1.

• Enterprise risk management is a methodology that looks at risk management

strategically from the perspective of the entire firm or organization.
• Risk management is a fundamental component of an organization's overall
strategy and operational effectiveness
• It is a strategy that aims to identify, assess, and prepare for potential losses,
dangers, hazards, and other potentials for harm that may interfere with an
organization's operations and objectives and lead to losses.
• Enterprise risk management proves to be helpful to minimize firmwide risk as
well as identify unique firmwide opportunities.
• Companies have been managing risk for years. Earlier, traditional risk
management relied on each business unit evaluating and handling their own risk
and then reporting back to the CEO at a later date but now companies have
started to recognize the need for a more holistic approach.
• Now before making any decision a listed company's board always assesses the
potential risk associated with any decision they make and then determines the
most appropriate course of action to protect the organization's stakeholders.
• They have comprehensive risk management strategy to decide which risks are
acceptable and which are unacceptable, and how each risk should be managed
in order to minimize potential losses.
• This strategy is regularly reviewed, updated, and communicated to all
stakeholders
• The board also ensures that appropriate risk management systems and
processes are in place to identify and mitigate risks, as well as establish clear
accountability and control structures.

• As an example, the annual report of Bharat Heavy Electricals Limited (BHEL) for
FY2021-22 highlights the company's key initiatives to manage financial and non-
financial risks.
• The rise in crude oil prices, as well as the recent energy crisis across Europe has
further highlighted the importance of energy security for the nation, and
underlined the need for India to rely on utilizing its vast coal reserves for reducing
 dependence on hydrocarbon imports. To attain the country’s net zero targets,
nuclear power is expected to come to the forefront in the near future. Additionally,
hydro and emission control equipment segments will continue to offer business,
albeit in an intensely competitive market. Demand for transmission related
products and systems is expected to continue growing–irrespective of the source
of power generation. In this emerging situation, cost competitiveness with timely
and high quality delivery/ execution will be the key to survival in the short and
medium term, while the company’s engineering and technological prowess will
be the key differentiators for long term sustainable growth. To manage the
financial risk the company’s Strategic Plan 2022-27 therefore focuses, in the
short term, on turning the company around through initiatives and enablers for
timely, cost effective and quality project execution as well as creating an order
book pipeline by enhancing its market share in traditional business, while
intensifying diversification initiatives to create a foothold in new businesses and,
in the long term, building capabilities as well as markets for areas such as
defence, aerospace, urban mobility including rail transportation, as well as for
futuristic businesses based on emerging technologies such as carbon capture,
hydrogen value chain, additive manufacturing, IIoT based solutions, etc.
• At the same time, the country is acutely conscious of its role and contribution
required as a responsible citizen of planet earth and has made major
commitments in this direction in COP 26. In this situation, technologies for
cleaner use of coal need to take center stage. The Advanced Ultra Supercritical
(AUSC) technology successfully developed by the company in collaboration with
NTPC and IGCAR provides best-in-class efficiency in coal-based power
generation and has the potential to reduce CO2 emissions by 20% as compared
to subcritical technology-based power plants. This gains significance considering
over 145 GW of installed capacity in the country is based on subcritical
technology of which over 45 GW is more than 20 years old.
2.
• In recent years, companies around the world have made a commitment to reduce
their carbon emissions in order to mitigate the effects of climate change.
• Companies have implemented various initiatives to reduce their carbon footprint
and many are now setting ambitious goals to achieve net-zero emissions by
2030.
• With their G.R.O.W. strategy and Solvay One Planet sustainability roadmap as a
compass, Solvay took bold actions in 2021 to strengthen leadership positions,
reallocating resources to their strategic and sustainable businesses.
• They accelerated innovation focused on three strategic platforms - Battery
Materials, Thermoplastic Composites and Green Hydrogen.
• They expanded their capacities and reinforced their portfolio to bring solutions to
fast growing markets like sustainable mobility, healthcare, electronics and bio-
based products for consumers.
• Solvay is taking actions to move toward becoming a low-carbon and more
inclusive company.
• Solvay aims to reduce Scope 1 and 2 greenhouse gas emissions by 31% by
2030 – a target that has been validated by the Science Based Targets
initiative (SBTi).
• They have announced plans to reach carbon neutrality before 2040 for all
businesses except soda ash, and before 2050 for their soda ash business.
• Solvay accelerated their energy transition with 36 projects now underway that will
have an impact equivalent to taking 1.4 million cars off the road, and also
launched a strategic initiative to increase collaboration with suppliers to reduce
emissions along the value chain.
• In 2019, Solvay’s Zhangjiagang site in China began the shift to sustainable
energy sources by installing a biomass boiler. This was their first step towards
the carbon neutrality project.
• Then in 2022, Solvay voluntarily purchased green electricity certificates to secure
100% renewable electricity for all its operations in China.
• Due to the right steps taken leading to right course of action Solvay were able to
achieve a tremendous cut in greenhouse gases by 27% in China and
approximately 19 % worldwide.
• Solvay also announced that it will achieve an increase in greenhouse emissions
to 31% by 2023.
• The same has already been said to be achievable by UN backed SBTi i.e
Science Based Targets Initiative
• Solvay focused on its efforts on maximizing electrification and clean energy, such
as solar power and sustainable biomass use across its plants, as well as
facilitating process innovations.
• Furthermore, the infrastructural, regulatory and macroeconomic levers enabled
by public policies proved to be a critical component in Solvay's investment
decisions in order to achieve these ambitions.
• To date, 36 emission reduction projects are underway representing 2.4 megatons
of CO2 annually, equivalent to cutting emissions of 1.3 million carbon fuel
vehicles each year.

• Solvay has been awarded the 2022 Chinese Enterprises Carbon Neutrality
Performance Low-Carbon Technology Innovation Award.
• The award recognizes the Group’s global efforts to achieve carbon neutrality.
3.
a.
• Professionals such as doctors, accountants and lawyers have a charter of code
of conduct, duties and obligations that other people do not because they are held
to a higher standard of accountability.
• This is due to the fact that they are entrusted with the responsibility of providing
services that are essential to the well-being of society.
• As such, they must adhere to a set of ethical standards and regulations that
ensure they are providing quality services in a responsible manner.
• Professionals in these fields are held to a higher standard than the general public
because they are expected to act with integrity and in the best interest of their
clients.
• The first point of view is that these professionals are held to a higher standard of
accountability because they are providing services that are essential to the well-
being of society.
• Professionals in these fields are often in possession of sensitive information.
• financial information, and lawyers have access to confidential legal documents.
• This also means that they must be held to a higher standard of ethical conduct
and professional responsibility in order to ensure that their services are of the
highest quality and that they are not taking advantage of their clients.
• As such, it is important that these professionals have a clear charter outlining
their duties and obligations to protect the privacy and confidentiality of their
clients.
• This is why they must adhere to a code of conduct, duties and obligations that
other people do not have to follow.
• The second reason is that these professionals are expected to provide a high
standard of expertise.
• Doctors, accountants and lawyers are expected to demonstrate a high level of
knowledge, experience and skill when providing services to their clients.
• The charter outlines the particular standards that these professionals must
adhere to in order to ensure that their services are of a high quality and that their
advice is sound.
• This helps to ensure that clients are not taken advantage of and are provided
with the best possible advice.
• Professionals have an obligation to look out for their clients. They must take
responsibility for their actions and provide prompt and moral services.
 b.

• Business transparency is the process of being open, honest, and straightforward

about various company operations.
• Transparent companies share information relating to performance, small
business revenue, internal processes, sourcing, pricing, and business values.
• There are many reasons why transparency is important in business and that’s
because transparency affects people at all levels of an organisation.
• One of the most effective ways to prevent the wrong types of transparency from
happening is to make the organization's motivations for transparency well-known
and documented.
• Transparency could mean executives sharing company information with the
whole team, or individual teammates sharing feedback with each other.
• It can go even further and involve what your organization communicates to
candidates, customers, and the public.
• At BambooHR, that intent is expressed in the company values introduced during
onboarding, and reinforced constantly through internal communications, meeting
themes, performance reviews, and annual awards.
• They believe in transparency lives in the value Be Open, but that value exists
within a framework of other values, like Assume the Best, Lead from Where You
Are, and Do the Right Thing.
• One way BambooHR has encouraged transparency in performance management
reviews is by separating reviews from their traditional ties to promotions and
salary increases
• Shorter, more frequent evaluations allow managers and employees to remain in
the moment, and discuss current projects, rather than judging an entire year's
performance in one agonizingly long review.
• There are also peer evaluations, which offer insights at the ground level that
might be hard for a supervisor to see when they're managing an entire
department.
• These factors create a more transparent, and less intimidating review process,
that's been shown to boost employee engagement.