Page 31 - Non_Financial_Annual_Report_2021 (10th June).indd

Reimagine | Reinvent | Grow

Risk Management

Overview

In the rapidly changing business environment, the company Various steps and initiatives were undertaken by central
is exposed to several risks that could impact its businesses support functions like HR, Administration, IT, Legal, Central
adversely. It is imperative to identify, analyse and address such Resources Team to facilitate our business operations
risks and at the same time leverage opportunities for achieving through the year.
our objectives.
At the start of the year, we started examining various
Tata Consulting Engineers (TCE) has adopted the Enterprise scenarios in this volatile environment and shared them
Risk Management (ERM) process that recognises and seeks with the management to prepare the Business Plans for
to address the key risks across the bid stage and execution the year. We also looked at multiple risks & opportunities in
stage for projects while also evaluating strategic, financial, India and overseas markets due to the Pandemic in each of
operational, legal and reputational risks for Business Unit’s (BU) our Business Units and Sectors to provide inputs to strategy
& TCE. However, the risk management process and its elements and budgeting exercise.
continue to evolve and are enhanced further based on
stakeholder feedback/inputs to support organisation strategy All of the above steps have helped in strengthening our
requirements. Governance and Risk Framework to aid decision making. It
has also helped increase senior executives’ confidence in
Risk managers prepare their organisations for all types of risks, their decisions while assuring the Board that risks have been
but very few would have imagined that they would one day appropriately addressed.
be faced with a global Pandemic that could strike swiftly and
with such a broad impact, with no predictable end date. In
such a situation with multiple parameters, it is imperative to Risk Management Organisation: Chief Risk
have an agile approach to business continuity and strategic risk Officer primarily drives the Risk Function at the
management. Central level with guidance from the MD and the

Steps taken by the company to deal with risks in these highly Board. Business Unit level Risk Officers (BUROs)
uncertain times are: assist the Corporate Risk Team in deploying Risk
Frameworks to embed risk process in the day to
We developed COVID-19 specific Addendum to our
existing Business Continuity Plan. The document covered day business activities.
various aspects of business, like People Safety, Customer
Connect, Operations, Delivery of assignments in India and
overseas, Working Capital, Emerging challenges, etc. During the year, we emphasised identifying, training and
handholding BUROs on live assignments with specific
Risk management has been elevated to a more Strategic responsibilities towards enhancing risk culture within the
Management level. We have had daily management calls individual Business Units on an ongoing basis.
to deal with all kinds of risks/uncertainties that cropped up
during the year.

31