Some of the major risks identified by the company, and its mitigation plans, are given below. Risk ranking undergoes periodic change, based on scores of identified risks and the status of risk mitigation plan implementation.
Identification of
Major Risks
Project Execution Risk
Detailing of the Risk
Loss of reputation/market share/margin erosion, due to inadequate process framework and monitoring of risks during the entire project lifecycle
Mitigation Plan
Robust project management structures are in place across business divisions, to monitor and control project execution risks during the project lifecycle. Multiple controls, from the proposal to execution stage, enable the company to take timely measures to mitigate potential risks.
Data Governance and
Cyber Security Risk
Inability to identify, classify, document/digitise and archive business-critical knowledge/ information to ensure complete, consistent, reliable, and secure corporate data
Adverse impact on company’s operations due to cyberattacks and lack of firewalls, encryption, remote access controls, leading to compromise of confidential data and intellectual property. Inability to continue/recover business operations during any crisis, and/or disaster, with minimal disruption or loss of business.
Security awareness is created through training on regular basis. Archiving and purging of unused information is done, as per the timeframe decided in Data Retention policy.
Role-specific access to IT equipment is created and controlled. Identity and access management, through single sign-on and multi factor authentication, is underway.
Servers and databases of all hosted applications are being upgraded, with high availability. Disaster recovery for critical applications is tested.
Additional risks emanating from COVID-19 pandemic
Identification of
Major Risks
Employee Infection at
Work Sites / Availability
of People
Detailing of the Risk
Manpower shortage challenges faced, owing to workforce getting COVID infections
Mitigation Plan
The company has designed comprehensive SOPs for manufacturing, site and office locations. Regular review is conducted to ensure adherence to COVID safety protocols. Any changes to local government rules are immediately communicated and followed.
A core team was set up at every location, and employees were encouraged to provide continuous feedback for improvement of safety processes, if and where required.
People Travel Challenges
Impacting Operations
(Domestic +
International)
Difficulties faced in attending to customer issues due to travel restrictions
Remote support capabilities, such as remote commissioning, have been developed. Selective domestic travel, in compliance with statutory and safety protocols, was undertaken to address emergencies at the customer’s end.
Supply Chain Issues
Inability to manage supplies, in line with demand and strategic business plans
Detailed vendor analysis has been conducted to identify high-risk vendors. Risk mitigation plans of identified high-risk vendors were reviewed before placing any new orders. This helped minimise risk on account of disruption at the vendor’s end. Additional transporters have been onboarded to increase the supply of transport vehicles.
