Page 55 - Tata Chemical Annual Report_2022-2023
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Integrated Annual Report 2022-23 01-83 84-192 193-365
Integrated Report Statutory Reports Financial Statements
Managing Risk and Ensuring
Business Resilience
Strategic risk Talent risk
Challenges of attracting and retaining talent in remote Impact (2) X Probability (2)
Recession risk manufacturing locations (New Risk) Opportunities arising from risks Oversight
Recession fuelled by rising interest rates, impacting demand and price. Impact (2) X Probability (2) Opportunity to collaborate with Nomination &
Linkage to Capital universities and build brand value Remuneration
Linkage to Capital Oversight Human Capital Develop future-ready skills/ Committee
Audit Committee competencies Risk Management
Financial Capital Provide avenues / opportunity for Committee
Risk Management Committee
career growth
Mitigation plans
Mitigation plans
Maintaining cost focus: variable & fixed Product mix: expanding product Tie-up with customers, volume
costs, across all entities offerings and price contracts Enabling better infrastructure at Enriching job through job rotation/ Career rotation & movements
remote locations exposure and participation in CFT across business units / geographies
Cash – deleveraging and maximising Supply chain: flexibility in supplying
cash unless required for capacity from different locations Enrichment of skills & competencies Avenues for cross-functional
expansion through formal education support deputations / growth through internal
programme job postings
Digitalisation risk
Embracing digitalisation as a key lever of business growth Impact (2) X Probability (2) Operational risks
Linkage to Capital Oversight Cyber risk
Audit Committee
Intellectual Capital Loss of data & compromised operations resulting from cyber attacks Impact (3) X Probability (2)
Risk Management Committee
Linkage to Capital Oversight
Mitigation plans Manufactured Capital Audit Committee
IT strategy and IT roadmap are Various digital initiatives are Initiatives are reviewed weekly, Risk Management Committee
reviewed and updated on a regular undertaken to improve operational monthly and quarterly at multiple Mitigation plans
basis as per evolving business needs productivity, enhance customer & levels of organisational hierarchy
and industry trends user experiences, collaborate with as part of the governance process; Round-the-clock monitoring and Identifying threats and managing the Conducting internal and third party
security assessments to identify and
planned improvement of security
network devices and perimeter for
Enterprise Reference Architecture is business partners, and better meet progress on digital initiatives is posture, while preventing, detecting, reducing cybersecurity risks to the mitigate security gaps/risks to the
used for decision-making in IT and the requirements of safety, health, monitored and reported to the analysing, and responding to organisation Company, and defining strategies to
solution designing in digital, to drive environment and sustainability Management regularly cybersecurity issues further strengthen security posture
synergies and harmonisation Implementation of key digital Post implementation, success Conducting periodic Vulnerability Implementation of Multi-Factor Subscribed to cyber insurance policy
Authentication (MFA) and Virtual
Special focussed track is created to initiatives by way of first doing a digital metrics, such as degree of adoption, Assessment and Penetration Testing Private Network (VPN) based security at corporate level
improve data quality and awareness value assessment (DVA); this helps improvement in the target KPIs etc., (VAPT) for critical infrastructure assets solutions to enable safe access to the
across the functions of the organisation; to zero down on the best use cases are tracked on a periodic basis to and applications, to proactively identify organisation’s resources Periodic review of cyber security risks
Data Governance Council and Data which will maximise business value; monitor the benefits realised and remediate potential vulnerabilities by the Risk Management Committee
Office are established to review and benefits of the value assessment Skills and resource requirements to enhance security posture Implementation of policies, processes of the Board
improve data maturity status include variability reduction, efficiency are regularly reviewed, and efforts Solutions implemented to and solutions designed to prevent the IT policies have been updated based
loss, misuse, or unauthorised access of
To assess and improve the digital improvement, yield improvement, are made to select the right continuously detect and mitigate sensitive information on ISO & ITIL standards
maturity of the organisation, ‘Digital downtime reduction and cost candidates or business partners cyber threats in real-time on end-point Complying with government
Execution Scorecard’ model (framework reduction; choice of approach and to support the digital initiatives, devices and preventing unauthorised Conducting regular security awareness and industry security standards,
of a leading global consulting firm technologies to be used (such as especially in the prevailing business privileged access to critical resources campaigns and training programmes regulations and audit requirements
which benchmarks the scores across analytic models, IIoT or RPA) is also environment where there is dearth for employees and building a culture
industry verticals) is adopted governed by the DVA results of digital skillsets sensitive to cyber security issues within
the Company
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