Tata Steel bagged an award for ‘Best Risk Management Practice’ in the category of Metals & Mining at the 3rd India Risk Management Awards 2017 held last night in Mumbai. Mr. Koushik Chatterjee, GED (Finance, Corporate & Europe), Tata Steel and Ms. Samita Shah, Group Head, Corporate Finance & Risk Management, Tata Steel received the award on behalf of the organisation from Mr. Nassim Nicholas Taleb, author of The Black Swan, Trader, Philosopher, and an Expert Risk Analyst. This marks an important landmark in the journey of Tata Steel’s Enterprise Risk Management (ERM), attributable to the organisation’s sincere efforts and continuous endeavour towards becoming a risk-intelligent organisation.
The India Risk Management Awards recognizes companies that have significantly added to the understanding and practice of Risk Management and have created best-in-class risk management practices and capabilities across business categories.
Tata Steel adopted the Enterprise Risk Management (ERM) formally in 2013, with an aim to become risk-intelligent organisation that supports informed decision making and proactively prepare itself to handle unforeseen scenarios, which could possibly impact the business. The process has evolved over the years with the development of detailed process framework, associated guidelines and constitution of robust Governance structures & mechanisms.
The ERM framework was developed in-house incorporating inputs from benchmark industry practices, International standards & references (including COSO & ISO 31000), leadership direction and feedback from key stakeholders. A dedicated ERM team was set-up to facilitate the deployment of processes across the Company ensuring the uniformity & integrity of the process. The ERM framework has been customised to meet the organisation’s requirement and has been deployed successfully across business units in India.
About Tata Steel
Tata Steel Group stands among the top global steel companies with an annual crude steel capacity of 28 million tonnes per annum (MnTPA) and a turnover of US $17.69 billion in FY16. It is the world's second-most geographically-diversified steel producer, with operations in 26 countries and commercial presence in over 50 countries. Established in 1907, the Group’s vision is to be the world steel industry benchmark in “Value Creation” and “Corporate Citizenship” through the excellence of its people, approach and overall conduct. Underpinning this vision is a performance culture committed to aspiration targets, safety and social responsibility, continuous improvement, openness and transparency. Having bagged the Deming Application Prize and Deming Grand Prize for continuous improvement in 2008 and 2012 respectively, Tata Steel has now been recognised as the global ‘Industry Leader’ in ‘Steel category’ by Dow Jones Sustainability Index. Besides being one of ‘worldsteel’s’ Climate Action members, it has also been awarded the CII ITC Sustainability Prize, the ‘Best-in-class Manufacturing’ by TIME Award, the Prime Minister’s Trophy for the best performing integrated steel plant, among several others.
Statements in this press release describing the Company’s performance may be “forward looking statements” within the meaning of applicable securities laws and regulations. Actual results may differ materially from those directly or indirectly expressed, inferred or implied. Important factors that could make a difference to the Company’s operations include, among others, economic conditions affecting demand/ supply and price conditions in the domestic and overseas markets in which the Company operates, changes in or due to the environment, Government regulations, laws, statutes, judicial pronouncements and/ or other incidental factors.
Chief, Corporate Communications, India & SEA