Page 61 - Crisil Annual Report 2023

Statutory Reports
are implemented and reviewed periodically. CRISIL has a balanced approach to risk management, mitigating risks to an acceptable level to protect our reputation and brand, while supporting the achievement of operational and strategic goals and objectives.
In addition to key strategic and operational risks, data security, cyber security, disruption from emerging technologies and people risk were primary focus areas during 2023. The challenging macroeconomic environment and volatile geopolitical situation can impact or elongate our decision-making process of our clients, making it as key monitorable topic for our international business in 2024. We continuously monitor the economic impact of geopolitical and macroeconomic challenges and take appropriate actions.
Cyberattack incidents globally continue to increase in number and sophistication, especially in the current hybrid working environment. Several new age tools and advanced security controls are being deployed to enhance information and cyber security posture. In addition, during the year an enhanced level of awareness was imparted to all employees to remain vigilant against pertinent themes of information and cyber security.
The emergence of large language models (LLMs) brings several knowledge work categories, presently manual in nature, potentially within the scope of generative artificial intelligence (Al). As part of our LLM strategy, we have identified focus areas for evaluation.
Our Diversity, Equity, and Inclusion (DEI) philosophy has established a vibrant workplace that enriches employee experience. We benchmark our compensation on an ongoing basis to ensure our employees are fairly paid, in line with market trends.
Additionally, the Company continued monitoring top risks on its risk register, which are discussed in greater detail in the Management Discussion and Analysis Report.
Directors’ responsibility statement
The Directors hereby confirm that:
i. In the preparation of the annual accounts, the applicable accounting standards have been followed and that no material departures have been made from the same
ii. They have selected such accounting policies and applied them consistently, and made judgements and estimates that are reasonable and prudent, so as to give a true and
fair view of the state of affairs of the Company at the end of the financial year and of the profits of the Company for that period
iii. They have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company, and for preventing and detecting fraud and other irregularities
iv. They have prepared the annual accounts on a going- concern basis
v. They have laid down internal financial controls for the Company which are adequate and operating effectively
vi. They have devised proper systems to ensure compliance with the provisions of all the applicable laws, and such systems are adequate and operating effectively
Particulars regarding conservation of energy, technology absorption, and foreign exchange earnings and outgo
Foreign exchange earnings and outgo during the year under review are as follows:
Total foreign exchange earnings and outgo*
For the year ended December 31, 2023
For the year ended December 31, 2022
1,347.65
265.32
Foreign exchange earnings Foreign exchange outgo
* on a standalone basis
(C crore)
1,013.96 277.91
The Company does not own any manufacturing facility, and hence, our processes are not energy-intensive. Therefore, particulars relating to conservation of energy and technology absorption stipulated in the Companies (Accounts) Rules, 2014, are not applicable.
However, we endeavour to support the environment by adopting environment-friendly practices in our office premises and have rolled out a policy that is aimed at improving the environmental performance of CRISIL. Our efforts in this direction centre around making efficient use of natural resources, eliminating waste and promoting recycling of resources.
Initiatives taken in the area of environment protection in 2023 are mentioned in the CRISIL ESG Report 2023, available
Annual Report 2023
59