Tricor Roots InTouch Newsletter · 3/1/2016 · Tricor Roots InTouch Newsletter • January 2014 3...
Transcript of Tricor Roots InTouch Newsletter · 3/1/2016 · Tricor Roots InTouch Newsletter • January 2014 3...
Happy New Year and Welcome to the January 2014 edition of Tricor Roots InTouch. This Newsletter is aimed at keeping our Clients, Partners & Associates updated on what is happening in the world of Enterprise Governance.
Tricor Roots is proud to have hosted the 2013 Alumni Roundtable Gathering. This year’s edition was a limited closed-door gathering for existing Q-RADAR clients and included International
1. Tricor Roots successfully hosts the 2013 Alumni Roundtable Gathering
MALAYSIAJanuary 2014
Tricor Roots InTouch Newsletter
The Business Enablers
Member of Tricor and The Bank of East Asia Group
Tricor Roots Consulting Sdn Bhd
speakers on Governance, Risk & Compliance topics. Read below to find out more.
We hope you enjoy this Newsletter, and as always, please do not hesitate to contact us should you have any queries. We love to hear from you.
Your Trusted Consultant,
Tricor Roots Consulting Executive Team
On 9 December 2013, Tricor Roots Consulting hosted the 2013 Alumni Roundtable to enable Risk Management
professionals to share and discuss the latest changes in the Governance, Risk & Compliance arena, both on the
Malaysian and global front.
This year’s Alumni Gathering was a Roundtable event to share important developments in Enterprise Risk
Management (ERM) best practices as well as an introduction to Q-RADAR Version 9.6.
Among the speakers this year included:
• Mr Tarique MacDonald-Razvi , Board Director for the Risk Management Institution of Australasia (RMIA),
who shared with the audience developments in ERM in Australia, New Zealand and elsewhere.
• En. Mohd Radzuan Mohamed, Senior Vice President & Group Risk Management and Compliance Officer
of Malaysian National Reinsurance Berhad Holdings Group (MNRB), who shared with the audience on his
experience on the introduction and implementation of Key Risk Indicators (KRIs) as a vital risk
management tool.
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2. KPJ Healthcare Berhad, one of Malaysia’s leading Private Healthcare Provider, selects Q-RADAR to automate and enhance the Incident Reporting & Risk Management Process
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As part of its journey for excellence in Corporate Governance & Risk
Management, KPJ Healthcare Bhd (KPJ) has selected the Q-RADAR system from
Tricor Roots Consulting to automate and enhance its Incident Reporting /
Learning system & Risk Management Framework. A critical element of the
engagement is to meet and exceed the 2013 Incident Reporting and Learning
Policy Directive issued by the Malaysian Ministry of Health (MOH). With the
Q-RADAR, KPJ intends to have a comprehensive Incident Reporting system to
quickly and effectively identify incidences throughout the Group, analyse root
causes and put in place mitigation plans to reduce the risk of future occurrence.
• Mrs Margaret Chin, Vice Chairman of Tricor Roots Consulting on the experience of Organizations in
Malaysia in complying with the new Statement on Risk Management & Internal Controls as part of the
Bursa Malaysia Listing requirements.
• Mr Kenneth Chin on introduction of the Q-RADAR V9.6, particularly on the integration and
Convergence of Enterprise Risk Management (ERM) and Business Continuity Management (BCM).
The 2013 Alumni Gathering is part of Tricor Roots Consulting's ongoing initiative to drive greater innovation and
share best practices for practioners in Performance, Governance, Risk & Compliance.
By integrating the Incident Reporting to the Risk Management framework within Q-RADAR, KPJ will have a
flexible system to also proactively identify, monitor & manage key strategic risks, whilst assessing compliance and
providing flexibility to consistently identify new opportunities.
Tricor Roots Consulting is proud to assist KPJ on its ongoing Risk Management & Incident Reporting program.
KPJ Healthcare Berhad (KPJ) is one of the leading private healthcare providers in the region with a network of 21
hospitals in Malaysia and 2 in Indonesia. With more than 2,600 licensed beds, KPJ hospitals offer a
comprehensive range of medical services and have treated more than 2.4 million outpatients and 240,000
inpatients in 2011.
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Outline
After the roller-coaster ride following the financial crisis of 2008, many
companies seem to have anticipated that business conditions would
return to normal, with a resumption of profitable growth. Instead, what
now passes for normal has been characterized by uncertainty, volatility
and a difficult economic environment in many parts of the world.
With the business environment more complex and uncertain than ever,
companies are elevating the role of risk management and integrating it
into their corporate strategies. The 2013 Global Risk Management
Study, conducted by Accenture and Oxford Economics, shows that
organizations now appear to recognize that an effective risk
management function will most likely have a direct line to the top.
According to the survey, fully 96 percent of risk management owners
now report directly to the CEO.
As another indication of the rising importance of risk management, the
survey also shows greater board involvement in understanding and
addressing risk. Boards are more actively engaged, and better prepared
to ask the questions related to the risk agenda, as evidenced by the
survey: More than eight out of 10 risk-management owners report
regularly on risk to the board.
Companies also have taken other steps to bring risk management front
and center. As witnessed in the research, they have almost universally
elevated the head of risk to a senior executive role, and they have
increased the level of integration of the risk management function in
business decision-making.
Nevertheless, organizations continue to struggle with many aspects of
risk management. One key area of concern is in fulfilling broader
business expectations for the role the risk management function will
play. Even when risk management functions succeed in managing
riskson a day-to-day basis, they may fail to meet expectations – as a
result of board reporting requirements and other pressures – to provide
value to the rest of the organization.
While important progress has been made to develop the risk
management function and integrate risk management at the enterprise
level, companies may wish to consider sharpening their focus on
developing high-performing risk organizations. As noted in our 2013
global risk study, we see three major areas among those needing
attention:
continued...
Headlines
Data, Talent and Compliance Drive the Next Phase of Risk Management
By Steven Culp, Forbes
4 November 2013
3. Critical Emerging Strategic Performance & Risk Issues
To better support our clients, we have outlined below recent global strategic performance and risk issues. The
information contained is based on sources we believe to be reliable, but we do not guarantee its accuracy.
Tricor Roots Consulting does not have any ownership over this information, nor does it represent our opinion.
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Outline
1. Improving the ability to turn data into insights.
High-performing risk management organizations seem to excel at
embedding analytics into management processes. They are doing so, for
example, by improving data quality and developing actionable
dashboards for management. They are also cultivating risk technology’s
"human element" through training and other measures to help make
findings from risk analytics actionable and insightful.
2. Finding and retaining risk management talent.
Developing and keeping quality risk management talent is an increasingly
crucial goal. This is also a central concept to the goals of risk analytics
(above) and compliance efficiency (below): both risk technologists and
regulatory change program managers are reported by our survey
respondents as being in short supply. High-performing risk management
organizations are more likely to use innovative techniques such as
rotational training and combining risk and strategy roles to help improve
retention.
3. Improving compliance efficiency and effectiveness.
Insufficient proactivity and lack of an integrated response to regulation
are among the top barriers to better compliance efficiency, as found in
the study. High-performing risk management organizations tend to take
an integrated approach to managing compliance.
To read more, click here
About Tricor Roots Consulting
Tricor Roots Consulting is an established and vibrant organization incorporated in 1999 with the mission: Sharing a
Passion for Excellence.
Our vision is to be a global consulting firm backed by innovative software solutions. We are highly focused towards
assisting Organizations and Individuals to achieve their potential for Excellence. Tricor Roots Consulting has vast
experience in providing training and consultancy services in the field of Governance, Risk & Compliance ("GRC")
which includes Performance Management advisory for numerous public listed and many more non-listed companies
in the Asia Pacific region from a diverse range of industries.
In addition, since the release of the Q-RADAR System in September 2001, over 400 companies in the Asia Pacific
region have successfully leveraged on the system as part of the Performance Management & Risk Management
Framework Implementation.
For more information, please log on to www.tricor-roots.com.
Tricor Roots Consulting is part of the Tricor Group of companies. To find out more, go to www.tricorglobal.com.
Headlines
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