Risk Management Strategies of Non-Banking Financial Institutions: A Survey Based Analysis of Financial Experts

This research helps in identifying and analysing the risk management strategies of non-banking financial institutions (NBFIs) Existing research finds that NBFIs use various risk management strategies, such as diversification, hedging, and insurance, to manage their risks. Additionally, there have been several challenges identified within this field that NBFIs face in implementing RMS, such as inadequate resources, lack of expertise, and regulatory constraints. There is an increasing importance to developing comprehensive risk management strategies that are tailored to the specific needs of NBFIs. It also emphasizes the need for NBFIs to increase their awareness of the potential risks they face and to implement measures to mitigate those risks. Additionally, an underscoring of the importance of having a robust risk culture within NBFIs, which involves promoting a risk-aware mindset among employees and encouraging a culture of open communication and transparency. The study provides useful insights for NBFIs in improving their risk management practices and for regulators in formulating policies to enhance the resilience of the financial system. The researcher had conducted the study survey with the help of a structured questionnaire on 200 respondents (financial experts) to know different Risk Management Strategies of Non-Banking Financial Institutions and concludes that there is significant effect of Risk Management Strategies of Non-Banking Financial Institutions.