MIAMI – Enterprise risk management (ERM) continues to gain momentum in boardrooms around the world as it is increasingly being considered an essential element of an organization’s strategic planning process.
In recognition of one organization’s efforts to successfully align its ERM program with its strategic objectives, thereby enhancing its resiliency and operational efficiencies, RIMS presented the 2014 ERM Award of Distinction to Malaysian-based Astro Overseas Limited at the RIMS ERM Conference in Miami.
The award was presented by Lori Seidenberg, senior vice president of insurance and risk management at Hunt Companies and member of the RIMS board of directors and was accepted by Ghislain Giroux Dufort, president of Baldwin Risk Strategies, on behalf of Astro Overseas Limited (above). It recognizes Astro for successfully implementing and sustaining an ERM program across multiple investments in a diverse mix of businesses in the media and broadcasting industries.
The program is an extension and evolution of the group enterprise risk management program implemented at Astro Malaysia Holdings Berhad, which is Astro Overseas Limited’s sister company, and the main source of operations for television and radio broadcasting activity. The program not only allowed the organization to better manage its IT and cyberrisk vulnerabilities, but prompted its board of directors to include enterprise-wide risk assessments and related investment and risk performance dashboards as part of the organization’s strategic decision-making process.
“It started as a process to address operational risks but our leadership quickly realized the value our ERM program can add to achieving strategic objectives,” said Patrick Adam K. Abdullah, vice president of ERM at Astro Overseas Limited. “It’s our hope that sharing the success of our ERM program will inspire others to advance their own risk programs and highlight the impact such a program can have on an organization’s ability to navigate exposures and leverage new opportunities. It is a tremendous honor to be recognized with this prestigious award.”
Honorable mention for this year’s ERM Award of Distinction went to Schaumburg Ill.-based American Agricultural Insurance Company and was accepted by Lorie Graham, the company’s senior underwriting and corporate risk manager (below).
As a result of its ERM program, the company was able to reduce uncertainties caused by severe weather by reassessing corporate goals, developing a diversified income base and grow surplus.
“Whether it is global expansion, the use of new technologies or even outdated operational practices, ERM continues to prove to be an effective risk management approach that propels organizations, regardless of industry, to reach and exceed expectations,” said Carol Fox, RIMS director of strategic and enterprise risk practice. “The judging panel for the ERM Award of Distinction was impressed with the complexity and quality of all of the submissions and congratulates Astro Overseas Limited for winning this top honor.”
Judging criteria for the ERM Award of Distinction includes the scope of the ERM program and how it engages different levels throughout the organization; the program’s link or connection to the company’s overall mission; and its ability to create additional value for the organization.
