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Institute of Risk Management India Affiliate signs MoU with Reliance Jio to strengthen risk management in telecom
Mumbai: Institute of Risk Management India (IRM) India Affiliate has entered into a knowledge partnership by signing a memorandum of understanding (MoU) with Reliance Jio Infocomm to build resilience and promote the need for and importance of Enterprise Risk Management (ERM) in the telecom industry.
IRM is the world's leading professional body for ERM qualifications across more than 140 countries and Reliance Jio is an Indian telecommunications company and a subsidiary of Jio Platforms that operates a national LTE network with coverage across all 22 telecom circles, a release said. Reliance Jio has been holding the lion's share of the market with a portfolio of products and services, it said.
As a part of this knowledge partnership, both IRM India Affiliate and Reliance Jio will be organising webinars, roundtables, industry meetings, and contributing thought leadership articles towards knowledge building and enhancing ERM and risk intelligence for the sector.
Sachin Mutha, Head of Risk Management, Reliance Jio, said they are excited to partner with the world's leading professional body for ERM exams and education.
"Our risk management process and practices are on par with international standards and together with IRM, we are excited to drive global thought leadership."
Rajneesh Jain, Chief Financial Officer, Reliance Jio, said the company has 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."
The collaboration is part of IRM India Affiliate's mission of developing a robust ecosystem of risk-intelligent organisations across sectors with an aim to build a resilient and self-reliant India, the Reliance Jio release said.
Enterprise risk management (ERM) is a firm-wide strategy to identify and prepare for hazards with a company's finances, operations, and objectives.
IRM has recently entered into knowledge partnership with leading organisations including Cipla, UltraTech, IHCL, NIMSME (a ministry of MSME oganisation), All India Council for Technical Education (AICTE). IRM India Affiliate has also recently welcomed representatives from international bodies like the International Organization for Standardization (ISO) and the Committee of Sponsoring Organizations (COSO) as external board advisors.
Hersh Shah, Chief Executive Officer, IRM India Affiliate, said: "This knowledge partnership is a milestone for telecoms as it will help drive the importance of a robust risk culture in the sector, through sharing of best enterprise risk practices across platforms. Our global philosophy is well aligned with Jio's long-term strategy towards excellence in ERM."
The landscape of risks in the telecoms industry has expanded significantly and made risk management increasingly challenging and resource intensive for telecoms, a recent study by KPMG said.
The key risk areas identified were either related to investment, employees, supply chain, regulatory, and cyber risk. The Covid pandemic has demonstrated the importance of having a robust, scalable, and secure telecommunications network for the economic well-being of nations and its citizens. (ANI)