RIMS honors Astro Overseas with enterprise risk management award
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The Risk & Insurance Management Society Inc. on Tuesday honored investment holding company Astro Overseas Ltd. for its successful enterprise risk management program.
RIMS presented the 2014 ERM Award of Distinction to Kuala Lumpur, Malaysia-based Astro during the RIMS ERM Conference in Miami. The risk management organization cited Astro for successfully implementing and sustaining an ERM program across multiple investments in diverse entities.
Patrick Adam K. Abdullah, vice president of ERM at Astro said the program has allowed the company to avert vulnerabilities from multiple sources including IT and cyber risks and also prompted its board of directors to include ERM metrics 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,” Mr. Abdullah said in a statement. “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.”
Accord to RIMS, judging criteria for the ERM Award of Distinction includes the scope of the ERM program, the program’s link or connection to the company’s overall mission and its ability to create additional value for the organization.
“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 Ltd. for winning this top honor,” Carol Fox, RIMS director of strategic & enterprise risk practice, said in the statement.
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