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At the business level, Divisional Auditors continuously verify compliance with laid down policies and procedures, and help plug control gaps by assisting Operating Management
in the formulation of control procedures for new areas of operations.
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A robust and comprehensive framework of business planning and performance management ensures realisation of business objectives based on effective strategy implementation.
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All businesses confirm periodically that relevant business risks have been identified, assessed, evaluated and appropriate mitigation systems implemented.
The combination of policies and processes
as outlined above adequately addresses the various risks associated with the Company’s businesses. The senior management of the Company periodically reviews the risk management framework to maintain its contemporariness so as to effectively address the emerging challenges in a dynamic business environment.
Oversight, Implementation and Audit of Economic,
Environmental, Social and Related Policies
The Corporate Management Committee (CMC)
of the Company approves the relevant Financial, Environmental, Occupational Health and Safety, and Social policies of ITC.
The Corporate Internal Audit Function audits implementation of all systems and policies in all Company businesses and Corporate Headquarters.
ITC’s Corporate Governance Policy lays down the roles and responsibilities of the various entities in relation to risk management. A range of responsibilities, from the strategic to the operational, is specified
in the Governance Policy. |
The Corporate EHS Department, headed
by an Executive Vice-President, is responsible for laying down ITC's standards, preparing EHS Guidelines and ensuring effective implementation.
EHS Performance of all Units/Factories/Hotels
is audited, at least once annually, to ensure conformity to statutory requirements, Corporate EHS Guidelines and Standards.
The Corporate Human Resources (CHR) Department similarly coordinates all activities relating to the Company's social performance.
Reports relating to Economic, EHS and Social performance are provided to the Corporate Management Committee on a monthly basis.
In addition to the above, periodic presentations are made to the CMC to ensure performance
in accordance with specified targets.
All Management Systems and standards in ITC conform to relevant national and international standards and benefit from internationally accepted Best Practices. Quality Management Systems
in various businesses are certified in accordance with ISO 9001, International Quality Rating System (IQRS), Hazard Analysis and Critical Control Point (HACCP), TQM/TPM, Six Sigma and other internationally renowned standards as applicable to the respective businesses.
Environment Management Systems in all ITC manufacturing units, major hotels and Corporate EHS Department are certified in accordance
with ISO 14001. Occupational Health & Safety Management Systems in all manufacturing units including Corporate EHS Department are certified in accordance with OHSAS 18001. |
