Tata Power honored with ISO 31000:2009 Statement of Compliance for Enterprise Risk Management System

Tata Power is the first Indian Power Company to attain the Statement of Compliance for Risk Management System.

Dec 02, 2014 03:12 IST India Infoline News Service

Tata Power, one of India's largest integrated power company today announced that the Company has been awarded the ISO 31000:2009 Statement of Compliance for Enterprise Risk Management System from British Standards Institution (BSI).

Tata Power is the first Indian Power Company to attain the Statement of Compliance for Risk Management System. As part of the review process, BSI conduct Gap Assessment programme, where 55 employees were trained on the risk management standard and an additional 15 employees were trained as internal assessors on the standard. A Business Risk Assessment workshop was also conducted for senior leaders of the Tata Power Group. The final assessment was conducted and discussions were held with various teams covering approximately 70 employees. Thereafter, BSI confirmed that the system meets the recommendations and is in accordance with ISO 31000:2009. Tata Power is the first company within the Tata Group to have received the Statement of Compliance for ISO 31000:2009 for its Enterprise Risk Management System

Speaking on the achievement, Mr. Anil Sardana, Managing Director and CEO - Tata Power said, "We are very happy to be recognised and appreciated for our Enterprise Risk Management System by the British Standards Institution. The Award serves as a great motivation to keep up the good work and keep exceeding our stakeholders' expectations. We would like to congratulate all our employees and look forward to continuing our journey in making Enterprise Risk Management a world class process with enhanced commitment, process integration and result-orientation."

The Company had laid down a formal Risk Management Procedure in 2004 which moves beyond simple compliance and invest in creating a culture that leads employees to act as stewards of corporate values. By outlining a formal six step process of Risk Management System, Tata Power also introduced a Chief Risk Officer.

Over the years the process has been improved and matured with employees taking much greater responsiveness and active participation of all key stakeholders and a committed Risk Management Team. Today Tata Power has a well-established structure of Risk Management Committee, Risk Management Sub-Committees (RMSC), Divisional Risk Management Sub-Committees (DRMSC), RMSC coordinators and the Risk Management Team led by Chief Risk Officer.

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