In an exclusive interview with CXOLanes, Vivek Joshi, Chief Risk Officer at Agriwise Finserv, shares his insights on risk management, drawn from years of experience in the financial services sector. Vivek discusses his top priorities for strengthening Agriwise’s risk management framework, the role of technology in enhancing risk assessment, and his vision for driving innovation and financial inclusion across sectors like MSMEs and agriculture.
Your previous experience in the Department of Financial Services has undoubtedly shaped your perspective on risk management. Can you share a significant lesson or insight from your time there that you believe will influence your approach at Agriwise Finserv?
Vivek Joshi: While working at the various departments of Financial sector, one key lesson I learnt is the need to align one’s risk management strategies with one’s business objectives. I discovered that risk cannot be understood in splendid isolation – especially not in the case of the financial services sector – as new factors come and go with the context: industry, regulations, and geography. For instance, during the time of the Covid the impact on the economy was evident. Keeping in view the core risk exposures and setting up dynamic risk management tools helped us stave off problems before they arose.
As Chief Risk Officer, you will be responsible for overseeing risk management strategies. What are your top priorities for strengthening the risk management framework at Agriwise, and how do you plan to implement them?
Vivek Joshi: As Chief Risk Officer at Agriwise, my top priorities for strengthening the risk management framework will be centered around creating a more resilient, data-driven, and agile system. I intend to have a proactive approach since the risk management policies will not be operational only while handling crises, but waterproof measures will be put in place especially targeting Strengthening Credit & Risk Management, Enhancing Data-Driven Risk Assessment, Diversifying Risk Exposure & Enhancing Risk Governance and Communication.
Reflecting on your background in both public service and financial institutions, what unique challenges do you anticipate in managing risk in the Agri-tech sector, and how do you intend to address these challenges?
Vivek Joshi: As mentioned above, Diversifying Risk Exposure is key essential to manage risk. Agriculture, as a sector, is highly vulnerable to external shocks like climate change and geopolitical issues. In Agriwise we just not focus funding to Agri sectors while we have diversified our portfolio manage concentrated risk. We have expanded into other priority sectors such as MSMEs including developing financial products that are less susceptible to sectoral shocks, thereby balancing the overall risk.
Given Agriwise’s focus on innovation within the agricultural finance space, how do you see technology playing a role in enhancing risk assessment and management processes in your new position?
Vivek Joshi: Firstly, Agriwise’s focus extends beyond agricultural finance to strengthening and financing all priority sectors. Automating routine risk management tasks—such as compliance monitoring, audits, and loan processing—will play a crucial role in reducing operational risks. By streamlining these processes through automation, we can minimize human error and enhance the speed and accuracy of decision-making. I plan to explore the implementation of Robotic Process Automation (RPA) to improve efficiency, allowing us to reduce manual intervention, ensure compliance, and mitigate operational risks more effectively.
Looking ahead, what initiatives or projects are you most excited to undertake at Agriwise Finserv, and how do you see these aligning with the company’s strategic goals?
Vivek Joshi: Looking ahead, there are several initiatives at Agriwise Finserv that I’m particularly excited about, all of which align closely with the company’s strategic goals of innovation, growth, and financial inclusion within the MSME & other priority sectors few are – Expanding Digital Lending Solutions to rural areas, financial inclusion to MSMEs & Developing a Comprehensive Risk Intelligence Platform.
