Climate Risk Management

CLIMATE RISK MANAGEMENT

Globally, climate-related risks, with the potential to cause loss and damage, have increased dramatically over the past few decades. The pandemic has brought into focus several internal, and external factors that are uncontrollable and can disrupt usual business conduct. As such, climate change readiness and preparedness have quickly become urgent business case across all sectors with stakeholders taking note of the potential financial and non-financial risks and creating change in the regulatory framework.

Based on Task Force on Climate-Related Financial Disclosures (TCFD) principles, Happiest Minds is working towards establishing business implications due to climate change. Our climate risk management also aims to address and reduce greenhouse gas emissions, minimize climate risks, and manage residual climate risks via instruments such as climate risk offsetting or transformative measures.

We have deployed the climate risk management process for the assessment based on the following action items:

Assess and match information needs with risk management objectives
Define System of Interest
Develop context-specific methodology
Risk identification to identify low and high levels of climate-related risks
Risk evaluation to identify acceptable, tolerable, and intolerable risks
Assessment of risk management options

Apart from internal operations, Happiest Minds also focuses on environmental sustainability under Corporate Social Responsibility. The CSR committee of the Board is responsible for overseeing the execution of the Company's CSR policy, including the areas of Environmental Sustainability leading to Climate Action.