Indian enterprises are not just surviving turbulence—they are building systems to thrive in it. According to the fifth edition of the Corporate India Risk Index (CIRI) 2024, India Inc's CIRI score has climbed to 65 in 2024 from 64 in 2023, signalling a steady improvement in how Indian businesses handle risk.

Similarly, the Risk Management Index rose to 68 from 67, indicating more robust and proactive risk mitigation frameworks are being adopted across sectors. The Risk Exposure Index also saw a marginal uptick, rising from 64 to 65 during the same period, reflecting a slightly higher level of external risk pressures, yet matched by stronger resilience and preparedness by corporate India. These indicators together point to a positive shift towards more strategic, foresight-driven risk governance.

Artificial Intelligence emerged as the most defining trend of 2024. From predictive analytics in BFSI and manufacturing to AI-powered diagnostics in healthcare and autonomous systems in automotive, companies leveraged AI to boost efficiency and foresight. Yet, this adoption also introduced new vulnerabilities around data privacy, cybersecurity, and ethical governance. Many sectors responded proactively, strengthening compliance frameworks and investing in AI-specific risk mitigation.

The uptick reflects a broader transformation in how businesses are responding to geopolitical instability, economic slowdowns, AI disruption, and domestic uncertainty, including the lead-up to national elections.

CIRI is brought out by ICICI Lombard in partnership with Frost & Sullivan. Sandeep Goradia, Chief Corporate Solutions, International, Bancassurance, ICICI Lombard, said, “This year’s findings clearly show that Indian companies are no longer reacting to risk- they are managing their risks better. This progress is evident in the improvement showcased by the Corporate India Risk Index. This upward trend, despite increasing challenges, demonstrates a proactive shift towards stronger risk mitigation frameworks. We are seeing a shift toward long-term resilience, where AI, sustainability and digital agility are now foundational to corporate strategy.”

In line with this shift, 2024 saw Indian corporates not just adapting but excelling across sectors, with nine industries attaining ‘Superior Risk Index’ status. Companies across pharmaceuticals, healthcare, BFSI, and manufacturing embedded resilience into their core strategies, turning volatility into an opportunity for transformation. AI adoption, cybersecurity fortification and sustainability initiatives emerged as dominant themes shaping risk priorities. Even as external pressures, from national elections to geopolitical unrest, tariff wars, global oil volatility, and intensified exposure levels, corporate India responded with more predictive, disciplined, and future-focused risk management practices, driving a measurable improvement in overall resilience.

“The evolution of India’s risk culture is not just visible — it is transformative,” said Aroop Zutshi, Global President and Managing Partner, Frost & Sullivan. “We are seeing a decisive shift from reactive risk management to proactive risk intelligence, where anticipation, agility, and strategic foresight are now core to business resilience."

CIRI 2024 signals a profound shift in how Indian corporates approach risk — moving beyond firefighting toward foresight. No longer content with responding to crises, companies are embedding risk anticipation into the heart of their strategic playbooks. The steady rise in the Risk Management Index reflects deeper board-level engagement, the strengthening of governance frameworks, and a sharper focus on scenario-based planning. This evolution marks a deliberate, strategic reimagining of resilience as a driver of sustained growth and long-term competitiveness.