Risk Management Policy
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1 Risk Management Policy
2 BACK GROUND & LEGAL FRAMEWORK Risk Management is a key aspect of the Corporate Governance Principles and Code of Conduct which aims to improvise the governance practices across the Company s activities. Risk management policy and processes will enable the Company to proactively manage uncertainty and changes in the internal and external environment to limit negative impacts and capitalize on opportunities. The Company is prone to inherent business risks. This document is intended to formalize a risk management policy, the objective of which shall be identification, evaluation, monitoring and minimization of identifiable risks. This policy is in compliance with the Section 134 of the Companies Act, 2013 which requires the Board report shall include the statement indicating development and implementation of a risk management policy for the Company including identification of elements of risk if any which in the opinion of the Board may threaten the existence of the Company. OBJECTIVE & PURPOSE OF POLICY The main objective of this policy is to ensure sustainable business growth with stability and to promote a pro-active approach in reporting, evaluating and resolving risks associated with the business. In order to achieve the key objective, the policy establishes a structured and disciplined approach to Risk Management, in order to guide decisions on risk related issues. The specific objectives of the Risk Management Policy are: 1. To ensure that all the current and future material risk exposures of the company are identified, assessed, quantified, appropriately mitigated, minimized and managed i.e to ensure adequate systems for risk management. 2. To establish a framework for the company s risk management process and to ensure its implementation. 3. To enable compliance with appropriate regulations, wherever applicable, through the adoption of best practices. 4. To assure business growth with financial stability. CATEGORIES OF RISK & THEIR IDENTIFATION Risks may be broadly categorized as under: Strategic risks - which may affect the Company and its long term growth prospects. Operational risks essentially risks associated with day to day operations.
3 Financial risks - risks facing the Company in terms of internal systems, planning, funding etc. People risk manpower availability for operations Reporting risk external/ internal reporting relating to financial and non-financial information Compliance risks - legislative framework within which the Company operates All employees of the Company, and more specifically the process and functional heads, shall have responsibility to identify and assess risks within their area of operation and report to the Management, which would ensure that adequate controls are in place to appropriately mitigate the risk. CONSTITUTION OF RISK MANAGEMENT COMMITTEE Risk Management Committee shall be constituted by the company consisting of such number of directors (executive or non-executive) as the Company thinks fit. The Board shall define the roles and responsibilities of the Risk Management Committee and may delegate monitoring and reviewing of the risk management plan to the Committee and such other functions as it may deem fit. ROLES & RESPONSIBILITIES OF THE RISK MANAGEMENT COMMITTEE The committee shall ensure that the Company is taking the appropriate measures to achieve prudent balance between risk and reward in both ongoing and new business activities. The committee shall evaluate significant risk exposures of the Company and assess management's actions to mitigate the exposures in a timely manner (including one-off initiatives, and ongoing activities such as business continuity planning and disaster recovery planning & testing). The committee will coordinate its activities with the Audit Committee in instances where there is any overlap with audit activities (e.g. internal or external audit issue relating to risk management policy or practice). The committee shall make regular reports/ recommendations to the Board. The committee shall review and reassess the adequacy of this Policy and recommend any proposed changes to the Board for approval.
4 This Policy will be communicated to all employees of the Company and shall also be hosted on the website of the Company at IMPLEMENTATION Process owners and functional heads shall be responsible for implementation of the risk management system as may be applicable to their respective areas of functioning and report to the Managing Director who shall communicate to the Risk Management Committee. ROLE OF THE BOARD The Board will undertake the following actions to ensure risk is managed appropriately: The Board shall be responsible for framing, implementing and monitoring the risk management plan for the company. The Board shall define the roles and responsibilities of the Risk Management Committee and may delegate monitoring and reviewing of the risk management plan to the Committee and such other functions as it may deem fit. Ensure that the appropriate systems for risk management are in place. The directors shall help in bringing an independent judgment to bear on the Board s deliberations on issues of risk management and satisfy themselves that the systems of risk management are robust and defensible; Participate in major decisions affecting the Company s risk profile; Have an awareness of and continually monitor the management of strategic risks; Be satisfied that processes and controls are in place for managing less significant risks; Be satisfied that an appropriate accountability framework is working whereby any delegation of risk is documented and performance can be monitored accordingly; Ensure risk management is integrated into board reporting and annual reporting mechanisms;
5 DISCLOSURE IN BOARD S REPORT Board of Directors shall include a statement indicating development and implementation of a risk management policy for the company including identification therein of elements of risk, if any, which in the opinion of the Board may threaten the existence of the company. SCOPE This policy applies to all business units and locations of the Company s operations. Kizhakkambalam October 19, (Chairman - Board of Directors) *************
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