KORBA (Chhattisgarh): Bharat Aluminium Company Ltd (BALCO) has bagged the QIMPRO Best Prax Award in the Management Governance Category in Risk Management.
The Best Prax Conclave took place on 9 july, 2011 at Mumbai. In this conclave apart from BALCO, Vedanta Group company Hindustan Zinc also had participated and were awarded for the Best Practices in Customer and Market Focus.
Other participants were Kirloskar Compressors, Ultratec Cements, Yes Bank, Bajaj Electricals and Tata Consultancy Services.
BALCO bagged this award after six levels of scrutiny consisting of
1. Submission of a questionnaire which is evaluated by a panel of judges,
2. Participation in On-line Survey (22 people from BALCO Participated in the survey),
3. Audit of the processes through Tele- Conferencing,
4. Submission of a write up on BALCO’s Best Practices in Management Governance comprising of – (a) Human Resource Focus (b) Customer and Market Focus (c) Cost of Poor Quality (d) Measurement Analysis & Knowledge Management (e) Carbon Foot Printing (f) vendor developmen (g) Risk Management (g) Contractor Management (h) Learning and development,
5. Presentation of 3 Best Practices from the 9 mentioned in Sl. No.4 in the Best Prax Conclave, 6. Marking by Panel of Judges.
The BestPrax Benchmark process has been recognized by Dr Robert Camp, Founder, Global Benchmarking Network, as a best practice for other member countries to adapt/adopt. It is also the basis for the design of the GBN Benchmarking Award to be introduced in 2012.