All organisations apply risk management in some form, although it may not be in a structured manner. What ERM does is provide a structured format for its implementation. But one of the biggest mistakes risk managers can make is to focus too much on the formal or compliance side of
The 3 Lines of Defence (3 LoD) concept is not new, having first started in the wake of the Dotcom Shakeout about 20 years ago. It was a turbulent time for many companies; people were not managing risk properly. Not only were there deficiencies in managing risk, risk identification, ownership,
A recent IERP®-UoW Townhall session focused on the potential of risk management as a long-term, lucrative career, with presenter Ramesh Pillai, Chairman of the IERP® stating right at the outset, that risk management was not so much about helping businesses avoid risks, as about helping organisations achieve their objectives. “It’s
“We manage risk so that we can grasp opportunity,” stated Ramesh Pillai, IERP® Chairman, at the start of a recent Institute Tea Talk, held online. The subject of the Talk was how risk professionals could consider opportunity when simultaneously managing risk. “There are hazards and threats to risks but opportunities
When the pandemic was announced, a lot of companies went into a tailspin. Even banks – which are usually well attuned to risks in their environment – were stunned at its magnitude, and the devastating global impact that it had in such a short time. But this should not have
With the latest version of the Malaysian Code of Corporate Governance (MCCG 2021), the focus of corporate governance has shifted more concertedly to the aspect of CARE. This was evident from the previous iteration of the Code but the sharper focus of MCCG 2021 is intended to build stakeholder confidence.
With a world struggling to come to terms with turmoil, issues and challenges abound. No industry has been spared the wrath of Covid-19. Travel has been severely curtailed; no one is flying. Orders for planes have been cancelled. The aviation industry has been completely crippled. Travel restrictions have affected tourism
Money laundering and financing of terrorism is not going to let up anytime soon. Research has shown that dirty money pours into the world’s most powerful banks, and in some instances, both governments and banks are complicit in the failure to stop the flow of dirty money in the system.
How do businesses transform in an environment that is dynamic and uncertain? What do they transform into, when everything appears to be in a state of flux?Business is inherently risky; there is good as well as bad risk everywhere. Additionally, there are massive repercussions because we live in an interconnected
We were in a period of global growth when the pandemic hit. Businesses are now either struggling to survive, trying to navigate with resilience or scrambling to respond to emerging threats and opportunities. Uncertainty creates opportunities. Businesses which have prepared themselves to cope with disruption will be able to take