REC Stands Out as Pioneering Indian NBFC with ISO 31000:2018 Approval

In a historic development, REC Limited, a prestigious Maharatna Public Sector Enterprise under the Ministry of Power, Government of India, and a prominent Non-Banking Financial Company (NBFC), has secured the coveted ‘Independent Opinion Statement’ from the British Standards Institution (BSI) for its adherence to ISO 31000:2018 guidelines on Enterprise Risk Management.

This accolade places REC at the forefront as the maiden Indian Public Sector NBFC to receive such recognition from the renowned BSI, highlighting its commitment to implementing rigorous risk management practices.

The ISO 31000:2018 standard is globally acknowledged for its comprehensive principles and recommendations for effective risk management strategies. REC’s alignment with these standards signifies its dedication to upholding excellence and transparency in managing risks, thereby adding substantial value to the organization.

Mr. Subrata Aich, the Chief Risk Officer of REC, expressed his pride in this achievement, stating, “The ISO 31000:2018 compliance stands as a testament to REC’s steadfast pursuit of excellence in Enterprise Risk Management. It demonstrates our structured, holistic, and internationally recognized approach towards risk mitigation, fostering increased trust among stakeholders, including investors and lenders.”

The official accreditation was formally presented to Mr. Subrata Aich by Sh. Shripad Yesso Naik, Minister of State for Power and New & Renewable Energy, along with Sh. Prateek Rai, the India Head – Training (Sales and Operations) at BSI, on the occasion of REC’s 56th Foundation Day celebration at the esteemed Yashobhoomi Convention Centre in Dwarka, New Delhi.