Chairman, Board of Directors and Top Management of EDC are committed to development and implementation of Enterprise-Wide Risk Management (ERM) System across all the functions and locations with a view to ensure overall risk optimization for EDC.
To achieve the objectives of Enterprise-Wide Risk Management System, the following initiatives will be undertaken at EDC:
1. Creating ERM awareness amongst employees, suppliers and service providers
2. Identify Risks across all departments/functions / products / locations etc.
3. Conduct Risk Assessment covering risks related to financial, buildings, vehicles, equipment, assets, customer, supplier, service provider, employees, society, governmental, legal, Health Safety & Environment (HSE), Quality, Security, Shareholders and markets.
4. Identify Risk Mitigation Strategies to bring the Risks to as Low as Reasonably Practical (ALARP)
5. Decide Organization Structure for ERM
6. Decide ERM Objectives (KPIs) Setting to drive continual improvement
7. **Decide ERM Initiatives **
8. Undertake ERM Objectives & Initiatives Communication across all employees
9. Implementation of ERM Initiatives across the organization
10. ERM Performance Reporting & Review by the management
11. Compliance to local legislation on ERM / DED / MOL / DNRD/ Corporate Governance
12. Strive towards meeting the requirements of International Standard i.e. ISO 31000:2018 (Risk Management)
This policy will be widely communicated across all employees and service providers to ensure its effective implementation.
CEO / CFO with support from HODs are responsible for implementing this Enterprise - Wide Risk Management Policy across all departments and locations.
This policy will be reviewed every 3 years for its continual improvement & suitability and will be amended if required.