Risk management has assumed great importance in modern times owing to the impact it can have on the performance of a company. Therefore, companies have begun to realize the necessity of managing risk in a proactive manner. Various strategies have been deployed by companies to deal with risk. Dr. A V Vedpuriswar Learning and Knowledge Management Practi-tioner, Hyderabad mentions that it is necessary to identify the various risks and then quantify them to ensure that they can be dealt with in a better manner. He goes on to list out the queries that companies need to answer for getting a better idea about the risks.

Vedpuriswar says, "Integrated risk management is all about the identification and assessment of the risks of the company as a whole and formulation and implementation of a company-wide strategy to manage them."

The Indian multinational companies have already taken a lead in creating effective strategies for dealing with risk. The maxim followed by Wipro with regard to risk management is quite noteworthy. Wipro believes in `finding the risk, before the risk finds us.' This is an ideal way to manage risk whereby the risk has been understood and effectively countered to prevent it from affecting the company's performance. Wipro has taken cognizance of the recent economic upheavals in the wake of the subprime crisis and also the volatility caused due to the fluctuations in the oil prices that has triggered a chain reaction resulting in increasing cost of food and various other items. Wipro has also taken into account the predictions by Gartner for 2008 whereby the research firm has highlighted aspects like `green' IT, consumerization of IT, and mentioned the emergence of new models for acquisition and delivery of IT systems. Wipro's risk management model has been aligned to ensure compliance with the needs of the contemporary business milieu.

Wipro has been able to broad base its risk management approach by involving all levels of executives in the risk management process, thereby introducing a system of enterprise-wide risk management system. Thus, the business, functional, and the operational managers have been entrusted with the responsibility of risk management while the process has been coordinated by an Enterprise Risk Management team led by the Chief Risk Officer. At the strategic level, the aspect of risk management is important for Wipro since it provides reassurance to the customers. It also helps in optimizing the risks and enables the board of directors and the audit committees to achieve superior governance practices.

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