WE HAVE A ROBUST INTEGRATED RISK MANAGEMENT FRAMEWORK BASED ON INTERNATIONAL STANDARDS AND UPDATED COSO FRAMEWORK, POWERED BY NEXTGENERATION TECHNOLOGIES. OUR HOLISTIC MODEL FACILITATES DRIVING PRODUCTIVITY, EFFICIENCY, AND INFORMED DECISION-MAKING FOR PREDICTABLE AND AGILE GROWTH, ALONGSIDE MAINTAINING ACCEPTABLE RISK AND A CULTURE OF TRANSPARENCY.
The Enterprise Risk Management (ERM) framework is closely entrenched across all functions and business divisions of the Company and is effectively being used to make business decisions. More than 100 meetings contributing to ~8,500 man hours of intense discussions bear testimony to the intrinsic nature of ERM’s role within the organisation.
The ERM Committee oversees the Company’s risk management process, control, and their operating effectiveness. Risk response against the identified risks (including emerging risks) are presented before ERM Committee on a half-yearly basis, and guides the ERM coordinator, who works closely with business & functional team for identification, monitoring & execution of agreed risk responses. The evaluation of Risk Maturity level & identification of the emerging business challenges are performed under the guidance of the ERM Council & Leadership Council.
SUMMARY OF KEY RISKS AND THEIR RESPONSE
We have mapped our risk and responses to respective capitals. Key responses with respect to top identified risks are as under:
Excessive dependence on a geography or channel with respect to key product categories and customers increases vulnerability to economic events and changing customer preferences.
Inability to timely leveraging technology to meet customer expectation and technological obsolescence may render products outdated.
Possibility of negative impact on brand image and reputation by some events / social media activities.
Risk of non-compliance to laws and regulations and challenges of bad governance.
Inability to protect IPs and counterfeit products can lead to opportunity losses and even cost brand reputation.
Fluctuation in currency, commodity prices and import dependency can impact production and margins.
Inability to provide appropriate after sales service can impact reputation.
An inefficient supply chain management can lead to supply disruption and inventory obsolescence.
Poor quality and performance of products can impact brand perception.
Risks relating to inability in protecting data, ensuring security (of endpoint, network & application, perimeter & cloud security) and having in place measures for business continuity, disaster management and GRC. This may impact ongoing operations and also lead to litigations.
Risk relating environment, social & governance can impact our sustainability, reputation and financial performance. Governance issues like corruptions can impact reputation and lead to regulatory sanctions.
We are committed to reduce our absolute energy consumption, CO2 emissions, water consumption, impact on biodiversity besides adopting clean energy, recycling of water, recycling of waste, EPR implementation & working towards increasing biodiversity by trees plantation.