Page 50 - Index

During 2024, the Company implemented feedback from the
2023 Board evaluation process, enhancing engagement
with senior management and skip-level teams, focusing
on strategic issues and operational improvements of the
meeting process.
Compliance monitoring framework
The Company has a comprehensive framework for
monitoring compliances with applicable laws and internal
policies. Compliance reviews take place at multiple levels,
as follows:
• First line of defence: Business and corporate functions
ensure implementation of laws at the primary level through
checks and controls in their operational processes
• Compliance reporting tool: Compliances are further
mapped into the compliance reporting tool and affirmed
at regular frequencies by compliance owners, to generate
compliance reports, which are submitted to the Board on
a quarterly basis
• The compliance monitoring framework is periodically
subject to audits by internal auditors as per the internal
audit plan
• The secretarial audit process ascertains adequacy of
systems and processes for compliance, commensurate
with the size and operations of the Company
• The Stakeholders’ Relationship Committee of the
Company reviews instances of policy violations and
breaches on a quarterly basis
Risk management policy and internal control
adequacy
The Board has established robust policies and procedures
to ensure governance and the orderly, efficient conduct of
business operations. These measures include adherence
to company policies, safeguarding of assets, prevention
and detection of fraud, accuracy and completeness of
accounting records, and the preparation of reliable financial
disclosures. The internal control systems are aligned with
the nature of the business and the scale and complexity
of operations.
Significant audit observations and subsequent actions are
regularly reported to the Audit Committee. To uphold audit
independence, internal auditors report directly to the Audit
Committee, which also holds exclusive executive sessions
48 Annual Report 2024
with both internal and statutory auditors. Additionally,
management conducts a comprehensive review of key
controls impacting financial reporting at both entity and
operational levels, submitting the findings to the Audit
Committee and the Board.
The Company’s risk management framework ensures
periodic assessment, mitigation, and monitoring of risks
pertaining to businesses. Mitigation plans for identified
risks are reviewed, implemented and monitored regularly.
This balanced approach enables Crisil to mitigate risks to
an acceptable level, safeguarding its reputation and brand
while supporting operational and strategic goals.
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: