Mumbai/Jamshedpur: 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.
