The Institute of Risk Management India (IRM) India Affiliate has formed a knowledge relationship with Reliance Jio by signing a memorandum of understanding to create resilience and promote the need for and importance of Enterprise Risk Management (ERM) in the telecom industry.
With a presence in over 140 countries, IRM is the global leader in ERM credentials. The collaboration will include the organization of webinars, roundtables and industry meetings, as well as the contribution of thought leadership articles to improve ERM and risk intelligence in the telecommunications sector.
Sachin Mutha, head of risk management, Reliance Jio, said, "Our risk management process and practices are on par with international standards, and together with IRM, we are excited to drive global thought leadership."
The engagement is part of IRM India Affiliate's vision to construct a robust ecosystem of risk-aware organizations across sectors in order to build a resilient and self-sufficient India, according to a Reliance Jio announcement. Enterprise risk management (ERM) is a company-wide strategy for identifying and mitigating risks to a company's finances, operations and objectives.
“We’ve already developed a robust risk culture that fosters risk-based decision-making across all functions in the organisation. Our association with IRM is timely, and we hope to set a global benchmark and drive best practices in enterprise risk management,” noted Rajneesh Jain, chief financial officer, Reliance Jio.
A recent KPMG study cites important risk areas such as investment, workers, supply chain, regulatory and cyber risk to emphasize the growing complexity and resource intensiveness of risk management in the telecom business.
The identified key risk areas were either related to investment, employees, supply chain, regulatory or cyber risk. The COVID pandemic has proven the need for a resilient, scalable and secure telecommunications network for a nation's and its citizens' economic well-being.