Studies on assessment of lacuna in Indian industrial risk governance framework, and development of strategies to rectify them

The concept of risk governance encompasses critical decision-making for risk management, communication and monitoring of the outcome of risk strategies. It necessarily involves the engagement of all concerned stakeholders in the governance process: the government, the institutions, industry, non-governmental agencies and the general public. For India, whose industrial risk-management performance has so far been lower than desirable in the global context, the risk governance framework and implementation of associated processes need to be assessed critically to identify the conceptual as well practical lacunae through the application of relevant performance criteria and metrics. The project will involve such a critical study so as to compare risk governance processes adopted by select developed and developing economies and comparing them with those of India. The goal of the research is to evolve specific strategies for India so as to help enhance the efficacy of the industrial risk governance processes.