Anticipating challenges, identifying opportunities
In today’s highly dynamic business environment due to globalisation, digitisation, competition and regulatory regime, managing risks can be a constant challenge for the Board of Directors, Shareholders as well as Senior Management of your organisation. While no business is immune to risks, identifying and managing them to create a sustainable enterprise is a critical task.
The revised ‘Clause 49’ of the Listing Agreement by the Securities and Exchange Board of India (SEBI) has under Para VI on ‘Risk Management’ stipulated as follows (effective from 1 October 2014):
a) The company shall lay down procedures to inform Board members about the risk assessment and minimization procedures
b) The Board shall be responsible for framing, implementing and monitoring the risk management plan for the company
The Companies Act 2013 also casts responsibility on the directors of all companies to include a statement in the Board of Directors report 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 existence of the company [Sec 134(3) with effect from 1 April 2014].
Enterprise risk management services - Advantage RSM:
- RSM in India is consistently ranked amongst India’s top six accounting and consulting firms, with over 1,200 people having expertise in diverse fields and with nationwide presence
- RSM is the world’s seventh largest audit, tax and consulting network and the sixth largest provider of audit and assurance services
- Dedicated team of over 550 skilled risk advisory and internal audit personnel in India, with extensive experience in consulting with international exposure
- Highly qualified and trained professionals viz. Chartered Accountants, Engineers, Management Graduates, Certified Information Systems Auditor (CISA) professionals, etc.
- Structured approach and methodology based on recognised global frameworks i.e. COSO, ISO 31000:2009, etc.