Page 6 - Insurance Times April 2020

1. What are the top five risk in your organization?
Top 5 Risks
Strategic Factors that could
Risks impact business continuity

▪Security of raw materials
▪Security of fuels
▪Environment compliance
risk
▪Employee succession
risks
▪Information security risk
2. How you manage those risks?
▪ To effectively manage our business
Objective risks to mitigate impacts and achieve
business goals
▪ Board Level Risk Committee
▪ Risk Management Executive
Committee (members CEO, COO,
Surath Mukherjee Risk management CFO, Head HR, Head Manufacturing,
Executive Director Head organization Head Legal)
▪ Chief Risk Officer
Internal Audit & Risk Assurance
Dalmia Bharat Group ▪ Functional Risk Owners and
risk officers (for each function)
In a Interview with Dr Rakesh Agarwal, Editor, The
Insurance Times and Secretary General, Risk ▪ An ERM policy is developed
Management Association of India, Mr Surath ▪ A risk library containing all the
Mukherjee talks about the risk perspective from identified risks throughout the
the point of view of a Corporate Organization. organization has been prepared.
Mr.Surath is a Qualified CA and a Cost Accountant Risk Identification ▪ From the risk library, key risks
currently Heading the Internal Audit and Risk (strategic and operational risk)
Assurance vertical at Dalmia Bharat Group having have been short listed based on
high probability and high impact
interests in Cement, Sugar, Power & Refractory criteria for detailed mitigation
segments and has a turnover of in excess of Rs. plans and regular monitoring
12000 Cr. ▪ Each key risk and its corresponding
mitigation plan is reviewed by the risk
He has been with Dalmia Bharat Group since Mitigation plans owner every quarter.
2008 where he has been instrumental is setting up ▪ The consolidated risk assessment
report is reviewed by the Risk
the Risk management function and scaling it up to Management Committee every
match the expansion of the group, before which quarter
he had spent a decade with Sony India Ltd and 3. What are the key challenges you have faced in
also a 5 year stint with Philips India.
implementation of Risk Management?
It's a very exciting journey and as an organization we have been
Over his professional career he has been able to able to tie up the loose end of the ERM process effectively.
contribute sustainable results for the The success factor of this exercise depends on how we handle the
organizations in the field of Controllership, key challenge in this aspect which is to accurately not only
Finance, Risk Assurance, Fraud Investigations. understand the business scenario unfolding around us but also to
Surath is a regular contributor & speaker in understand the several macroeconomic and other global factors
various Industry forums like ICAI, IIA, ICMA,
which may impact our operation .
Assocham etc. and believes in interactive learning
through knowledge sharing
Continued to page 37

4 6 The Insurance Times, April 2020