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Distinguishing Between ERM and ORM Approaches

Distinguishing Between ERM and ORM Approaches

On May 4, over 20 professionals from across industries attended a Tea Talk session at the IERP® International Secretariat. Our keynote speaker for this session was Mr. Ramesh Pillai, Chairman of the Board of Governors of the IERP® and Group Managing Director of Friday Concepts, an ERM, GRC, and BCM boutique consultancy. Speaking on distinguishing between Enterprise Risk Management (ERM) and Operational Risk Management (ORM) approaches, he aimed to dispel common misconceptions of the two related but different approaches.

He noted that more attention has been placed on Operational Risk as of late as a result of geopolitical volatility and technological disruptions. The possible escalation of conflict and the deterioration of interstate ties, for example, are genuine concerns that would have far-reaching effects across the interconnected global economy. With a large range of risk factors to consider, an organization can face up to thousands of risks at a time, most of which are constantly changing and need to be re-evaluated as such. In such an environment, it is essential that risk management moves from a siloed approach towards a more integrated and dynamic one.

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The Star: A Special MBA

As originally printed in The Star on August 27, 2017: In collaboration with the Institute of Enterprise Risk Practitioners (IERP) based in London, KDU University College unveils a new revolution to the business industry by introducing the world’s first Master of Business Administration (MBA) programme specialising in Enterprise Risk Management (ERM). Read more

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The Edge Financial Daily: Disruptive Innovation has No Room for Complacency

Given how extensive technology has shifted our world today, being tech-savvy is no longer reserved for the younger generation, but a crucial requirement for today’s enterprise risk managers, said Bank Negara Malaysia (BNM) assistant governor Donald Joshua Jaganathan (pic).

 

For technological advancements are able to not just shape the world and business environment, but also render its users or institutions vulnerable to online threats.

As such, Jaganathan said there is a greater need for savviness for two main reasons: to harness operational efficiency and to quickly identify and respond to new sources of risks arising from these advancements.

Jaganathan, who is responsible for BNM’s supervisory function, said this in his keynote address at the 4th Institute of Enterprise Risk Practitioners (IERP) Global Conference 2017 in Kuala Lumpur yesterday. Read more

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Edge Weekly: IERP Global Conference 2017: ERM — Turning Risk into Advantage

While working for a Kuala Lumpur-based international banking organisation, Ramesh Pillai found himself and his management team in a dire situation when the bank’s employees were caught in the 1998 riots in Jakarta, Indonesia.

“We had to evacuate our staff in Jakarta and relocate them to Kuala Lumpur, which we did successfully. We turned the Renaissance Hotel into our ‘Jakarta office’, which meant whatever calls that were made to Jakarta were answered in Kuala Lumpur,” Pillai recalls.

However, the staff eventually moved back to Jakarta despite the dangerous circumstances — a bold decision that made the front page of The Jakarta Post. Later, when normalcy returned, the bank was given additional licences by the Indonesian government to expand its business in the country. Read more

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The Star: RAM to Set Up Institute of Enterprise Risk Practitioners

PETALING JAYA: RAM Holdings Bhd has teamed up with Friday Concepts (Asia), an expert in risk management and strategy, to set up the Institute of Enterprise Risk Practitioners.
The institute will design a certification programme titled Professional Certification in Enterprise Risk Management (ERM).

RAM said in a statement yesterday the primary goal of the programme was to foster a pool of well-qualified management experts and ERM specialists as well as to facilitate better networking among such professionals.

A comprehensive 12-day professional module had been specially created to equip participants with the requisite tools and knowledge.

The inaugural programme, to be launched next month, will produce its first batch of graduates in February.

As originally printed in The Star

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Press Release: RAM Jointly Launches Prototype ERM Certification Program

The current financial crisis has highlighted that companies with effective and holistic Enterprise Risk Management (“ERM”) practices are better equipped to weather the turbulence and to exploit the resultant business opportunities. Such companies, which span myriad industries and geographical locations, can fully appreciate the importance of ERM and how to link it to their performance. They use ERM as an effective strategic, management and decision-making tool to create and hone strategic as well as competitive advantages over their competitors.

Acknowledging the increasing importance of ERM, RAM Holdings Berhad (“RAM”) has teamed up with Friday Concepts (Asia) (“FCA”) – experts in risk management and strategy – to set up the Institute of Enterprise Risk Professionals (IERP) and design an ERM certification programme entitled Professional Certification in Enterprise Risk Management. The primary goal of this programme is to foster a pool of well-qualified management experts and ERM specialists, not to mention business leaders and entrepreneurs who are also savvy in this arena. The programme also aims to facilitate better networking among such professionals, complemented by shared business knowledge and experience. Read more