RIMS presented the 2014 Enterprise Risk Management (ERM) Award of Distinction to Malaysian-based consumer media entertainment group, Astro Overseas Ltd.
As ERM continues to gain momentum in business around the world as an essential element of the strategic planning process, RIMS honored the company for their forward-thinking ERM program for its strategic objectives, enhanced resiliency and efficiencies.
The award was presented at the RIMS ERM Conference in Miami, Fla., recognizing the implementation and sustainability of Astro Overseas Ltd.'s ERM program across multiple investments in diverse entities. The program is an extension and evolution of the Group Enterprise Risk Management program implemented at Astro Malaysia Holdings Berhad, the sister company of Astro Overseas Ltd.
"Whether it is global expansion, the use of new technologies or even outdated operational practices, ERM continues to prove to be an effective risk management approach that propels organizations, regardless of industry, to reach and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 & 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."
The program allows for the organization to avert vulnerabilities from multiple sources, including IT and cyber risks. But significantly, it has also 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 Ltd. "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."
The judging criterion for the ERM Award of Distinction includes the scope of the ERM program, as well as its level of engagement throughout an organization. The program's link or connection to a company's mission, as well as the ability to create added value for the organization are also considered.
The honorable mention for this year's ERM Award of Distinction went to American Agricultural Insurance Co., a Schaumburg, Ill.-based firm.
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