REC becomes 1st public sector NBFC to achieve ISO 31000:2018 certification

New Delhi: REC Limited on Monday said that it has been certified with ISO 31000:2018 (Risk management — Guidelines) for its enterprise-wide risk management framework. With this achievement, REC become the first Indian Public Sector Non-Banking Financial Company (NBFC) to receive this certification from the British Standards Institution (BSI).

PSU Watch is now on Whatsapp Channels. Click here to join

The ISO 31000:2018 is an internationally recognised standard that provides principles and guidelines for effective risk management. "This is a testimony to our efforts of having adopted the best-in-class risk management practices to offer significant value to REC on the risk management and mitigation front," REC said in an official statement.

"This ISO 31000:2018 certification is a testament to REC's unwavering commitment to excellence in Enterprise Risk Management," said REC Limited's Chief Risk Officer Subrata Aich. "It signifies that REC has a structured, comprehensive, and internationally aligned approach to risk management, which will further enhance the confidence of all our stakeholders, including investors and lenders."

The official certificate was formally handed over to Subrata Aich by Shripad Yesso Naik, Minister of State for Power and New & Renewable Energy and Sh. Prateek Rai, India Head – Training (Sales and Operations), BSI, during 56th Foundation Day of REC.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)