In compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company has constituted a Risk Management Committee on October 21, 2014 to oversee risk management function performed by the management, define and review the framework for identification, assessment, monitoring, mitigation and reporting of risks.

The Risk Management Committee comprises as under:
Formatted Content
Terms of Reference of Risk Management Committee
  1. Reviewing risks including cyber security and evaluating the treatment including initiating mitigation actions;
  2. To monitor and review the overall risk management plan of the Company including liquidity risk;
  3. To ensure there is an embedded, robust process in place throughout the Company to identify, assess, mitigate and report business risks with clear lines of ownership;
  4. To drive and co-ordinate risk management process covering all areas of risk (including operational, strategic, financial, commercial, regulatory, reputational etc);
  5. To ensure that the business risk strategy and management processes comply with applicable regulatory requirements and corporate governance principles;
  6. To ensure that the business risk management principles and processes are widely understood across the Company through adequate induction, training and awareness programmes;
  7. To periodically monitor and review Company’s key business risks and risk mitigation plans, and advise the Board of business risks which could materially impact Company’s delivery of its business plans, strategy, and reputation, if left untreated;
  8. To monitor external developments in the business environment which may have an adverse impact on Company’s risk profile, and make recommendations, as appropriate;
  9. To sponsor specialist reviews of key risk areas as appropriate;
  10. To report to the Board on key risks, risk management performance and the effectiveness of internal controls;
  11. To constitute operating risk management committee and delegate such powers to it as may be deemed necessary;
  12. To formulate a detailed risk management policy which shall include:
    1. A framework for identification of internal and external risks specifically faced by the company, 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.
    2. Measures for risk mitigation including systems and processes for internal control of identified risks.
    3. Business continuity plan.
  13. To ensure that appropriate methodology, processes and systems are in place to monitor and evaluate risks associated with the business of the Company;
  14. To monitor and oversee implementation of the risk management policy, including evaluating the adequacy of risk management systems;
  15. To periodically review the risk management policy, at least once in two years, including by considering the changing industry dynamics and evolving complexity;
  16. To keep the board of directors informed about the nature and content of its discussions, recommendations and actions to be taken;
  17. To review the appointment, removal and terms of remuneration of the Chief Risk Officer (if any).
  18. To seek information from any employee, obtain outside legal or other professional advice and secure attendance of outsiders with relevant expertise, if it required.
  19. Any other matter as may be mandated/referred by the Authority/Board.
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