Page 34 - Tata_Chemicals_yearly-reports-2021-22

01 INTEGRATED 73 STATUTORY 178
Information regarding Tata Chemicals’ key risks and their mitigation strategies are as follows:
Sustainability risk
1. Sustainability risk
Failure to address climate change related
risks with aim to reduce carbon emissions,
be a pioneer in circular economy and
preserve nature and bio diversity
Linkage to Capital
Natural capital,
Social and relationship capital
Strategic risk
2. Digitalisation risk
Failure to embrace digitalisation as a key
lever of Business Growth
Linkage to Capital
Intellectual capital
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FINANCIAL
Integrated Annual Report 2021-22 REPORT REPORTS STATEMENTS
Risk Management
Operational risks
Mitigation plans long term, sustainable business 3. Cyber risk Mitigation plans Enabled Multi-Factor Authentication
Focus on Green Chemistry growth Managed Security Services (MSS) have (MFA) on remote access VPN to secure
Regular monitoring of sustainability Board-level quarterly review Loss of data and compromised operations been taken from a third party to ensure the access of the applications which
risks against sustainability targets of all of Sustainability Roadmap and resulting from Cyber attacks 24x7 monitoring of security logs and are not exposed on the internet
business units Environmental Compliance Status management of security incidents Prisma cloud firewall is implemented
Key focus areas include climate change, Signatory to Responsible Care as well Linkage to Capital Regular Vulnerability Assessment & for centralised network policy
circular economy and biodiversity as CORE certified Manufactured capital management for internet links across
Roadmap developed for SBTi (Science EPR (Extended Producer Penetration Testing (VAPT) is conducted locations
on devices to enhance the overall
Based Target Initiatives) to meet the Responsibility) compliance on plastic security posture
carbon emission targets waste as per EPR action plan Conducted phishing exercises for
Focussed implementation of the Engaging with regulatory authorities, The Endpoint Detection and Response selected users of TCL, TCML, Tata
solutions identified to reduce carbon assisting the community on various (EDR) system is implemented at Rallis, Chemicals North America Inc. (TCNA)
emissions and carbon capture across the COVID-related initiatives including Tata Chemicals Magadi Limited (TCML) & Rallis
manufacturing facilities funding support to government, & TCL India to monitor the cyber threats Conducted cyber security awareness
manufacture and distribution
Working closely with the supply chain of hand sanitisers and Sodium and timely corrective actions are taken sessions for employees
partners to reduce carbon footprint of Hypochlorite, production and to safeguard the IT systems
the entire value chain Subscribed to cyber insurance policy
distribution of masks, earmarking Privileged Access Management (PAM) is
Dedicated investment to appropriately isolation ward at Mithapur implemented for all users and vendors at corporate level
balance environmental targets and who have remote access to servers Periodic review of cyber security risks
for routine activity or application by the Risk Management Committee
management. Two factor authentication of the Board
is implemented for PAM
IT policies have been updated based
Mitigation plans such as analytics, IIoT, RPA, etc. is also Firewall management and monitoring is on ISO & Information Technology
part of MSS. Automated firewalls ruleset
Infrastructure Library (ITIL) standards
IT strategy and IT roadmap are reviewed governed by DVA review is done through Algosec platform
and updated on a regular basis as per To enhance the understanding and necessary actions are taken
evolving business needs and industry of Industry 4.0 amongst targeted as required
trends employees, a collaboration has been
Enterprise Reference Architecture is used undertaken with a group digital office
for decision-making in IT and digital and includes conducting focussed
solution design to drive synergies and workshops on IIoT and Analytics. Mitigation plans Cover optimal stock volumes and
bring in harmonisation Use cases identified during the 4. High energy
workshops will be implemented in costs risk Diversify the energy sourcing closed contracts to ensure stability
Various digital initiatives are undertaken the identified areas. Further, a Gartner (Kazakhstan/Australia) in addition to and flexibility
to improve operational productivity, advisory is subscribed to enhance High prices of energy sources like Oil,
enhance user experience, serve the the understanding of technologies Natural Gas, Coal impacting variable costs current sources viz. Indonesia & South Continue with commodity hedging /
customers in a better way, collaborate amongst the IT/Digital teams Africa to improve sourcing flexibility advance fixing of prices
with suppliers and other business Linkage to Capital Explore/maximise the use of alternate
partners and meet the requirements Initiatives are reviewed weekly, energy sources e.g. anthracite coal fines,
of safety, health, environment and monthly and quarterly as part of the Natural capital, Manufactured capital coke breeze, biomass briquettes, etc.
sustainability governance process. Progress on
digital initiatives is monitored and in power and cement plants to reduce
Implementation of key digital initiatives reported to management regularly dependency on fossil fuels
by way of digital value assessment
(DVA). This helps to zero down on The adoption of key projects is Opportunities arising from risks
the right use cases which will give tracked on a periodic basis to monitor
maximum benefits in terms of variability the benefits Diversify the Supply Sources for each
reduction, efficiency improvement, Assessments are done for data critical Raw-Materials
yield improvement, reduction in maturity and digital maturity levels of
downtime and cost reduction. The the company and actions are taken to
choice of approach and technologies improve the levels
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