Institute of Risk Management (IRM) India Affiliate entered into a knowledge partnership by signing a memorandum of understanding (MoU) with Reliance Jio Infocomm Limited to build resilience and promote the need for and importance of enterprise risk management (ERM) in the telecom industry. 

As a part of this knowledge partnership, both IRM India Affiliate and Jio will be organising webinars, roundtables, industry meetings, and contributing thought leadership articles towards knowledge building and enhancing ERM and risk intelligence for the sector.

Commenting on the collaboration, Sachin Mutha, head of risk management, 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.”

Meanwhile, Rajneesh Jain, chief financial officer, Jio said, “We have 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 partnerships with leading organisations including Cipla, UltraTech, IHCL, National Institute of Micro, Small and Medium Enterprises (NIMSME), All India Council for Technical Education (AICTE) and more. IRM India Affiliate has also recently welcomed representatives from international bodies like the International Organization for Standardization (ISO) and the Committee of Sponsoring Organizations of the Treadway Commission (COSO) as external board advisors.

Further, Hersh Shah, chief executive officer, IRM India Affiliate, said, “This knowledge partnership is a milestone for telecoms as it will help drive the importance of 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 well-being of nations and their citizens.