CIL has a comprehensive Risk Management Framework in place, which consists of (a) a process to identify, prioritize and formulate mitigation plans for prioritized risks, and (b) a framework of roles & responsibilities of various officials, Committees and the Board, in discharging the risk management process, periodicity of reporting (Risk Management Calendar) and related templates and enablers to build up a strong Risk Management Culture within CIL in achieving company's goals and objectives.
As part of this Risk Management Framework, risk owners and mitigation plan owners have been identified for each risk and corresponding mitigation plans to ensure continuous risk monitoring and risk mitigation. A sub-committee of the Board of Directors viz. Risk Management Committee (RMC) has been constituted in compliance with SEBI (LODR) Regulations 2015.
Implementation of the governance process envisaged in the Risk Management Framework, including facilitation for formulation of Risk mitigation plans for the Prioritized Risks identified is being monitored by Chief Risk Officer(CRO) and his team under the direction of Risk Management Committee of CIL. New risks are also being identified and incorporated with time as per the direction of the Risk Management Committee of CIL.
During the year 2019-20, Seven meetings of the Risk Management Committee of CIL were held as per the directive of the RMC.