Tata Steel Limited wins the RIMS ERM Global award of distinction
The award underlines the robustness of the Company’s Processes, Strategy, Decision-Making, and Culture ~
RIMS, the risk management society®, presented Tata Steel Limited with the 2022 ERM (Enterprise Risk Management) Global Award of Distinction at the RIMS ERM Conference 2022. The award recognises Tata Steel’s outstanding ERM achievements that have enabled the organisation to streamline processes, strengthen collaboration across the enterprise and achieve strategic objectives.
Given the dynamic and uncertain business landscape it operates in, Tata Steel has developed and deployed in-house its ERM framework to create long-term value by driving risk-intelligent informed decision-making, and proactively preparing for unforeseen scenarios. The framework incorporates benchmark industry practices, international standards (including COSO & ISO 31000), while also being customized to the business. Driven by a dedicated team, the framework is deeply embedded across business units, levels and functions. It has been a key factor in managing highly impactful economic, supply chain and climate change risks, as well as increasing resilience in the organization.
“As an entity with globally diverse operations, Tata Steel relies on risk intelligent decision making to balance growth and profitability with long-term sustainability. Tata Steel Limited is proud to have its ERM framework recognized by RIMS and looks forward to engaging, sharing and learning as part of this global network of leaders in risk management,” said T. V. Narendran, CEO & MD, Tata Steel.
Tata Steel was conferred the ‘RIMS India ERM Award for Distinction’, the only company to receive this award in India in 2021. The Company has also been adjudged ‘Masters of Risk in Metals & Mining’ and ‘Risk Technology’ categories, at the 8th edition of ‘The India Risk Management Awards’ for the sixth time in a row.
About Tata Steel
Tata Steel group is among the top global steel companies with an annual crude steel capacity of 34 million tonnes per annum. It is one of the world's most geographically diversified steel producers, with operations and commercial presence across the world. The group recorded a consolidated turnover of US $ 32.83 billion in the financial year ending March 31, 2022.
A Great Place to Work-CertifiedTM organisation, Tata Steel Limited, together with its subsidiaries, associates, and joint ventures, is spread across five continents with an employee base of over 65,000. Tata Steel has been a part of the DJSI Emerging Markets Index since 2012 and has been consistently ranked amongst top 10 steel companies in the DJSI Corporate Sustainability Assessment since 2016. Besides being a member of ResponsibleSteelTM, worldsteel’s Climate Action Programme and World Economic Forum’s Global Parity Alliance, Tata Steel has won several awards and recognitions including the World Economic Forum’s Global Lighthouse recognition for its Jamshedpur, Kalinganagar and IJmuiden Plants, and Prime Minister’s Trophy for the best performing integrated steel plant for 2016-17. The Company, ranked as India’s most valuable Metals & Mining brand by Brand Finance, featured amongst CII Top 25 innovative Indian Companies in 2021 and top 10 sustainable organisations of India Hurun Research Institute in the 2021 Capri Global Capital Hurun India Impact 50, received Steel Sustainability Champion recognition from worldsteel for five years in a row, ‘Most Ethical Company’ award 2021 from Ethisphere Institute, RIMS India ERM Award of Distinction 2021, Masters of Risk - Metals & Mining Sector recognition at The India Risk Management Awards for the sixth consecutive year, and Award for Excellence in Financial Reporting FY20 from ICAI, 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.
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