Building risk resilience for VE Commercial Vehicles Limited, one of India’s largest Indian commercial vehicle manufacturers

Building risk resilience for one of India’s largest commercial vehicle manufacturers

The situation

Organisations are actively trying to manage change and navigate today’s dynamic business landscape. The automotive industry is evolving rapidly – whether it is the emission norms, alternate fuel usage and its adaptability, regulatory requirements, upcoming start-up ecosystem, environmental, social and governance (ESG) norms, or the entire business model transformation for vehicles on lease.

To keep up with the pace of change and stay ahead of the curve, VE Commercial Vehicles (VECV) sought to refresh their enterprise risk management (ERM) practices by identifying risks which are relevant to organisations, prioritising focus risks to track and monitor, planning mitigation for focus risks through creation of cross-functional teams, and fortifying their risk mitigation strategies through the development of a monitoring/feedback loop.

The solution

PwC India’s community of solvers conducted extensive industry research to create a risk universe relevant to the client’s ecosystem. They gathered insights through collaboration with a wide array of industry and domain expertise/competencies across the firm and the client leadership team to delve deeper into the identified risk universe. They also carved out the risk register for the client.

The next step was to help the client identify their focus risks. PwC’s risk consulting team facilitated a risk prioritisation exercise in line with the organisation’s risk appetite. The team moved on to mitigation planning, an extremely important milestone for any ERM project. They reviewed the organisation’s existing mitigation measures and facilitated the mitigation planning for focus risks with the identified risk owners and mitigation supporters.

Together, we transformed the future by empowering VECV to implement a structured mechanism for ongoing monitoring and review of the focus risks and related mitigation plans for the organisation to take forward, thus helping them fortify their risk resilience. 

The impact

Through a curated approach, PwC India was able to: 

  • Help VECV identify risks to their strategic priorities.
  • Plan robust mitigation measures, thereby facilitating risk-aware decision-making and helping the client enhance their confidence in working towards their organisational objectives.
  • Help foster a risk-aware culture to effectively navigate uncertainties in pursuit of the client’s strategic priorities.
Pramod Kumar Vaya

“Navigating India's evolving automotive regulatory landscape demands robust compliance strategies. This is where PwC emerged as our trusted partner. Their deep industry expertise coupled with wide domain experience helped us navigate risks with agility. Through comprehensive research, process improvements, and capacity building, PwC enabled us to strengthen our compliance frameworks and mitigate risks effectively.”

Pramod Kumar Vaya,Chief Internal Auditor - Eicher Group

Client Quotes

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