MWIVEN INFRA TECH PRIVATE LIMITED has a strong belief that anyone associated with the organisation should be aware of the corporate governance and risk management system employed at our company.
Our Risk Management Framework is developed to identify the key risks that may impede the achievement of our business goals in the short, medium and long term.
We have setup a robust risk tolerance limits to ensure that all business units involved with MWIVEN have a common understanding in identifying and assessing risks.
Our Framework analyses the financial and non-financial impact of risks arising from business sustainability, environmental, social and corporate governance.
1.0 Product Liability & Safety
The MWIVEN believes that risks posed by unsafe or unreliable products or services not only affect financially and also adversely affect the reputation of the organisation.
Our BITE ( Built-in Test Equipments) ensure product safety, users safety, and we follow a strict preventive maintenance schedule for maintenance, repair and overhaul.
The MWIVEN actively promotes awareness of safety measures to be followed during the production process and inculcated through our culture code among the employees and our suppliers.
We also obtain a comprehensive insurance programme for product and service liability.
2.0 Operational Disruptions
Disruptive events can have dire consequences if not appropriately managed. Such events include cyberattacks, extreme weather events, pandemics, industrial accidents and labour strikes.
We recognise that quick recovery and resumption of business operations after a disruption are critical to minimise the impact and maintain the confidence of our key stakeholders including our customers, shareholders and employees.
An inability to fulfil critical business obligations may result in significant financial losses or cause a systemic impact with broader disruptions to the entire business.
To ensure continuity of critical business operations in event of any disruption, a robust Business Continuity Management programme is in place to cover all aspects of operations and facility management.
We conduct Periodic tests on our business continuity plan and it’s key findings are reported on a periodic basis.
3.0 Contract Compliance
Our main business activity relates to the management and execution of projects for defence and commercial customers. Risks relating to project management are therefore inherent in our business.
These may include issues relating to project costs and schedules, as well as contractual and quality matters.
The MWIVEN has a project review and quality assurance system in place to mitigate such risks.
All contracts are reviewed by our legal counsel for any legal issues and risks, including onerous terms and/or significant deviations from pre-approved standard contract terms (where applicable) are flagged for review and appropriate actions are taken to rectify the same.
4.0 Regulatory Compliance
We are subject to applicable laws and regulations of various jurisdictions. We comply with these laws and regulations to maintain our licences to operate.
The MWIVEN has an regulatory compliance framework that proactively identifies applicable laws and regulatory obligations, and embeds compliance into the day-to-day business processes.
All violations are reported at the Risk and Sustainability Committee meetings, where lessons learnt are distilled, shared and rectified.
MWIVEN has a strong policy for anti-corruption, workplace safety and health, and environment. In addition to the existing strict industry-related laws and regulations related to the aerospace and defence sector.
The MWIVEN implements quality and safety management systems to ensure strict compliance with applicable laws and regulations, including specific aviation laws and regulations.
We strictly follow guidelines laid out by government of India and do not trade with anyone having a business in a country which has trade embargoes, sanctions and export controls and closely monitor changes in these laws and regulations and ensure strict compliance.
5.0 Bribery & Corruption
We have zero tolerance for fraud and corrupt practices and have a framework for combating fraud and corruption.
Our management sets the tone and promotes an anti-fraud culture throughout MWIVEN through its Culture Code and Business Code of Conduct.
Annual training on the Code is compulsory for all employees. Contracts with intermediaries include anti-corruption undertakings and representations as well as acknowledgment of our Anti-Corruption Policy.
6.0 Cyber Risks
We are a defence and government contractor providing multiple products and services related to National security. We hold significant information assets such as proprietary technology, processes and patents.
Our reputation and competitiveness rest on our ability to prevent any breach of cybersecurity defences. Such breaches could result in theft, wilful destruction and damage of information assets, and to critical information infrastructure, all leading to possible disruptions to our business and potential litigations.
The MWIVEN implements and enforces strict controls to reduce our cyber risk exposure. In addition to our IT governance framework, we have multiple layers of cybersecurity defence infrastructure to detect, prevent and alert us to possible cyberattacks.
We also have active cybersecurity real-time monitoring via our Security Operations Centre, to ensure total visibility of threat levels across the organisation at any point in time.
We conduct regular cybersecurity awareness exercises to improve the situational awareness of our employees and reduce the likelihood that they become the weak link in our defences against cyberattacks.
Besides regular reviews of our controls, policies, governance framework and infrastructure to ensure that they continue to be relevant to the evolving cybersecurity threat landscape, we work with internal and external auditors to regularly conduct end-to-end audits to ensure compliance as well as identify weaknesses in systems and processes.
Information Business Continuity Plans are in place to ensure that complete recovery of information systems and assets is possible in the event of damage or loss. We conduct periodic exercises to ensure that our plans are and continue to be relevant and serve their intended purposes.
7.0 Foreign Exchange
The MWIVEN’s foreign exchange exposures arise mainly from cash, receivables and payables that are denominated in foreign currencies. These exposures arise from the business activities of the MWIVEN and are primarily in INR, GPB, USD and EUR currencies.
These exposures are managed centrally by the MWIVEN’s Finance department according to guidelines set in our Foreign Exchange Management Policy.
We regularly hedge to manage the volatile foreign exchange exposures and the level of volatility is regularly reviewed by our team.
8.0 Credit
This is the risk of non-payment by the MWIVEN’s customers and other counterparties with whom the MWIVEN deals. Our Credit Control Policy governs how credit risk in the MWIVEN is managed.
It comprises a framework of credit evaluations, limit and term setting, exposures monitoring against the limits and credit limit exceedances management and approval. Past-due receivables are closely monitored and followed up on.
9.0 Total Workplace Safety & Health
We are committed to ‘Safety Before Profit’ being in good health and safety improves the work effectiveness, employee morale and our reputation.
We have integrated strict safety measures into all of our business activities with detailed workplace safety and health policies.
We conduct regular safety briefings and training sessions, health talks and recreational activities.
10.0 Talent Management
We are only as strong as our people. With capable, motivated and agile workforce, strengthens our talent to pursue sustainable growth.
We have a robust processes and practices in talent management, career development, diversity , inclusion, rewarding system and work-life integration
As a MWIVEN with a global footprint, we are committed to fair employment practices worldwide and in providing a work environment that is free from discrimination or harassment of any type, where the recruitment, employment and development of people are based on qualifications, skills and competencies to do the job.
11.0 Product & Technology Obsolescence
Technology and innovation are the lifeblood of our organisation and evolve on a daily basis.
we collaborate extensively, which enables us to focus on our core capabilities while benefiting from the expertise of like-minded institutions and organisations that are keen to co-create and develop solutions to solve real-world challenges.