83rd Year | 2021-22 | Integrated Annual Report
The risk-related information outlined in this section is not exhaustive and is for information purposes only. This section lists forward-looking statements that may involve risks and uncertainties. Our actual results including business operational performance could differ materially on account of risks and uncertainties not currently envisaged or by risks that we currently believe are not material. Readers are also advised to exercise their own judgement in assessing the risks associated with the Company.
Over a number of years, the Company’s Risk Management Framework has matured. The Framework identifies, prioritises, manages, monitors and reports both the key risks as well as the emerging risks - that can impact achievement of your organisation’s objectives. The Company’s Risk Management Framework is founded on sound organisation design principles and is enabled by effective review mechanism. Risk Management at Tata Chemicals forms an integral part of Management focus.
The Company has adopted an integrated Enterprise Risk Management (ERM) framework which has been implemented across the organisation. It is developed by incorporating the best practices based on COSO and ISO 31000 frameworks, suitably customised to address the Company’s unique business requirements.
In the context of:
We believe that effectively monitoring and managing risks is key to achieving the Company’s strategic objectives.
Reviews held frequently with the leadership team / business leaders on critical aspects related to safety, operations, sustainability, evolving government regulations, working capital management, cyber-incidents, HR initiatives, etc.
Risk management is embedded in the day-to-day operations of each entity and operational managers are expected to anticipate and react rapidly when circumstances change.
Apart from Risk Management Committee (RMC) and Senior Management providing inputs on risks, continuous scanning of external environment is done to identify new risks by the risk management team which are validated by the Senior Management and RMC.
Deployment of best global practices on risk management post benchmarking with global companies.
An exercise to develop Business Continuity Plans (BCP) for TCL India’s major plant has recently been concluded. Development of BCP at TCL India’s other plants and corporate functions is also under progress.