nath highlight the critical shift of risk management from tactical compliance to a strategic advantage for businesses. Their insights emphasize the Model Risk Code (MRC), a FICCI-Global Risk Management Institute initiative, as a practical guide championed by Boards. Key messages include embracing risk as an enabler, embedding it in KRAs, fostering a 'fail fast' culture, and strategic scenario planning for enhanced organizational resilience.
