Page 120 - Tata_Chemicals_yearly-reports-2021-22

Integrated Annual Report 2021-22

The key roles and responsibilities regarding risk management 3. Risk Management Group at Senior Leadership Level
in the Company are summarised as follows:
• Identification and review of enterprise risks from
1. Board of Directors time to time, initiating mitigation actions, identifying
• Reviewing and guiding Risk Policy of the Company owners and reviewing progress
• Ensuring the integrity of the systems for risk • Identification and review of risk appetite and risk
management
trigger (at Enterprise Level)
2. Risk Management Committee of the Board • Implementation of Risk reduction strategies
• To formulate a detailed risk management policy • Formulating and deploying Risk Management Policy
which shall include: • Deploying practices for identification, assessment,
o A framework for identification of internal and monitoring, mitigation and reporting of risks
external risks specifically faced by the Company,
in particular including financial, operational, • Providing updates to RMC from time to time on the
sectoral, sustainability (particularly, ESG related enterprise risks and actions taken
risks), information, cyber security risks or 4. Risk Management Group at Business Unit (BU) Level/
any other risk as may be determined by the Subsidiary Level
Committee
o Measures for risk mitigation including systems • Reviewing respective BU/Subsidiary risks from time to
and processes for internal control of identified time, initiating mitigation actions, identifying owners
risks and reviewing progress
o Business continuity plan • Identification and review of risk appetite and risk
• To ensure that appropriate methodology, processes trigger (at BU/Subsidiary Level)
and systems are in place to monitor and evaluate risks • Implementation of risk reduction strategies
associated with the business of the Company • Deploying Risk Management Policy
• To monitor and oversee implementation of the • Deploying practices for identification, assessment,
risk management policy, including evaluating the monitoring, mitigation and reporting of risks
adequacy of risk management systems
• To periodically review the risk management • Providing updates to TCL Management Committee
policy, at least once in two years by considering (RMG) and RMC level from time to time on the
the changing industry dynamics and evolving respective Business / Subsidiary level risks and actions
complexity taken
• To keep the Board of Directors informed about 5. Risk Owners
the nature and content of its discussions,
recommendations and actions to be taken • Responsible for developing and acting on the risk
• The appointment, removal and terms of remuneration mitigation plan
of the Chief Risk Officer (if any) shall be subject to • Providing periodic updates to RMC on risks with the
review by the Risk Management Committee mitigation plan

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