With this, REC becomes the first public sector NBFC in India to be certified under ISO 31000, marking a new milestone in institutional risk governance.
Government-owned non-banking financial company REC Ltd has received ISO 31000:2018 certification for its enterprise-wide risk management framework. The achievement makes REC—a Maharatna PSU—the first Indian public sector NBFC to attain this distinction, awarded by the British Standards Institution (BSI).
ISO 31000:2018 is a globally recognised standard that outlines principles and guidelines for effective risk management across organisational levels.
Operating under the Ministry of Power, REC is a leading financier of infrastructure development across both the power and broader infrastructure sectors.
“This ISO 31000:2018 certification is a testament to REC’s unwavering commitment to excellence in enterprise risk management,” said Subrata Aich, Chief Risk Officer, adding, “It signifies that REC has a structured, comprehensive, and internationally aligned approach to risk management, which will further enhance the confidence of all our stakeholders, including investors and lenders.”
The official certificate was formally handed over to Aich by Shripad Yesso Naik, Minister of State for Power and New & Renewable Energy, along with Prateek Rai, India Head for Training (Sales and Operations), BSI, during the 56th Foundation Day celebrations of REC.