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Integrated report Statutory reportS Financial StatementS

Approach to risk management
The Enterprise Risk Management framework provides mechanism for identification and prioritisation of risks including scanning the
business environment and continuous monitoring of internal risk factors. Risk Management forms an integral part of the management’s
focus. On March 11, 2020, the world was disrupted when the World Health Organisation (WHO) declared Covid-19 as a ‘pandemic’. Your
Company is working on a resilient and adaptive Risk management strategy as events are unfolding and new information is emerging.
Relevant Risk registers have been suitably recalibrated to monitor mitigation plans related to disruption caused by Covid-19 related risks.
Information regarding Tata Chemicals’ key risk and their mitigation strategies:

Strategic risk

Sustainability risks Mitigation
Failure to respond to sustainability and We aim to be the benchmark standard Committed to EPR compliance through
climate change related risks Dedicated investment to appropriately ~99% offset of plastic waste as per EPR
balance environmental targets and action plan
long term sustainable business growth Engaging with regulatory authorities,
Regular monitoring of sustainability assisting the community on various
risks against business unit sustainability Covid-19 related initiatives including
targets funding support to government,
manufacture and distribution of hand
Board Level quarterly review sanitizers, production and distribution
of Sustainability Roadmap and of masks, earmarking isolation ward at
Linkage to Capital Environmental Compliance Status Mithapur with around 100 beds
Natural The Company is a signatory to
Social and Relationship Capital Responsible Care as well as CORE
which guides the Company
Digitalisation risks Mitigation

Failure to embrace digitalisation as a There is clear focus and plan to Digitisation initiatives are being
key lever of Business Growth incorporate digital technology as a core undertaken by the Company to move
component of the Company’s operations from instincts to insights, focussing
A digital roadmap has been created on improving efficiency with better
with clear timelines, projects and analytics to make informed decisions
business outcomes with the help of an Projects are being implemented
external expert to create digital awareness across
Regular external assessments organisation, create digital culture
of our Data Maturity to identify across all levels
improvement areas IT team reconfigured to focus on Core
Linkage to Capital IT and Digital Projects with their active
Intellectual capital Using technology to make processes participation with business
simpler for customers, vendors and
internal stakeholders
Succession planning risks Mitigation

Failure to have a robust and flexible The Company has a succession The Company endeavours to provide
succession planning process planning process, which is reviewed many learning platforms and avenues
and updated annually during the to allow employees upgrade skill levels
Global Leadership meet to meet future challenges

A large part of the requirement of skills Succession planning builds a robust
for new businesses have been drawn pipeline of people ready for the next
from existing businesses through level
Linkage to Capital SHINE+, ensuring capability building
Human capital through role changes

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