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talksonthego · 4 years ago

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Enterprise Risk Management at Tata Steel

Organizations, currently, operate in highly volatile, uncertain and complex environment. The dynamic business landscape warrants a robust risk management system that enables business identify material risks and demonstrate assurance of operational controls. The risk management process enables organizations to sustain and improve value during the business as usual scenario while future-proofing businesses to ensure business continuity and protect value proposition while adapting to multitude of external forces and events.

Tata Steel has deployed a structured enterprise risk management process, that’s deeply embedded within its divisional business units. The risk management process at Tata Steel derives inputs from global standards like COSO, ISO 31000:2009. Adoption of this approach goes beyond regulatory compliance and provides a framework to respond to ever-changing business landscape. The company considers enterprise risk management as an important management tool aimed towards developing a risk intelligent culture that supports decision-making process thereby improving performance. The integrated ERM approach with the framework aligned for Tata Steel Group Companies across geographies, promotes insights into risks across the portfolio of all business activities.

Risk management at Tata Steel is a two pronged (top-down, bottom-up), iterative process, which is dynamic in nature. The function has three levels of risk management responsibilities: Risk Oversight, Risk Infrastructure & Management and Risk Ownership. Risk Infrastructure is managed by Central ERM team, which helps in designing, implementing & monitoring common ERM framework across the organization. Divisions and Profit Centers are led by Risk Owners, who help identify, measure, monitor, review and report risks as per defined common framework. ERM team facilitates by providing an outside-in view to the Business Units (BU) for holistic risk identification, flags-off exceptions, highlights progress of implementations and status of key risks. Benchmarking of ERM processes & procedures is undertaken through interactions with CROs from organizations across the country and participation in various National & International risk conferences and training programs.

ERM process is an effective enabler in responding to fast evolving business scenarios. The unprecedented disruption and heightened economic uncertainty has reinforced the need for a mature ERM process. Tata Steel has been able to leverage its risk intelligence by recalibrating its operations in line with the evolving business environment . The risk management process has facilitated divisions to evaluate a range of outcomes through scenario planning exercise and prioritize mitigation plans accordingly. In order to counter its exposure to business cycles and pandemic-induced slowdown, Tata Steel continues to enhance its footprint by building a diversified portfolio of customers from a range of industries across the country. It has also ramped up exports in the interim and continues to focus on the de-commoditization agenda through entry into value added services and new materials business, etc. It is continuously working towards diversification in sourcing and expanding its vendor base from other geographies and developing internal supply chains to manage supply chain disruptions. Digital and climate change continue to drive the corporate agenda. Several measures like increased scrap usage, focus on scrap recycling as a distinct business area, carbon capture, etc., are being pursued to accelerate transition to a low carbon regime.

While implementing quick fixes to ongoing operations, there has been continued organizational focus on developing sustainable long-term risk management strategies to ensure business continuity and build immunity to deal with potential future black swan events.

#Tata Steel Digie-shala #Capability Development #industrial learningcourses #Tata Steel Industrial Learning courses #e-learning #risk management

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onlinebusinessschool-blog · 9 years ago

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E-learning: Enhancing Knowledge With Handy Knowledge Tool

The essence of education in the real world cannot be ignored. Education does not only shape our world but, in addition, plays the crucial part in crafting the social and economic balance. As the learning new skills and gaining further knowledge takes centre stage, students and professionals at large are taking higher education for advancing their career. For past few years, online digital learning has successfully delivered millions of students and professionals desired education enhancing their skill. And with 42,000 Massive Open Online Course (MOOC), learning has no boundary. Free MOOCs are great education platform for the learners who want to enrich their further knowledge. Learners who intended to have degree and diploma certificate can earn it with nominal cost. Countries like UK and US are among to top education destination where students take advantage of either online learning or blended learning. However, this trend of learning is growing in the other countries as well. Read on.

Why is online learning expanding?

Several factors have contributed to the expansion and growth of the e-learning courses. Since, advantages online learning renders flexible and convenient learning, students and professionals are benefited largely. The reason for the growth of online education are:

Easy access of learning

It's simple and easy to access online learning course programmes. The edtech has enabled students to log in from any place and any time. A student can enrol to free and paid e-learning courses with registered user id and take learning whenever and wherever he/she wants.

Learning is affordable

Free MOOCs and other learning programmes offered by institutions, organisations and corporates offer incredible learning for the learners. Besides, comprehensive and compact online learning courses are also available at the very nominal price. The low priced e-learning consist credential and accreditation which is valued by the employers globally. As the expense of the higher education at campus learning is shooting up, learners are opting for inexpensive online education for further education.

Demand for skill and knowledge

Gaining skill and knowledge to impress the employer to earn valuable job has also resulted to the growth of the web based digital learning. Amid the trend of working and studying, online education helps the learners to carry on with both for career advancement. As there is also the wide gap between the industry and skilled workforce, online learning acts as a substantial tool to meet the demand by catering skill development based learning to the learners.

Pertinent learning content

Provider of online distance learning is devoting greater effort to make knowledge content relevant, comprehensive and for enhancing skill. As the competition of online education market has intensified, institutes are leaving no gap in catering meaningful education to online students. Courses like online business management degree, online IT and computing etc. and other consist valuable study of key subjects. This format learning helps the students to develop crucial skill and know-how for their career acceleration.

What lies ahead

There is always scope for improvement for online as well as campus learning. Here, in the case of distance e-learning, few thing could be done to up-scale level and effectiveness:

Employers need to change their outlook towards the educational background of the employees. Non-degree but accredited learning should be stimulated by the organisations. This would encourage professionals as well as students to learn beyond.

Let experts deliver the crucial learning to the students. Learning from the industry experts would enable online students to collect substantial education from market leaders.

There should a centralised mechanism to check the standard of online learning content, ed tech and teaching.

To fill the gap of the skilled workforce, corporate can play the crucial role. It utilises online learning as the tool of training and skill development by providing research and industry-based learning for the students.

There is scope for enhancement of MOOCs. The designers and provider of similar course have to craft different measures including student assessment and devising social networks to enrich the learning experience of the students.

Students respond to online learning

Though I agree there is the need for measures that would cement the learning gaps of the digital distance education. However, students found e-learning courses boon for their career.

According to Balraj Gupta from India, "One of the main reasons I have chosen to study with Online Business School is that I can do all of my assignments and assessments from home, I do not have to travel to examination centres."

Besides the learning flexibility, students find online education a favourable learning platform. Another student for India, Pradeep Sandu said,"I chose to study with Online Business School as the learning is very engaging, the end of lesson drag and drop activities along with the external links to videos and other interesting articles create an immersive learning experience, which I feel is important, as many distance learning courses can get very boring very quickly."

The flexibility and availability of online learning have worked for many students. UK resident and online student Jamie Cunningham says, "I can access the learning material 24/7 wherever I am via the OBS Portal."

Collective effort

It's evident from different resources that online learning is thriving and is future of education. Being the leader of education destination UK has the capability to lead and show the path of the most advanced online education system. Hence, the designers of online learning in the UK can guide the world to craft most advanced learning system. Besides countries can collaborate for the creation of rich knowledge resource for skill and knowledge development via online. I am sure working jointly would help the new futuristics edtchs to originate for the sake of best-fit education tool.

#MOOC #topeducationdestination #onlinelearning #blendedlearning #e-learningcourses #growthofonlineeducation #onlinebusinessmanagementdegree #onlineITandcomputing #digitaldistanceeducation #OnlineBusinessSchool #OBS #onlinestudents

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