Technical Feature - Risk Management: Moving Beyond Just Compliance
Source: Asia Insurance Review | Apr 2007
Risk Management has always been a part of corporate life and it has become increasingly important as stakeholders especially regulators and investors are placing risk management process under a magnifying glass. However, scrape the surface a little and it seems that risk management has not been embraced wholeheartedly in most Asian companies. Several surveys have indicated that risk management initiatives are still largely driven by regulatory compliance rather than being inculcated into the corporate culture as spelt out by proponents. In our Technical Feature on Risk Management, we showcase the findings of some of these surveys as well as hear from the insurance practitioners and our 2006 Risk Manager of the Year on the ingredients of good risk management and what it will take for the process to move beyond just compliance.
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