This document lays down the framework of Risk Management at Hindustan Colas Private Limited (hereinafter referred to as the ‘Company’ or ‘HINCOL’) and defines the policy for the same. This document shall be under the authority of the Board of Directors of the Company. It seeks to identify risks inherent in any business operations of the Company and provides guidelines to define, measure, report, control and mitigate the identified risks.
The term, “Risk” does not find any specific definition under the Act. However, as per Business Dictionary (www.businesdictionary.com), risk can be defined as a probability or threat of damage, injury, liability, loss, or any other negative occurrence that is caused by external or internal vulnerabilities, and that may be avoided through pre-emptive action.
The main objective of this Policy is to ensure sustainable business growth with stability and to promote a pro-active approach in reporting, evaluating and resolving risks associated with the Company’s business. In order to achieve the key objective, this Policy establishes a structured and disciplined approach to Risk Management, in order to guide decisions on risk related issues.The specific objectives of this Policy are:
Generally every staff member of the Organisation is responsible for the effective management of risk including the identification of potential risks. Management is responsible for the development of risk mitigation plans and the implementation of risk reduction strategies. Risk management processes should be integrated with other planning processes and management activities.
The policy shall be reviewed from time to time to ensure that it complies fully within the legislation.
This Policy can be modified at any time by the Board of Directors of the Company.