ONGC Videsh receives Golden Peacock Award for Risk Management
ONGC Videsh received Golden Peacock Award for Risk Management 2017 instituted by the Institute of Directors (IOD) on 14th December 2017 during Global Convention on Corporate Ethics & Risk Management held at Singapore.
(Executive Committee with Risk management team during Award trophy and Citation handover)
A presentation on the Enterprise Risk Management system at ONGC Videsh bringing out its major initiatives and distinguished features was presented in the Global Convention at Singapore by Mr. Arun Mittal, Head – Risk.
Mr. Narendra Kumar Verma, Managing Director, while complimenting Team ONGC Videsh on this achievement, exhorted to keep momentum and achieve greater heights in risk management and sustainability practices, leading to improved organizational performance.
(Mr. Arun Mittal receiving award from H.E. Jawed Ashraf, High Commissioner of India to Singapore on 14th December 2017)
Enterprise Risk Management system was established in ONGC Videsh in April 2012 with in-house efforts and was further aligned with ISO 31000:2009, an international standard on Risk Management. The system has matured over the years and well integrated into business processes of the company. It is underpinned by a set of principles and includes the exercise of identification, assessment and prioritization of risks followed by coordinated application of resources to monitor, control and minimize the probability and impact of unexpected events.
The receipt of award is a recognition that ONGC Videsh has taken significant initiatives in Enterprise Risk Management to enhance its governance and sustainability practices.