International risk management skills can boost Singapore business performance

Singaporean managers and executives can promote high performance and growth in their businesses and organisations by enhancing their risk management skills in line with international standards, experts say.

On launching a new Certificate in Risk Management (International) course for Singapore-based professionals, Governance Institute of Australia, Australia’s leading independent association representing governance professionals, commented that the new Certificate caters to growing demand from the Singapore market for practical risk management training based on global, best-practice risk frameworks and methodologies.

“Like the US and Australia, Singapore has had its fair share of corporate scandals and major fraud cases stemming from poor risk management”, said Mr Tim Sheehy, chief executive of Governance Institute. “These corporate failures have prompted Singapore authorities to tighten up corporate governance rules in recent years. As a result, there has been a spike in awareness of the importance of risk management and an increase in demand for risk training based on international principles”.

Mr Paul Chivers, director of global risk consulting firm riskfacilitator and a Governance Institute member, adds that while good risk management can prevent corporate failure, it can also pave the way for growth and success, particularly in Asian markets which are traditionally more conservative.

Mr Chivers has worked on many risk management projects in Singapore and the Asian region and consulted to and produced the hit reality TV series ‘The Amazing Race’, where he designed and managed the risks associated with the ‘challenges’ presented to contestants while remaining accountable to local regulators, industry associations and corporations for safety, risk and reputational issues.

He said, “Asian companies are often more risk-averse in their decision-making. This can cause some businesses to avoid what appears to be the more ‘risky’ or unfamiliar option, even though risk-taking is an important part of any successful venture. Businesses may be missing out on strong growth opportunities as a result.

“The greatest risk is to take no risks. Risk is a fact of business life, which if managed well can improve performance, efficiency and profitability. The key to turning risk into a positive is to arm yourself with the right assurance tools to help you control and mitigate the negative impacts, so that you are left with as much ‘upside’ as possible. That’s where a grounding in rigorous international risk methodologies is so important — it allows you to embrace risk with confidence,” Mr Chivers said.

Governance Institute’s Certificate in Risk Management (International) has been designed by leading risk management experts and draws on the latest thinking and research into risk management to deliver the best combination of practical and principles-based training to meet the needs of today’s risk and governance professionals.

It is aimed at a wide range of professionals, including risk management professionals, advisers, executive and non-executive directors, institutional investors, company secretaries, regulators and lawyers. The online study format gives students substantial flexibility to choose when and how they complete the course.

The Certificate covers six courses including: governance and risk management; risk management essentials; risk management frameworks; assessing, analysing and treating risk; security risk; and business continuity and reputation risk.

For more information on Governance Institute’s Certificate in Risk Management (International), visit: /International.

For further information contact Viv Hardy at CallidusPR on +61 2 92834113 or Tim Sheehy on +61 2 92235744 or +61 419490594.

 

About Governance Institute of Australia

Governance Institute of Australia is the only independent professional association with a sole focus on the practice of governance. We provide the best education and support for practising chartered secretaries, governance professionals and risk managers to drive responsible performance in their organisations.

MR/2015/15

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