Risk Frontiers Asia: Soni Srivastava, Deutsche Bank

Soni Srivastava, regional head of corporate insurance – APAC at Deutsche Bank, exemplifies how a career in risk and insurance management, often entered by chance, can evolve into a transformative leadership role. Based in Mumbai, Soni oversees Deutsche Bank’s insurance portfolio across 15 countries in the Asia-Pacific region. Her journey reflects a profound commitment to advancing the discipline of risk management, which she describes as “fulfilling” and ever-evolving, particularly in the aftermath of the Covid-19 pandemic. Adrian Ladbury reports for this year’s Risk Frontiers Asia survey sponsored by HDI Global. The evolution of risk management: A strategic imperative Soni attributes the pandemic with reshaping perceptions of risk management, elevating it from a support function to a core driver of organisational resilience and strategic success. She believes the profession has shifted from retrospective data analysis to proactive, enterprise-wide risk assessment and strategy development. “Covid-19 highlighted the critical need for organisations to be resilient and adaptive. Risk professionals are now seen as integral to shaping strategies that prepare businesses for future uncertainties,” she remarked. Today’s risk managers, according to Soni, operate as key advisors, seamlessly blending past learnings with forward-looking strategies. “Successful risk managers are at the decision-making table, contributing to organisational strategies by balancing risk and opportunity, combining data with decision-making, and aligning risk mitigation with business growth.” Broadening horizons with Parima As a former board member of the Pan-Asia Risk and Insurance Management Association (Parima), Soni has been a staunch advocate for global collaboration and knowledge sharing in the risk management community. “Each country in Asia Pacific has unique risk challenges. Through Parima, I have found a platform to exchange insights with peers, foster innovation, and continuously elevate best practices in risk management,” she explained. Soni’s belief in the value of collaboration is evident in her participation in the Parima Mumbai conference, where she discussed empowering women in the insurance sector. As a founding board member of the Women in Insurance India (WiN India) Forum, she is committed to creating an inclusive and enabling environment for women in the industry. “Our goal is to engage, enable, and elevate women by addressing challenges, celebrating achievements, and fostering a sense of community. When women have role models to look up to, it inspires them to reach new heights,” she said. The multifaceted role of a risk manager Soni views risk management as a discipline that touches every facet of an organisation. “Risk is omnipresent, spanning every department from the CEO’s office to frontline operations. This allows risk professionals to work across the organisation, adding value at every level,” she noted. The dynamic nature of risks ensures a steep and continuous learning curve, making the role intellectually stimulating and rewarding. She highlights the unique mindset required for success in this field: “While preparing for the next big crisis, a solution-oriented approach fosters optimism. The ability to transform challenges into opportunities defines the success of a risk manager.” Navigating challenges and driving innovation Soni acknowledges that the profession is not without its challenges. “Securing stakeholder buy-in remains a hurdle. Preventative efforts often go unnoticed compared to reactive measures. Risk managers, like unsung heroes, prevent crises before they happen, yet their contributions are often overlooked,” she reflected. She also identifies geopolitical risks, climate change and cybersecurity as the top challenges for organisations in Asia. The evolving insurance landscape, characterised by tightening coverage and capacity constraints, further underscores the need for innovative risk management solutions. As part of Deutsche Bank’s underwriting council for the DB captive, Soni champions the potential of captives in addressing bespoke risk management needs. She is optimistic about regulatory advancements in India, which she believes are paving the way for wider adoption of captive strategies. “India’s insurance market is maturing, and the regulatory environment is forward looking. There is tremendous potential to develop both single-owner and industry-wide captives to address capacity challenges and emerging risks,” she said. Inspiring the next generation Soni is a vocal proponent of risk management as a career choice for ambitious young professionals. “This profession offers a unique vantage point, allowing individuals to understand the interconnected dynamics of an organisation. It builds a strong foundation for any future role, equipping professionals to make well-rounded, strategic decisions.” Her advice to aspiring risk managers is clear: While the journey is demanding, the rewards are profound. “Risk management equips you with the ability to navigate complexity, drive positive outcomes, and contribute meaningfully to organisational success.”

Risk Frontiers Asia: Soni Srivastava, Deutsche Bank

Transforming risk and insurance management in Asia Pacific

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