Page 165 - Tata Steel One Report 2024-Eng-Ebook HY

Business Operation and Performance Driving Business Towards Sustainability
Corporate Governance Policy Financial Statements Attachments
Control Environment
The Company prepares annual and long-term plans which are approved by the Board of Directors. These plans form the basis of arriving at employee goals and objectives at all operating units and the steps to be followed to achieve the Company’s objectives. These objectives are reviewed from time to time. The Company has a well-structured organization in place that describes the individual’s responsibilities for key businesses and other functions. All employees have been provided with the Company’s Policies Handbook which contains all of the policies that facilitate improving the control environment. The Company has detailed Code of Conduct for its directors, executives, stakeholders, and employees. The Code of Conduct of the Company has been announced to, read, and signed by all employees. The Anti-Corruption Policy has been implemented by the Company to conduct the Company’s business operations honestly, fairly, without corruption or bribery and with accountability. These policies are also published on the website of Tata Steel (Thailand) Public Company Limited.
Enterprise Risk Management
The Company has a process to identify and consider the implications of business risk factors which are continuously updated with changes in economic scenario, financial outlook, relevant industry environment and internal resources. Risks are prioritized based on the likelihood of occurrence and severity impact on the achievement of business objectives. Risk Assessment Matrix is cascaded throughout the Company. Head of Departments accordingly formulate the comprehensive action plan to mitigate the risks. The review and monitoring are performed regularly through the corporate level meeting of management team and by the Audit & Risk Review Committee. Enterprise Risk Management is an integral part of the reports presented in the Board Meetings.
Quarterly Review
Monthly Review
Risk Champion
Board of Directors TSTH Audit & Risk Review Committee
Apex Risk Committee
Member-CEO, VPs (Convener-VP Finance & CFO)
Group Risk Review Committee (GRRC)
Role
Responsibility
Apex Risk Committee
Review robustness of analysis effectiveness of action plans
Risk Champion
Ensure the ERM process is in place and handle all communication with TSL
Assist Risk Owners in going through the ERM process
Risk Owners
Execute on action plans, and report to Stakeholders
Risk Owners
Tata Steel Manufacturing (Thailand)
Tata Steel (Thailand)
TSL = Tate Steel Limited
Remark
CEO = Chief Executive Officer VP = Vice President
Flow of information
Picture: Enterprise Risk Management (ERM) Governance Structure
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