CRISIL CORE For Clause 49 Compliance

by Rajendra Chaudhary    Feb 10, 2006

CRISIL Investment & Risk Management Services has launched Corporate Risk Evaluation (CORE) framework, a solution combining both software and consulting services designed to facilitate implementation of Clause 49 directives and putting up Enterprise-wide Risk Management (ERM) framework in publicly listed organizations.

CRISIL CORE is a software tool to evaluate business and operation related risks. This web-based solution has centralized database deployment architecture and provides comprehensive reporting on risk assessment aggregated by products, location, and business line.

The framework is developed through joint efforts of CRISIL and Microsoft, leveraging CRISIL’s expertise in risk management and Microsoft’s latest technologies including MS SQL Server 2005, MS Office Infopath 2003 and the .NET platform.

R Ravimohan, MD & CEO, CRISIL commented on the launch, “CRISIL CORE is an important addition in our existing portfolio of products for regulatory compliance and corporate risk management, one which will assist top management of a listed company to identify the key risk areas, assess the quality of controls, the impact of failures and the possible risk mitigation strategies on an on-going basis.”

Speaking to CXOtoday David Littlewood, MD, Financial Industry, Microsoft said, “Aligning an organization’s IT assets with business processes is very important especially when it comes to risk management and compliance matters where in order to achieve risk and compliance objectives one has to move from disparate systems to a holistic approach. Our collaboration with CRISIL is an example of our seriousness to promoting enterprise risk managment best practices in India.”

The mandate came into being on 1st January 2006 and the first compliance report on Clause 49 is due on 15th April 2006.