When we think of natural disasters like hurricanes or wildfires, we come to think about how much the frequency or intensity of these events has been affected by climate change.
As Head of Firmwide Operational Risk Loss Data Management at JPMorgan, New York, Malini Anand is responsible for ensuring that monetary losses incurred by the firm due to natural disasters, human, process, or system events are recorded in adherence to regulatory requirements. Loss data collection is critical as it serves as a key input to calculate the Operational Risk Capital of the bank.
After two decades of experience in risk management and regulatory compliance with Big 4 consulting and JP Morgan, the idea of rapidly shaping the sustainability landscape and regulations and its spread into multiple aspects such as finance, business strategy, communities, and just everyday life has become a key area of interest for Malini. This was what inspired her to grow her knowledge through a business sustainability programme.
“I wanted one that could give me access to research, provide insights into how the governments and regulators are thinking about this, as well as let me interact with peers across various industries who are also trying to figure out what sustainability means in today’s environment.”
Meeting Exacting Standards
As a top executive whose bread and butter revolves around ensuring standards are met, Malini too had her exacting requirements about the kind of programme and institution that she wanted to join. These came in the form of three criteria:
The first was that it had to be an onsite programme:
“My top criterion was it had to be an on-campus programme as I was looking for an interactive learning environment where I could meet and have face-to-face discussions with professors and fellow students, as well as ask questions and participate in group activities. This is the most valuable aspect of a programme and top of my list of criteria”.
Her second criterion was duration:
“As an executive working in the US, you can’t afford to take more than one or two weeks off work. There were some other programmes here in the United States that were being offered by extremely reputed institutions, but they were either online or spread out over several weeks with occasional sessions on campus. I was looking for a comprehensive short course as I wanted to dedicate and commit my time fully to learning without work-related diversions.”
Her final criterion was that she wanted an institute that was heavily focused on research:
“I preferred a reputed Institution where the programme would be supported by innovative research as it was clear to me that this topic was very complex with various regions around the globe at various stages of their journey. Therefore, I was looking for an institute that could help me to develop my own research mindset…
In the end, only INSEAD checked all three boxes.”
The “Aha” Moment
With a wealth of diverse global experience, Malini is cognisant of how externalities are in many ways driving organisations to embrace sustainability. She explains that for many professionals such as herself, it is not uncommon to think that the pressure to care about sustainability comes only from regulators, investors, various stakeholders, and the broader community and industry.
“Through this programme, however, I began to realise that this was a limited way of thinking, because there are in fact distinct business advantages for us to drive sustainability internally. For example, by creating innovative products that are not only sustainable, but which can also give a competitive edge. Now all of a sudden our business continuity plan and resilience have reached another level just by caring about sustainability and inculcating it in our culture. Sustainability can also help to raise the level of engagement among the employees in your firm because they are now doing something with purpose.
My AHA moment was when I started to realise the consequences that came with transitioning to sustainability. While it is easy to think about recycling today as a common and popular sustainability practice, what about the e-waste from batteries and other renewable energy materials that are being generated in this transition journey? It becomes important to think about broader approaches across the entire value chain of a business model. The circular economy is key, and innovation as never before is critical in achieving continuity and sustainability.”
Learning From and With the Best
Coming into the programme, Malini was impressed with the quality and in-depth knowledge that she was receiving from the lecturers and guest speakers.
“For my programme, we had Professor Atalay Atasu and Professor Karel Cool. They not only had very deep research expertise, but had also worked with a lot of corporates. This made their research very relevant, and I was happy to be able to access this knowledge. Additionally, the guest speakers were carefully curated for this programme which made the learning even more valuable. The programme was so effectively structured that it was hard to believe that it was the first Business Sustainability programme being conducted at INSEAD.”
In addition to being impressed by the programme and the faculty, Malini also appreciated the quality of the other participants in her cohort.
“The cohort was made up of a group of really strong executives, from diverse backgrounds and industries. During my application process, I was expected to write a few short essays to demonstrate my eligibility for the programme. Though it may have seemed like extra work, it was an important step in helping INSEAD create a homogeneous group who could make an impactful difference to each other. By observing how participants from other industries are applying the learning points to their unique situation, you can further maximise your learning opportunities.”
What Malini has to say about the INSEAD Business Sustainability programme
Featured Programme
