Shalinee Mimani is an accomplished consumer banking professional with over 20 years of experience at leading financial institutions. Currently, she is driving transformative initiatives at Godrej Capital, specializing in Risk Management and optimizing risk frameworks to enhance portfolio performance and ensure sustainable growth.
In an insightful conversation with Women Entrepreneurs Review Magazine, Shalinee shares her perspectives on the evolving role of risk management in ensuring financial stability, addressing the complexities of regulatory actions and technological shifts, and fostering a proactive risk culture across organizations. Her insights are detailed below.
How is the role of risk management evolving in ensuring financial stability across organizations? What should industry leaders do differently to navigate the complexities?
Economic volatility and market shifts have redefined the role of risk management from a compliance-focused function to a strategic enabler of resilience and growth. Risks today are interconnected, with financial disruptions often triggering operational, reputational, or even ESG challenges.
Industry leaders must recognize that traditional, siloed approaches to risk management no longer suffice. The focus should shift to integrating risk considerations into every strategic decision, ensuring adaptability in uncertain times. Leaders can transform risk from a reactive mechanism into a forward-looking, value-driven strategy by leveraging real-time data, predictive analytics, and scenario planning. Collaboration across departments and embedding risk thinking into organizational culture are crucial steps toward navigating today’s complexities effectively.
How can financial organizations adapt their risk management strategies to navigate evolving challenges?
Regulatory changes and technological advancements often go hand-in-hand, creating a dynamic and complex landscape that demands proactive adaptation. To navigate this, organizations must invest in advanced tools that streamline compliance processes, enhance oversight, and reduce human error. However, keeping pace with regulations is only half the battle—businesses must also anticipate future trends like the growing emphasis on ESG reporting, stricter data privacy requirements, and the ethical use of emerging technologies.
A significant area of concern is the misuse of AI for impersonation and identity fraud. As AI systems become more sophisticated, their ability to mimic human behavior—whether through voice synthesis or deep fakes—poses critical risks to cybersecurity and trust. Such threats highlight the need for robust risk-monitoring frameworks.
Dedicated teams focused on identifying these nascent risks can ensure they don’t go unnoticed. Open and ongoing discussions between risk management and innovation teams are equally vital, ensuring that while businesses embrace new opportunities, they remain vigilant against potential threats. By fostering this proactive, collaborative approach, organizations can stay ahead of evolving challenges without compromising growth or security.
How can organizations cultivate a robust risk culture? What steps should business leaders take to foster this mindset at all levels?
A robust risk culture begins with leadership’s ability to inspire accountability and awareness across the organization. Employees at all levels should feel that their input on potential risks is valued and impactful.
Leaders must model proactive behavior by openly addressing risks and emphasizing their importance in both day-to-day operations and long-term strategies. Practical, scenario-based training sessions can demystify complex risk concepts for non-risk professionals, making them more relatable and actionable. Recognizing employees who identify and mitigate risks early creates a sense of ownership while integrating risk-related KPIs into performance appraisals reinforces its importance as a shared responsibility.
How can financial organizations balance the need for innovation with their obligation to manage risk effectively? Are there frameworks or mindsets that can help business leaders foster both?
Innovation and risk management are often seen as opposing forces, but they can co-exist when approached strategically. Organizations need to adopt a mindset where risks are treated as opportunities to innovate safely rather than obstacles.
Controlled experimentation frame work sallow for testing ideas while minimizing potential fallout. Leaders play a crucial role in setting boundaries, clearly defining acceptable levels of risk while enabling creativity to flourish. Additionally, fostering a culture of collaboration and synergy with the risk function in the organisation ensures that potential vulnerabilities are assessed early, paving the way for responsible innovation.
How should organizations approach scenario planning for risks that might not yet be visible but could have long-term impacts? What key lessons can organizations take from previous crises?
Scenario planning for unseen risks requires organizations to move beyond static assumptions and embrace more dynamic, adaptive models. It’s about asking the hard “what if questions—even when the risks feel far-fetched or improbable. For instance, what if a key market collapses unexpectedly? What if new regulations disrupt business operations overnight? These scenarios, though unlikely, can have massive ripple effects, and preparing for them can spell the difference between survival and setback.
Lessons from past crises underline a few constants: resilience is non-negotiable. Businesses that diversify their offerings, build financial cushions or strengthen communication during calmer times manage turbulence better. Another takeaway is collaboration—engaging not just within the organization but also with industry peers, regulators, and thought leaders to uncover blind spots and share insights on emerging threats.
Ultimately, the goal isn’t to predict every possible risk but to create a culture where the organization is agile enough to adapt, learn, and respond effectively when the next challenge arises.
