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Establishment of Risk Management Centre of Excellence

Risk management

A Memorandum of Understanding was signed between Siddaganga Institute of Technology (SIT) and DNV Mumbai on the 3rd of June 2021 to support RMCoE’s strategic knowledge partnership alliance and also another Memorandum of Understanding (MoU), was signed between Siddaganga Institute of Technology (SIT), and Indian Institute of Chemical Engineers (IIChE) 19th of July 2021 for establishing Risk Management Centre of Excellence (RMCoE) in Tumakuru, India.

RMCoE is established amidst the backdrop of potential rapid growth of Indian economy, where there is an impetus for Skilling Indian Professionals to meet the challenges for “Atmanirbhar Bharat” (Self-sufficient India) and the emerging Industry 4.0. This nurtures the New Education Policy and World Economic Forum’s re-skilling agenda, aimed at preparing the next generation professionals. RMCoE is chartered with Human Development Index, Risk Policy Advisory, Operational Resilience and promoting Research and Development through Joint Industry Partnerships. The center will enable Industry -Academia partnerships in key areas of risk management. Centre is a very uniquely placed risk-based think-tank and is very relevant in the times of pandemic, where businesses are looking at risk management in terms of business resilience with a focus on agility to adapt. The center will be supported by DNV as knowledge partner and would have the advantage of professional outreach of IIChE, which would pave way for effective curriculum delivery, research, development and policy advisory.

Prof. M K Jha, Honorable President of IIChE highlighted need for specialized think tank on risk management and emphasized on the timely establishment of RMCoE, which is tasked with infusing risk management principles in engineering curriculum, particularly in the backdrop of New Education Policy and Atmanirbhar Bharat.

Mr. Prakash Tikare, Area Manager- Indian Subcontinent & Middle East of DNV India, on this occasion, highlighted professional challenges in gearing up to face disruptive technologies and emphasized risk-based approach for creating sustainable and agile businesses. The inauguration of RMCoE was attended by a host of dignitaries from DNV, IIChE, SIT and other well-wishers from industries and academics. 

Dr. M N Channabasappa, Director, SIT, emphasized the role of skilling India in the context of rapidly growing economy with specialized skills on risk management being the cornerstone for sustainable growth. Dr. Shivakumaraiah CEO, SIT, and Mr. Purvez Gandhi CFO, Godrej Group had shared their good wishes for the success of RMCoE. Host of dignitaries Dr. Satya Prakash Garg Advisor (HSE) & Former Executive Director, GAIL, Mr. Hirak Dutta, (Retd. Executive Director, Oil Installation Safety Directorate), Dr. S Ganeshan (Member of Indian Chemical Council and IIT Mumbai Professor), Dr. Y.J. Rao (Former. Head of Chemical Engineering Department at SIT), and Dr. Archana (Chair of IIChE, Bangalore Regional Chapter) spoke on the significance of the Centre and blessed the Centre on this auspicious occasion. 

Prof. S V Dinesh, Principal, SIT, called upon the need for Industry – Academia research partnerships and the ability of SIT to forge meaningful value added partnerships with reputed organizations of international repute preparing the professionals for a new age industrial challenges. Dr. Jaya Prasanna gave vote of thanks and Dr. Sudhir H Ranganath Moderated the event.