Evolving landscape has fundamentally changed the role of the risk manager
As India’s digital economy hurtles towards a projected USD 1 trillion valuation, its rapid embrace of technologies like artificial intelligence, digital lending, and real-time analytics is creating a new and complex class of risks. According to Michael Sell, Senior Vice President at the Global Association of Risk Professionals (GARP), this innovation is outstripping the country’s capacity to manage it.
In a recent statement, Sell pointed to a stark reality: India’s innovation economy is facing a critical talent shortage. He cited a NASSCOM report highlighting a shortfall of nearly one million cybersecurity professionals. This gap is further underscored by data from CERT-In, which reported that cybercrime losses exceeded RS 1,250 crore last year alone.
“As India’s digital economy races toward the USD 1 trillion mark projected by MeitY, the velocity of AI adoption, digital lending, and real-time analytics has created a new class of risks. NASSCOM highlights a shortfall of nearly one million cybersecurity professionals, and CERT-In reported cybercrime losses exceeding ₹1,250 crore last year” he adds
In this context, the role of risk managers has expanded far beyond compliance oversight. They are increasingly tasked with evaluating AI models and interpreting evolving regulations like the Digital Personal Data Protection Act, to build resilience into financial and operational systems that help ensure the safe and ethical deployment of AI models. Their ability to connect innovation with governance and trust makes them indispensable at a time when both regulators and boards are sharpening their focus on digital risk.
The industry’s next challenge is equipping professionals with the right frameworks and global perspectives. That is where structured certifications, such as those developed by the Global Association of Risk Professionals (GARP), play a vital role—helping all industry professionals build the multidisciplinary expertise required to navigate emerging risks while enabling responsible growth.”
From Compliance To Strategic Governance
This evolving landscape has fundamentally changed the role of the risk manager. Once primarily focused on compliance, these professionals are now at the forefront of a much broader strategic challenge. They are tasked with evaluating the integrity of AI models and interpreting new, evolving regulations like the Digital Personal Data Protection Act. Their goal is to build resilience directly into financial and operational systems, ensuring that AI is deployed both safely and ethically.
Sell argues that this ability to connect innovation with governance and trust makes risk managers indispensable, especially as regulators and corporate boards sharpen their focus on digital risk.
Need for Structured Expertise
The next major challenge for the industry, according to Sell, is equipping professionals with the right skills and global perspectives to navigate this new era of risk. He believes that structured certifications, such as those offered by GARP, are vital to this process. These programmes help industry professionals develop the multidisciplinary expertise needed to manage emerging threats while enabling responsible and sustainable growth.
As India’s digital future becomes more interconnected and reliant on advanced technologies, the ability to effectively manage risk will be the key to both safeguarding its economy and maintaining public trust.