Reliance Jio, IRM team up to facilitate risk management in telecom industry

Reliance Jio and the Institute of Risk Management (IRM), India Affiliate have entered a knowledge partnership to build resilience of Enterprise Risk Management (ERM) in the telecoms industry, the telco said Monday.

As a part of the association IRM India Affiliate and Jio will organise webinars, roundtables, industry meetings, and thought leadership articles towards knowledge building to enhance ERM and risk intelligence for the sector, it added in a media statement.

“Our risk management process and practices are on par with international standards and together with IRM, we are excited to drive global thought leadership,” Sachin Mutha, head of risk management, Reliance Jio said.

IRM is a professional body for ERM qualifications across more than 140 countries. Jio is the telecom arm of Reliance Industries and is housed under Jio Platforms.

“We’ve already developed a robust risk culture that fosters risk-based decision-making across all functions in the organisation,” Rajneesh Jain, chief financial officer, Reliance Jio added.

The landscape of risks in the telecoms industry has expanded significantly and made risk management increasingly challenging and resource intensive for telecoms according to a recent study by KPMG, Jio said in the statement.

The key risk areas identified were either related to investment, employees, supply chain, regulatory, and cyber risk.

“This knowledge partnership is a milestone for telecoms as it will help drive the importance of a robust risk culture in the sector, through sharing of best enterprise risk practices across platforms,” said Hersh Shah, chief executive, IRM India Affiliate.

The collaboration is part of IRM India Affiliate’s mission to develop an ecosystem of risk-intelligent organisations across sectors. It has recently entered similar knowledge partnerships with organisations like Cipla, UltraTech, IHCL, NIMSME (Ministry of MSME), AICTE (Ministry of Education) among others.

IRM India Affiliate has also recently welcomed representatives from international bodies like the International Organisation for Standardisation (ISO) and the Committee of Sponsoring Organizations of the Treadway Commission (COSO) as external Board Advisors.