Roads and Transport Authority of the United Arab Emirates and Kuwait Petroleum International also honoured for ERM success
RIMS has presented Tata Steel Limited with the 2022 ERM Global Award of Distinction. The award recognises the Indian steel giant’s outstanding ERM achievements that have enabled the organisation to 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 customised 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 organisation.
“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 recognised by RIMS and looks forward to engaging, sharing and learning as part of this global network of leaders in risk management,” said TV Narendran, CEO & MD, Tata Steel.
This year, RIMS recognised two other organisations with Honourable Mentions for developing, implementing and maturing ERM within their organisations. These were Kuwait Petroleum International and Roads and Transport Authority of the United Arab Emirates.
“The key to risk management success is collaboration, and there is no better way to achieve exceptional collaboration than through a mature ERM program,” said RIMS president Patrick Sterling. “From these organisations’ senior leaders through its operations and frontline workers, Tata Steel Limited and our honorable mentions’ ERM teams have done a remarkable job embedding risk management into decision-making and elevating the resiliency of each of their organisations.”
RIMS ERM Conference 2022 was held 10-11 November in Indianapolis and featured a stellar lineup of risk thought-leaders who shared their experiences applying ERM practices to address ESG concerns, technology adoption and innovation, geopolitical risks, as well as offering best practices for aligning risk management with strategy.