JAMMU: Institute of Risk Management (IRM) India Affiliate has entered into a knowledge partnership by signing a memorandum of understanding (MoU) with Reliance Jio Infocomm Ltd to build resilience and promote the need for and importance of Enterprise Risk Management (ERM) in the telecoms industry.
IRM is the world’s leading professional body for ERM qualifications across 140+ countries and Reliance Jio is an Indian telecommunications company, and a subsidiary of Jio Platforms that operates a national LTE network with coverage across all 22 telecom circles.
Reliance Jio, the leader in the telecoms sector, has been holding the lion’s share of the market with portfolio of products and services. As a part of this knowledge partnership, both IRM India Affiliate and Reliance Jio will be organising webinars, roundtables, industry meetings, and contributing thought leadership articles towards knowledge building and to enhance ERM and risk intelligence for the sector.
Speaking about the collaboration, Mr. Sachin Mutha, Head of Risk Management, Reliance Jio said: “We are excited to partner with the world’s leading professional body for ERM exams and education. Our risk management process and practices are on par with international standards and together with IRM, we are excited to drive global thought leadership.”
On this collaboration, Mr. Rajneesh Jain, Chief Financial Officer, Reliance Jio said: “We’ve already developed a robust risk culture that fosters risk-based decision-making across all functions in the organisation. Our association with IRM is timely and we hope to set a global benchmark and drive best practices in enterprise risk management.”
The collaboration is part of IRM India Affiliate’s mission of developing a robust ecosystem of risk-intelligent organisations across sectors with an aim to build a resilient and self-reliant India. IRM has recently entered into knowledge partnership with leading organisations including: Cipla, UltraTech, IHCL, NIMSME (Ministry of MSME), AICTE (Ministry of Education) and more. IRM India Affiliate has also recently welcomed representatives from international bodies like ISO and COSO as external Board Advisors.
Elaborating on the collaboration with Reliance Jio, Hersh Shah, CEO, IRM India Affiliate, said: “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. Our global philosophy is well aligned with Jio’s long-term strategy towards excellence in ERM.”
The landscape of risks in the telecoms industry has expanded significantly and made risk management increasingly challenging and resource intensive for telecoms says a recent study by KPMG.
The key risk areas identified were either related to investment, employees, supply chain, regulatory, and cyber risk. The COVID pandemic has demonstrated the importance of having a robust, scalable, and secure telecommunications network for the economic wellbeing of nations and its citizens.