Latest news with #RiskManagementIndex
The Star
25-05-2025
- Politics
- The Star
World Food Programme warns of food scarcity hitting millions as monsoon looms in Myanmar
PHNOM PENH: (Bernama) The World Food Programme (WFP) warns that about one million people in earthquake-hit areas in Myanmar urgently need aid - foodstuff, medicine, and shelter - as the ferocious monsoon rains loom over the Southeast Asian nation. Weather-triggered disasters are expected to further compound the misery of 3.5 million displaced people already mired in food scarcity and lack of decent shelters since the March 28 earthquake that wrecked parts of the country. "It is still quite difficult. It has been seven weeks and the challenge is when humanitarian needs are much higher and the funding is on a downward trajectory. "We estimated roughly one million people would immediately need assistance, at least food security assistance,' WFP Emergency Coordinator and Team Leader in Mandalay Sudip Joshi told Bernama, from one of the epicentres that was badly ruined by the natural disaster. The other epicentre of the deadly 7.7-magnitude earthquake is Sagaing. Almost 3,800 people lost their lives in the tragedy. The tropical monsoon is expected to begin in May, with June and July facing a treacherous rainy season. The tropical monsoon ebbs away in October before unleashing torrents of flash floods, landslides, lightning strikes, and heavy rainfall. ReliefWeb last week said Myanmar is a very high-risk country for hazards and exposure to humanitarian crises and disasters, ranking 11 out of 191 countries on the INFORM Risk Management Index. Donor-fatigue, prolonged civil war between the military and ethnic armed groups, damaged infrastructure, and weather threats will trigger widespread hardship for the displaced people, said aid workers. According to WFP, 15 million are already facing food insecurity even before the earthquake due to the armed conflict following the military coup in February 2021. The United Nations-led agency has dispatched more than 100 metric tonnes of food from Yangon to Mandalay, Naypyidaw, and Sagaing states following the devastating earthquake. International humanitarian agencies working on the ground worry that the natural calamity and perpetual civil war paint a grim picture and will only worsen the suffering from a lack of basic shelter, the threat of waterborne diseases, food insecurity, and aid distribution problems. "Monsoon has already begun, this will only add pain to the misery. We have a lot of people who are still displaced in temporary shelters. Many of them have nowhere to go. A lot of this population in Sagaing, parts of Mandalay, were already displaced by the conflict. "Many of them are also staying in monasteries, religious institutions, and public spaces. A lot of that has also been damaged and there is no place to go. So, it's a triple whammy here,' said Joshi. Children will face the brunt of this crisis, said Joshi, as they are exposed to all sorts of risks, especially when monsoon peaks. "It's quite sad that a lot of these schools have been equally damaged across the six earthquake impacted locations. Need to think of the children, how traumatised they must have been. "They might also need psychosocial support. Coming back to these (damaged) premises might be scary for younger children. It's both the physical issue but also the psychosocial support,' he said. Over 200 schools have been reported damaged. In Mandalay alone, some 60 schools have been destroyed. WFP has fortified biscuits pre-positioned in its warehouses that can support 20,000 people during emergencies. For the whole food program, WFP has been able to support close to 400,000 people in Sagaing, Mandalay, southern Shan State, and Naypyidaw with food and cash for food in less than six weeks. The agency plans to support up to 150,000 people through June and urgently requires RM85 million (US$20 million) to continue its emergency earthquake response and RM254 million (US$60 million) to address the ongoing hunger crisis across Myanmar. - Bernama
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Business Standard
08-05-2025
- Business
- Business Standard
BFSI's risk index rise amid global economic stability, says CIRI report
The overall Risk Index of the Banking, Financial Services and Insurance (BFSI) sector in India increased to 66 in 2024 from 64 in 2023, according to the Corporate India Risk Index (CIRI) developed by ICICI Lombard and Frost & Sullivan. The rise is attributed to global economic instability triggered by inflation and geopolitical tensions, which posed considerable challenges to financial markets. 'Volatility in global stock markets and fluctuating interest rates created uncertainty for banks and insurance companies, compelling them to re-evaluate their risk exposure and diversify their portfolios to minimise financial losses,' the report stated. Banks also had to manage an increase in non-performing assets (NPAs), particularly in public sector banks, which required greater focus on credit risk management. Regulatory scrutiny around data privacy, cybersecurity and anti-money laundering intensified in 2024, prompting institutions to invest significantly in cybersecurity infrastructure. The introduction of tighter Know Your Customer (KYC) norms and enhanced oversight of digital lending platforms also led BFSI firms to make significant adjustments to their compliance frameworks. Competition from non-banking financial companies (NBFCs) and fintech startups intensified as these entities introduced innovative solutions tailored to niche markets and underserved segments. This has compelled traditional financial institutions to continuously innovate and prioritise financial inclusion. 'As a result, the BFSI sector accelerated its focus on financial inclusion, pushing for greater penetration in rural and semi-urban areas through digital banking services and low-cost insurance products,' the report added. The insurance segment also witnessed steady growth, fuelled by increasing awareness around health, life and general insurance. This was supported by rising disposable incomes and a shift in consumer mindset towards risk mitigation. While the overall risk index rose, the Risk Management Index of the BFSI segment dropped slightly to 66 in 2024 from 67 in 2023. This suggests that although the sector continued to implement robust mitigation strategies—such as digitalisation, improved cybersecurity and compliance—the magnitude of external risks grew more significantly. Despite these challenges, the BFSI sector's proactive risk strategies, including strengthening liquidity buffers, diversifying investment portfolios and enhancing digital infrastructure, enabled it to navigate volatility effectively. The segment also made notable advances in technology adoption, particularly in digital banking, artificial intelligence (AI) and blockchain, to improve customer experience and operational efficiency. Digital payment systems continued to expand rapidly, backed by strong government support and increased demand for contactless transactions—further propelling India's push towards a cashless economy. AI was widely adopted for fraud detection, customer support and personalised services, helping reduce operational costs while enhancing service quality.
