Research leading up to the congress was that Asia has its own approach to risk, governance, compliance and audit. Businesses here will not adopt a “one size fits all” global risk policy and will localise global principles to meet local risk conditions and requirements. Understanding the distinct characteristics of local cultures is therefore vital if Asia is to learn from the mistakes of other global markets and adopt full compliance and risk control to drive future success.
What are the main challenges for risk management in Asia?
- Difficulty in defining risk appetite, stopping the organisation from providing assurance regarding the achievement of business goals
- Lack of participation from management and a common goal in an organisation’s risk management approach
- Inability to identify the key person/team for risk management, resulting in an overlap in job function and waste of corporate resources
- Unwillingness to allocate appropriate resources for risk management, hence performing only minimum risk control
The Asia Risk Professionals Congress (6-8 March 2012 – Singapore) is designed to equip risk professionals with cutting-edge risk management methodologies and strategies that will position risk professionals as the strategic contributors in improving organisational performance, sustainability and resilience.
Source: GlobalRisk Community [email protected]