Godrej Agrovet wins prestigious India Risk Management Awards

Godrej Agrovet (GAVL), one of India's largest diversified agribusiness companies, has been recognized as the winner at the India Risk Management Awards 2022-23, presented by CNBC-TV18 and ICICI Lombard. Received on behalf of the company by S Varadaraj, chief financial officer and head – Legal & IT, this accolade acknowledges GAVL's unwavering commitment to excellence in risk management amid the challenges posed by a rapidly evolving global economy, geopolitical conflicts, technology acceleration, and shifting global value chains.

GAVL has established a comprehensive risk management program comprising of well-defined procedures, structures, and guidelines to identify, evaluate, monitor, and address business risks including any material changes to its risk profile. To achieve this, the organization has clearly defined and ensures proper risk management through a system-based approach, which is supported by solid internal control systems and processes. This strategy combines divisionally developed procedures with centrally issued policies to guarantee the creation of appropriate risk management policies and processes.

Balram Singh Yadav, managing director, GAVL, said, "Effective risk management is paramount to the success and longevity of any business. With today's business environment making it imperative for businesses to have updated strategies and cooperative efforts amongst the teams, we are honored and humbled to receive this recognition for our dedicated efforts in this area. We are proud of our team's commitment to innovative thinking and proactive risk mitigation and thank India's Premier Risk Management Awards for acknowledging the role of this vital business practice."

Expressing his gratitude upon receiving the award, V Swaminathan, head – Corporate Audit & Assurance, Godrej Industries, said, "Risk management is a very critical and intense process of how we run our business in Godrej. Each and every initiative of ours is well-researched and discussed so as to ensure proper risk mitigation without impediments to our growth and meeting stakeholder expectations. Considering the volatility in our operating environment wherein climatic factors, government policies and business environment play a major role, it is herein that our strong risk management strategies help us provide farm to fork products at optimal price, consistent quality and timely deliveries to farmers or consumers. As we stay committed to superior standard of risk mitigation strategies to further our growth and meet our business targets, we are delighted to receive this award which reaffirms Godrej Groups' commitment to implement Best Risk Management practices across all our businesses."

Receiving the award on behalf of the company, S Varadaraj, chief financial officer and head – Legal & IT, said, "We strongly believe that a robust and efficient risk management strategy is essential for any company's growth and prosperity. As a leading diversified agribusiness, risk management is essential to our success and sustainability in the rapidly changing business landscape. On behalf of our entire team, I extend our sincere gratitude to the esteemed panel of judges for acknowledging our contributions and remain steadfast in our pursuit of excellence in risk management. We believe that our accomplishments will continue to pave the way for fresh ideas and solutions in the future, and we are thrilled to be a part of the journey towards a brighter tomorrow."

The esteemed jury for the India Risk Management Awards comprised of Ashish Vora, president and business head of CRISIL Market Intelligence and Analytics, Dr Glory Swarupa, director general of NIMSME under the Ministry of MSME, Dhanpal Jhaveri, chief executive officer, Eversource Capital and vice chairman of Everstone Group, Hersh Shah, chief executive officer of IRM India Affiliate, Dr CKG Nair, director of the National Institute of Securities Markets (SEBI's Educational Arm), and Saurabh Chakravarty, head of Treasury at UltraTech Cement.