Risk Management and Internal
Financial Control System

The Company has a robust risk management framework in place, which is aligned with the requirements of SEBI Regulations and ISO 31000. The Enterprise Risk Management (ERM) system of the Company aims to support the accomplishment of the organisation's objectives by addressing the full spectrum of risks and managing the impact of those risks. The ERM system is developed as an integral part of various organisational processes, and aligns them with the strategy and governance practices of the Company.

The Risk Management Policy is the core of the ERM system, and is reviewed and approved by the Board regularly. This Policy provides guidance for the Management on various business risks – encompassing strategic, emerging and operational risks across the organisation. This policy is adapted across the Company to promote risk-based thinking. The Policy lays down guiding principles framework and risk management process, as well as a risk governance structure for implementation and review. Pursuant to its Risk Management Policy, the Company has implemented risk management processes further into project and business reviews, to ensure that key aspects of risks are considered and contained to minimise their impact on business performance.

The outbreak of COVID-19 brought unprecedented threat to human life and halted economic activities across the world for the major part of FY 21. The Company implemented its business continuity plan, taking into consideration employee safety and regulatory guidelines. TTL was able to support various core industrial segments by successfully running its operations, both within its premises and at customer sites, without any impact to life of its employees or that of external partners.

Further, the Company is responsible for designing and implementation of sound Internal Financial Controls over Financial Reporting. The Company has laid down such procedure, and periodically assesses its operational effectiveness by conducting reviews of all Risk Control Matrices. This Control System provides reasonable assurance that the conduct of the business is operating in an orderly and efficient manner, including adherence to the Company’s policies, safeguarding of assets, and prevention and detection of frauds and errors, if any, as well as the accuracy and completeness of accounting records and timely preparation of financial information. These are achieved through Delegation of Authority, Policies and Procedures, and other specifically designed controls, and their effectiveness is tested regularly as per well formulated mechanism, and through external agencies.