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UPL is committed to consistent performance across all economic parameters. With powerful steps we aim to enhance farm viability and improve the economic prosperity of farmers, distributors, retailers and partners across the globe, increasing shareholder value.
Risk management is an essential aspect of UPL’s strategy and decision-making process. We identify assess and mitigate potential risks that could impact the achievement of our objectives. It helps us safeguard our assets, reputation, and financial stability. Effective risk management enables UPL to make informed and confident choices, anticipate potential challenges and seize growth opportunities. It also ensures compliance with regulations and enhances our stakeholder confidence.
Given the inherent risks in the agrochemicals industry, UPL recognizes the crucial need for effective risk management as a core component of our strategy. As a global organization, we have identified a wide array of risks and implemented appropriate mitigation measures to ensure the seamless execution of our strategy. By doing so, we enhance our capacity to generate sustainable value for our stakeholders, while aligning with our vision to collaboratively build a resilient and sustainable global food system.
We at UPL have established a robust and integrated risk management system to consistently evaluate, assess, and monitor significant risks associated with our business activities. Our risk management process is aligned with our strategic objectives, considers emerging megatrends, incorporates input from internal and external stakeholders, and includes industry-specific analysis. This system adheres to internationally recognized risk management standards, such as ISO (International Organization for Standardization) and COSO (Committee of Sponsoring Organizations of the Treadway Commission).
UPL identifies risks including emerging risks in various categories, such as strategic, external, and preventable risks. It also monitors the health of risks in a proactive manner that provide early warning indicators to the relevant stakeholders. We take cognizance of risks faced by our key stakeholders and their cumulative impact while framing our risk responses. The Risk Register is revisited periodically to ensure that the risks remain relevant at any point in time and corresponding mitigation measures are effective. This provides a proactive and value adding review process which enables maintaining the risk profile at an acceptable level in a rapidly changing environment. UPL operates in a dynamic sector, thus it has a formal documented way of identifying, assessing, and reviewing emerging risks. It uses horizon scanning for early detection of emerging risk such as the implications of the recent geopolitical crisis and its effects associated therewith on UPL.
Business Continuity/ Resilience
Description:
Impact:
Mitigating actions
Preventive and Mitigation main actions to control Process Safety events are as mentioned below :
1. Identification of High Risk Processes and Operations across the Indian manufacturing units. Control on All High Risk Processes and Operations by following structured methodolgy of LOPA with continous tracking and updation as per the requirements
2. All changes are managed by Risk Assessment through Management of change procedure
3. New Project are assessed through Process Safety Stage Gate Approach (Starts from Product development, concept phase, basic engineering, detail engineering upto comissioning and plant startup) for structured risk assesssment
4. Process Safety Event reporting (as per API 754) process ensures management of Leading and Lagging indicators to minimize incidents
5. Safety Cultural Transformation initiatives and CFT's effective management with Line control
6. Continous training and competence building programs
7. Scrubbers management, Gas Mapping and Detectors with actions in place wherever risk of toxic release involved etc..
8. Regular Mock drills (Onsite and Offsite) to ensure readiness on handling actual emergency
9. Risk Management review for Tolling processes
10. Process Safety Assurance by regular Audits - UPL Units as well as Sustainability Audits of Vendor units
Artificial Intelligence
Description:
Impact:
Mitigating actions
Please refer our Annual Report to further understand UPL’s Risk Management Process and to know more about other Emerging Risks :
UPL Annual Report 2024-25
(https://www.upl-ltd.com)
DISCLAIMER
“UPL and its subsidiaries have made every attempt to ensure accuracy of the information provided on this website. However, this is a global webpage with access to different geographies for wider reach and greater awareness of UPL. In the course of doing the same, UPL has used Weglot translator plugin to cover the language of this website from English to select regional languages.
UPL therefore, does not accept any responsibility or liability on the nature, standard or the accuracy of the translation and cannot take responsibility for any type of inaccurate contextual meaning in the event of a mismatch from English to a regional language.”
