Updated Terms of reference of Risk Management Committee [Board Meeting Held on 21 July 2021]
(1) To formulate a detailed risk management policy which shall include:
(a) A framework for identification of internal and external risks specifically faced by the listed entity, in particular including financial, operational, sectoral, sustainability (particularly, ESG related risks), information, cyber security risks or any other risk as may be determined by the Committee.
(b) Measures for risk mitigation including systems and processes for internal control of identified risks.
(c) Business continuity plan.
(d) Mechanism for monitoring the risks faced by the subsidiaries, which could culminate into a risk for the Company.
(2) To ensure that appropriate methodology, processes and systems are in place to monitor and evaluate risks associated with the business of the Company.
(3) To monitor and oversee implementation of the risk management policy, including evaluating the adequacy of risk management systems.
(4) To periodically review the risk management policy, at least once in two years, including by considering the changing industry dynamics and evolving complexity.
(5) To keep the board of directors informed about the nature and content of its discussions, recommendations and actions to be taken.
(6) To coordinate its activities with other committees, in instances where there is any overlap with activities of such committees, as per the framework laid down by the Board of Directors.
