RIMS, the risk management society®, presented Tata Steel Limited with the 2022 ERM Global Award of Distinction at RIMS ERM Conference 2022. The award recognizes Tata Steel’s outstanding ERM achievements that have enabled the organization 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.
This year, RIMS recognized two other organizations with Honorable Mentions for developing, implementing and maturing ERM within their organizations. Honorees included:
- Kuwait Petroleum International
- 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 organizations’ 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 organizations. RIMS is proud to present the 2022 Global ERM Award of Distinction to Tata Steel and sincerely thanks their risk team for sharing their story with the RIMS community.”
Judging criteria for the Global ERM Award of Distinction includes measurable, tangible and sustainable results; unique program strengths; ERM innovation that links risk with strategy or performance; and the program’s ability to build sustaining risk management capabilities. The panel comprises members of RIMS Strategic and Enterprise Risk Management Council.
To access Society’s thought-leading enterprise risk management knowledge, resources and research, visit RIMS Strategic and Enterprise Risk Center and RIMS Risk Knowledge library.
RIMS ERM Conference 2022 was held November 10 – 11 in Indianapolis. The conference 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. The conference featured a keynote presentation by Mark A. Pfister, CEO & Chief Board Consultant, and a lineup of sessions led by other notable risk management leaders. Visit www.RIMS.org for updates.