ONGC Videsh added another feather in its cap by receiving 8th edition of The India Risk Management Awards constituted by ICICI Lombard & CNBC-TV18 in the two categories: Best Risk Management Framework and Systems – PSU Category and Masters of Risk in Risk Technology in the Large Cap category. The awards were received by Mr. Sanjeev Tokhi, Director (Exploration)accompanied by Mr. Rajiv Nayar, Head-Risk on behalf of ONGC Videsh on 4th April 2022 in a function held at Mumbai. This is the first time, ONGC Videsh has won two awards in a single edition of Indian Risk management Awards.
Professor Nirmalya Kumar, renowned Professor of Marketing of the Lee Kong Chian School of Business at Singapore Management University and a distinguished fellow at INSEAD Emerging Markets Institute presided over the function and presented his views on impact of fast changing Global events on international businesses and importance of Risk Management strategies by the Companies to meet their effects.ONGC Videsh was among the top organizations of the country like TCS, TATA Power, TATA Capital, GSK Pharmaceuticals and others, who were conferred these prestigious awards in different sectors.
ONGC Videsh receives “Best Risk Management Framework and Systems-PSU”
ERM system was established in ONGC Videsh in April 2012 with in-house efforts and is now aligned with ISO 31000:2018, the international standard on Risk Management. The system has matured over the years and well integrated into business processes of the company. It is underpinned by a set of principles and includes the exercise of identification, assessment and prioritization of risks followed by coordinated application of resources to monitor, control and minimize the probability and impact of unexpected events.
Implementation of SAP GRC-Risk module has further strengthened ERM System monitoring through capturing Monthly reporting of risk events and Quarterly compliance on Risk Register. Risk dashboard further helps Management for informed decisions through screens showing on world map Projects with their risk scores, significant risks, risk heat maps and status of quarterly compliances.
ONGC Videsh receives “Masters of Risk in Risk Technology-Large Cap”
ONGC Videsh IT Security policy is ISO 27001 certified and has ensured more than 99.5% system and service availability even during the COVID-19 pandemicimposed lockdown. This has ensured business continuity and mitigated key risks posed by the COVID-19 pandemic. The risks are being managed on an increasingly integrated basis to support effective risk-based decision making. The interconnected risk management framework of ONGC Videsh enables us to derive maximum value from the ERM system and enhances the adaptability, and ability of the organization to thrive in ever changing risk environment.
Team HSE & Risk with MD-ONGC Videsh
While complimenting on receiving this award, the Managing Director, ONGC Videsh, Mr. A. K. Gupta exhorted to keep the momentum going in achieving greater heights and improved organizational performance.