Creating Value out of Enterprise Risk Management

October 22, 2018

At our Tea Talk session on 12th September, IERP® faculty member Zaffarin Zanal gave a featured talk on Creating Value out of ERM. Zaff started off by stating that—to strong murmurs of agreement across the room of risk practitioners—implementing ERM is hard.  The typical difficulty with implementing ERM is that while risk professionals understand the value for ERM, the top management (as well as the rest of the organization) might not readily see its value. Zaff noted that when something has perceived value, psychologically there is a ‘pull factor’ to it. It doesn’t require much forceful selling (the ‘push  factor’). Read more

3 Benefits of Developing Emotional Intelligence as an Enterprise Risk Practitioner

October 16, 2018

In implementing enterprise risk management in your organisation, people will be your most important resource. It doesn’t matter whether you are seeking to establish or support enterprise risk management in your organisation, making strategic decisions for your company, or managing the talent.  Establishing a good network of working relationships is essential to your success as a risk practitioner, and developing your emotional intelligence is what will enable you to influence top decisions and culture in your organisation – without using overly aggressive, fear-based tactics. Read more

Cybersecurity Oversight in the Boardroom

October 10, 2018

A little more than a year ago, Equifax disclosed to the public that it had experienced a cyberattack, during which hackers stole the names, Social Security numbers, birthdates, and addresses of 147.7 million Americans – more than half the US population. Since then, other major data breach incidents have been reported worldwide, involving—among many other entities—Facebook, fitness tracking app Strava, Adidas, Under Armour, and identification authority Aadhar (compromising the personal information of all 1.1 billion Indian citizens registered under its service). Read more

Business Impact Analysis: 5 Tips for Accuracy

October 3, 2018

A Business Impact Analysis is a critical component of a Business Continuity Management framework – required to understand the organization’s interdependencies and full range of operational complexities.

The goal of a Business Impact Analysis (BIA) is to identify the crucial business functions that will be affected in the event of a natural or man-made disaster. BIA findings allow leaders to set up recovery priorities, plan out recovery strategies, allocate the appropriate resources, and determine important metrics such as Recovery Time Objectives (RTO), a measure of the maximum time within which business functions should recover as close to normal during disaster recovery. Read more

Is there Practical Use to the Statement on Risk Management and Internal Control (SORMIC)?

September 24, 2018

In Malaysia, the Statement on Risk Management and Internal Control (SORMIC) is a requirement from the Securities Commission, in accordance with the Malaysian Code of Corporate Governance (MCCG) 2017. On 14th September 2018, a Tea Talk was held at the IERP® International Secretariat, featuring a presentation crafting an effective and practical SORMIC – by Mr. Ramesh Pillai, Group Managing Director of Friday Concepts Risk Consulting. Read more

Global Conference Highlight: Using Enterprise Risk Management as a Strategic Tool

September 7, 2018

A common excuse given by those who are not convinced of the use of risk management is that there is ‘no time’ for it, especially if management often has to make quick decisions. However, Leonard Ariff Abdul Shatar, Group Managing Director of CCM Duopharma Biotech, notes that many mistakes (and the subsequent costs) could have been avoided if additional thought and effort had been put in. As a public-listed company, it’s a requirement for CCM to have a risk management function. For CCM Duopharma Biotech, risk management was split up as it was thought that the audit function was overshadowing it. Read more

Towards an Objective-Centric Approach to Risk Management

August 21, 2018

With Enterprise Risk Management becoming increasingly institutionalized, global best practices are continually under revision as international standards-setting bodies such as ISO or COSO seek to improve on ERM methods and guidelines. A core development in recent years has been the recognition that an objective-centric approach to ERM yields greater outcomes compared to the traditional taxonomy approach. At the same time, the constant evolution of ERM practices means that there is often a gap where organizations are slow to correct outdated methodologies – due to the complexity and resources required to change existing processes, structures, and culture.

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Distinguishing Between ERM and ORM Approaches

June 21, 2018

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.

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The Star: A Special MBA

August 17, 2017

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).

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

September 16, 2009

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).

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Press Release: RAM Jointly Launches Prototype ERM Certification Program

September 14, 2009

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.

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