Recognized for developing a robust risk management process based on industry standards and proven best practices
Chandigarh, December 27, 2017: Cyient, a global provider of engineering, manufacturing, geospatial, network, and operations management services to global industry leaders, has been awarded the prestigious Golden Peacock Award for Risk Management (GPARM) by the Institute of Directors.
The award is a recognition of Cyient’s commitment toward taking proactive, risk-mitigating measures to safeguard the interest of its business and stakeholders. At Cyient, every business planning process is identified for associated risks and carefully reviewed at operational council discussions and control tower meetings. Mitigation plans are defined for key risks to ensure that the organization achieves desired results. For efficient execution of risk monitoring and mitigation plans, Cyient has also implemented various automation tools associated with risk management and compliance activities.
Speaking about the award, Ajay Aggarwal, President and CFO at Cyient said, “This award is a testament of our single-minded focus on defining and developing a comprehensive risk management process based on best-in-class standards and practices. Our emphasis has been on making the process relevant to today’s complex business dynamics, but keeping it pragmatic and simple to implement and execute. Cyient’s Enterprise Risk Management framework covers various operations of the company, as well as ﬁnancial, reputation, regulatory, employee, and customer risk criteria,” Aggarwal added.
The Golden Peacock Awards, introduced by the Institute of Directors, India, in 1991, are globally regarded as a benchmark of corporate excellence. This year, the Awards Secretariat received more than 160 entries across three categories. Of these, 53 applications were shortlisted for final selection following a three-tier evaluation by an assessment group comprised of ethics, risk, and innovation management experts. The Jury that finally selected the winners was chaired by Justice (Dr.) Arijit Pasayat, former Judge, Supreme Court of India.