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
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
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
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.