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Internal Control Systems
The Internal Control Systemsof theCompanyarecommensurate
with the nature of its business and size and complexity of
its operations. These are routinely tested, certified and
upgraded whenever required by Statutory as well as Internal
Auditors covering all key areas of business. Significant audit
observations and follow up actions and recommendations
thereon are reported to the higher Management and Audit
Committee for their review.
The Company has an in-house Internal Audit Department
consisting of professionally qualified managers and is also
working with reputed firms specialising in internal audit
function. The combined efforts are helping to introduce
best practices required to manage its growing business that
now comprises, amongst others, subsidiary, JV and associate
companies in India and abroad. Internal Audit is also carried
out for Atul Foundation and entities overseen by it.
During 2013-14, the Company further strengthened the
systems of internal audit and risk assessment and mitigation
and took several Key Initiatives. In specific, it i) conducted
126 process reviews, ii) developed Corporate Assurance
manual and introduced 6 best internal audit practices, iii)
developed | implemented 10 new SOPs and iv) initiated SOP
standardisation project for all functions.
Human Resources
The Company continued with its drive to institutionalise and
upgrade its HR processes, particularly those related to Performance
Management, Learning and Development and Manpower
Planning.
The process of identification and review of Key Initiatives has
becomemore robust and is continuously upgraded. On an average,
5 man days of training was imparted during 2013-14. The training
need is identified based on self assessment and L+1 assessment;
in addition, there are certain standard courses which everyone is
expected to go through, depending upon his (her) grade.
The number of employees (as on March 31, 2014) increased by 45
or 2% to 2,761, mainly in Marketing, Product Management and
Research and Development. The number of employees comprises
those working in the Company and also in its non-manufacturing
subsidiary and associate companies, but not those working in
manufacturing subsidiary, JV or associate companies.
Employee Relations at all locations remain cordial and the
endeavour is to completely eliminate the divide that sometimes
separates the managers and the workmen and use the strengths
of everyone to boost the performance of the Company.
In the absence of clearly-defined goals, we become strangely loyal to performing daily
trivia until ultimately we become enslaved by it.
~ Robert Heinlein