CHENNAI: Indian enterprises are no longer merely weathering turbulence—they are building systems designed to thrive in it. The fifth edition of the Corporate India Risk Index (CIRI) 2024, developed by ICICI Lombard in collaboration with Frost & Sullivan, reveals a sharper, more mature approach to risk. The CIRI score has risen to 65 in 2024, up from 64 in 2023, signaling enhanced risk management across sectors.
This modest yet meaningful uptick reflects a broader transformation in how businesses are responding to geopolitical instability, economic slowdowns, AI-driven disruption, and domestic uncertainties—including those related to the upcoming national elections.
In this evolving landscape, Indian corporates have not just adapted—they have excelled. In 2024, nine industries achieved ‘Superior Risk Index’ status. Companies in sectors such as Pharmaceuticals, Healthcare, BFSI, and Manufacturing embedded resilience into their core strategies, turning volatility into a catalyst for innovation and growth.
“This year’s findings clearly show that Indian companies are no longer reacting to risk—they are managing it better,” said Sandeep Goradia, Chief - Corporate Solutions, International & Bancassurance at ICICI Lombard.
This progress is evident in the improved Corporate India Risk Index.
Despite growing challenges, this upward trend reflects a deliberate move toward stronger risk mitigation frameworks. Organizations are embracing long-term resilience strategies, where artificial intelligence, sustainability, and digital agility are increasingly foundational to business planning, Goradia added.
AI and Sustainability Lead Risk Strategy
Artificial Intelligence emerged as the defining trend of 2024. From predictive analytics in BFSI and manufacturing to AI-powered diagnostics in healthcare and autonomous systems in automotive, companies are leveraging AI to enhance both efficiency and foresight. However, this shift has also brought new vulnerabilities related to data privacy, cybersecurity, and ethical governance. In response, many sectors have strengthened compliance mechanisms and invested in AI-specific risk mitigation strategies.
Cybersecurity fortification and sustainability initiatives also emerged as dominant themes shaping corporate risk priorities. Even as external pressures—from national elections and geopolitical unrest to tariff wars and oil price volatility—increased exposure levels, Indian companies responded with more predictive, disciplined, and future-focused risk management practices, driving measurable improvements in resilience.
According to Aroop Zutshi, Global President and Managing Partner at Frost & Sullivan, the evolution of India’s risk culture is not just visible—it is transformative.
“We are witnessing a decisive shift from reactive risk management to proactive risk intelligence, where anticipation, agility, and strategic foresight are now central to business resilience,” he noted.
The steady rise in the Risk Management Index reflects greater board-level engagement, stronger governance frameworks, and a growing emphasis on scenario-based planning. This evolution marks a strategic reimagining of resilience—not just as a defensive measure, but as a driver of sustainable growth and long-term competitiveness.