The Institute of Risk Management India (IRM) India Affiliate has signed a memorandum of understanding (MoU) with Reliance Jio Infocomm to promote enterprise risk management (ERM) in the telecom sector. This knowledge partnership aims to foster resilience, enhance ERM, and improve risk intelligence in the industry.
Reliance Jio Infocomm is an Indian telecoms firm that maintains a national LTE network across all 22 telecom circles. IRM is the world’s leading professional body for ERM certifications, spanning more than 140 countries.
IRM India Affiliate and Reliance Jio’s Partnership
The partnership between IRM India Affiliate and Reliance Jio aims to improve the risk management process and practices in the telecom sector. The two organizations plan to organize webinars, roundtables, industry gatherings, and thought leadership pieces to enhance knowledge building in ERM and risk intelligence.
Sachin Mutha, Head of Risk Management at Reliance Jio, expressed excitement about partnering with the top professional organization for ERM certifications and training globally. Mutha claims that their risk management process and practices are at par with international standards, and together with IRM, they will drive global thought leadership.
Enterprise Risk Management (ERM)
Enterprise risk management (ERM) is an organization-wide strategy that recognizes and prepares for risks that could affect a company’s finances, operations, and goals. Reliance Jio’s Chief Financial Officer, Rajneesh Jain, claimed that the business has established a strong risk culture that encourages risk-based decision-making across all organizational departments.
IRM India Affiliate’s Vision
The partnership is a crucial element of IRM India Affiliate’s vision to establish a robust ecosystem of risk-aware businesses across all industries to create a resilient and self-reliant India. IRM has recently entered into knowledge partnerships with organizations, including Cipla, UltraTech, IHCL, NIMSME (Ministry of MSME), and AICTE (Ministry of Education), among others.
The partnership between IRM India Affiliate and Reliance Jio is expected to bring a significant change in the telecom industry’s risk management approach. Through knowledge sharing, training, and collaborative initiatives, the two organizations aim to promote ERM, foster resilience, and enhance risk intelligence in the sector.
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Reliance Jio is a major player in the Indian telecom market, offering various goods and services, including broadband, mobile data, and voice services. The partnership with IRM India Affiliate will help the company strengthen its risk management process further and ensure risk-based decision-making across all its departments.
Enterprise Risk Management (ERM) is becoming increasingly important for businesses worldwide, given the rising number of risks and uncertainties they face. ERM provides a structured approach to identify, assess, and manage risks across an organization, enabling better decision-making and risk mitigation.
IRM India Affiliate’s vision of creating a robust ecosystem of risk-aware businesses across all industries is aligned with the Indian government’s aim of building a self-reliant India. By promoting ERM and enhancing risk intelligence, IRM India Affiliate aims to create a more resilient business environment that can better withstand future crises and uncertainties.
The partnership between IRM India Affiliate and Reliance Jio is not the first time IRM has entered into a knowledge-sharing partnership with an Indian organization. IRM has previously collaborated with several other organizations, including Cipla, UltraTech, IHCL, NIMSME (Ministry of MSME), and AICTE (Ministry of Education), to promote ERM and risk intelligence in various industries.
Overall, the partnership between IRM India Affiliate and Reliance Jio has the potential to bring significant benefits to the telecom sector in India, especially in terms of enhancing risk management processes and promoting a more resilient business environment.