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Saturday, June 3, 2023

Institute of Risk Management (IRM), India Affiliate partners with Reliance Jio to integrate and strengthen Enterprise Risk Management (ERM) in the telecoms sector

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Both organisations will work towards building risk-intelligence and resilience to drive best practices

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.

The Institute of Risk Management is the world’s leading professional body for ERM qualifications and memberships (Levels 1 to 5). IRM publishes research and guidance, professional standards across the world. Our members (including members of the Institute of Operational Risk) work in all industries, in all risk disciplines, and across the public, private and not-for-profit sectors in more than 143 countries. 

With 360 exam centres in India, candidates can earn the IRM designations by pursuing the global examinations through IRM India Affiliate. IRM India Affiliate has entered into knowledge partnerships with: Invest India, the National Institute for Micro, Small, and Medium Enterprises (Ministry of MSME), Eduvanz, JB Boda Group, CNBC TV18, The Indian Hotels Company Limited (IHCL), Ultra Tech Cement Limited, Cipla and Bombay Chartered Accountants Society. IRM India Affiliate has also collaborated with NMIMS to launch India’s first professional programmes in ERM covering IRM’s exams and, earlier, launched a report with AICTE (under the Ministry of Education) on ERM and the Indian Higher Education System. In addition, it also runs The CRO Circle with Deloitte India’s Risk Advisory. IRM recently ventured into the school segment through collaboration with Mindler to develop risk-literacy among children through Enterprise Risk Career Program. 

Website: www.theirmindia.org 

Reliance Jio Infocomm Limited, a subsidiary of Jio Platforms Limited, has built a world- class all-IP data strongfuture proof network with 4G LTE technology. The network is 5G ready with no legacy infrastructure and indigenous 5G stack. It is the only network conceived as a Mobile Video Network from the ground up. It is future ready and can be easily upgraded to support even more data, as technologies advance on to 6G and beyond.

Jio has brought transformational changes in the Indian digital services space to enable the vision of Digital India for 1.3 billion Indians and propel India into global leadership in the digital economy. It has created an eco-system comprising of network, devices, applications and content, service experience and affordable tariffs foreveryone to live the Jio Digital Life. 
Website: https://www.jio.com/

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