Corporate Governance

There are multiple statutory coverages and regulatory directives that are important in risk management strategy development. Given the dynamic compliance requirements, organizations need to be agile in accommodating these changes. Failure to comply may lead to financial or reputational loss. Even though some coverages may not be a statutory requirement, staying abreast with regulatory directives is important for competitive advantage. Insurance regulatory and development authority (IRDAI) is the central body that lays down the regulatory framework for insurance.