Risk Management

Mr.S. Prabhu is an excellent Risk Assurance Manager.

In the Water Resource Department, i.e.Chennai Metro Water Supply and Sewerage Board, With the introduction of Activity Based Accounting and computerization, the entire environment of ERM system in CMWSSB could manage the resources better minimizing the waste and maximizing the service level.

We regularly conducted awareness programmes to educate the public at various depots and area offices and took appropriate actions based on Consumer Forums and independent surveys.

The ERP solution gave us extra leverage to administer the requisite risk management programmes like Risk mitigation, risk evaluation, risk transfer, risk avoidance.

The high risk areas were identified and appropriate risk mitigation measures were adopted to supply water efficiently.

The first and foremost issue was that Risk Governance Policy circulated to all the members helped us to manage the scare resources to the optimum level.

As Controller of Administration, NTRO, I assessed and analysed the risks and managed it for better assurance.

The different processes were adopted to identify and evaluate the key risk areas and assuring the management by adopting right plan and strategy for managing the risks. Automated the information systems to identify risk areas. Information collected, reviewed for different levels of risks. Different centres drew their own Risk Profiles and adequate resources were provided to tackle the high risk areas. To facilitate this, Risk registers were maintained in every centre and in every unit. Risk assessment Flowcharts were made to make everyone to know the Risk areas. All these were graded as high, medium and low Risk areas and analysed for the likelihood of uncertain event's occurrence and plug the vulnerable areas.

He adopted qualitative and quantitative methods to determine credibility and modality of Risk Analysis, systems analysed, threats identified and vulnerabilities located for better management of risk. The organization was analysed for the likelihood of an occurrence and its impact and how to restore back to normalcy. Strengthening of internal control mechanisms to minimize the Risks.

Compensatory controls were adopted to ensure better assurance. Loss of information was viewed very seriously because of the nature of the work of the organization. These were analysed by adopting quantitative and qualitative control methods. The identified risks analysed for on cost benefit ratio. Risk mitigation measures adopted to maintain the secured environment for the organisation and also to contribute to the national security apparatus.

As Director of Audit, Ordnance Factories, the following steps were taken by him :

The ERP system and ERM methodologies helped us a great deal in making it more efficient. It facilitated workshops and audit committees at various levels and Risk governance at different stages for factory group in Ordnance Factory particular made to assess and evaluate the Risk process involved and to take appropriate decisions to mitigate the risks. In fact we could provide a secure pathway by connecting all the 39 factories and the group Headquarters and the Board, the sharing of information was carried out well. This was very much essential while dealing with high values of contract in different locations of the country. The system audit of Information System on identifying the Risk areas was very much appreciated.

Virtually out of 39 factories 25 have become revenue surplus and self-sustained by relinquishing the Grant from the Government. The focus was on systems audit approach, performance auditing concepts and strengthening internal control systems and identifying risk areas and its weak-links in the manufacturing activity to enable the Ordnance Factory Board to enhance its control mechanisms and improve its overall functioning in planning, production, manufacturing, procurement, quality assurance and above all the standards of the production. The activities were prioritised as High, Medium and Low Risk Areas and the Risk Based approach to harness the available Audit man-power resources optimally. Audit norms were revised for better governance and also analysed past-10 years' Audit Reports and identified 22 thrust Risk areas and chose the area.