LIC sets up risk management dept

Life Insurance Corporation (LIC), the country s largest institutional investor, which has over 4% stake in fraud-hit Satyam Computer Services, has carved out a new department for implementing risk management practices rigourously. The corporation is stuck with its Satyam stake; the IT major s market value has plummeted substantially after erstwhile chairman Ramalinga Raju confessed to a Rs 7,000-crore fraud. The insurance giant has, in the wake of the episode, analysed the situation threadbare and taken steps to prevent such mishaps in future. The risk management department, set up to keep pace with the rapidly changing investment scenario in the country, will ...

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