Mumbai: Tata Steel bagged an award for ‘Best Risk Management Practice’ in the category of Metals & Mining at the 3rd India Risk Management Awards 2017 held last night in Mumbai. Mr. Koushik Chatterjee, GED (Finance, Corporate & Europe), Tata Steel and Ms. Samita Shah, Group Head, Corporate Finance & Risk Management, Tata Steel received the award on behalf of the organisation from Mr. Nassim Nicholas Taleb, author of The Black Swan, Trader, Philosopher, and an Expert Risk Analyst. This marks an important landmark in the journey of Tata Steel’s Enterprise Risk Management (ERM), attributable to the organisation’s sincere efforts and continuous endeavour towards becoming a risk-intelligent organisation.
The India Risk Management Awards recognizes companies that have significantly added to the understanding and practice of Risk Management and have created best-in-class risk management practices and capabilities across business categories.
Tata Steel adopted the Enterprise Risk Management (ERM) formally in 2013, with an aim to become risk-intelligent organisation that supports informed decision making and proactively prepare itself to handle unforeseen scenarios, which could possibly impact the business. The process has evolved over the years with the development of detailed process framework, associated guidelines and constitution of robust Governance structures & mechanisms.
The ERM framework was developed in-house incorporating inputs from benchmark industry practices, International standards & references (including COSO & ISO 31000), leadership direction and feedback from key stakeholders. A dedicated ERM team was set-up to facilitate the deployment of processes across the Company ensuring the uniformity & integrity of the process. The ERM framework has been customised to meet the organisation’s requirement and has been deployed successfully across business units in India.