Risk management biz in India likely to see exponential growth
Instances of corporate frauds as well as sluggish economic conditions are also likely to benefit the risk management consultancy business since entities would seek assistance of such services before deciding on investments, they said.
Hill & Associates India Country Manager Shalini Chakravorty said more FDI in sectors such as retail, and issues related to business laws, among others, would necessitate the need for risk management.
The business of risk management consultancies are expected to grow at a "rate of 20-30 per cent a year", she told PTI.
Entities would be looking for risk management both for financial and non-financial areas, she added.
Headquartered in Hong Kong, Hill & Associates is an independent security and risk management consultancy firm.
Going by estimates, global risk management consultancy business is worth about USD 30 billion and currently, India accounts for about three to four per cent share.
Experts opined that opening up of retail sector for more FDI is expected to result in increased demand for risk management consultancy, since many overseas players would be interested in knowing about opportunities in the country.
"We should see exponential growth in the revenues of risk consultants... We are talking of a 40 -50 per cent CAGR for the next decade," risk management expert Deepak Wadhawan said.
Moreover, various laws are changing and new things such