Understand the biggest and newest risks and how to manage them at the MIA Risk Management Conference 2018.
By Nazatul Izma
Risks surround us every day, whether they are known risks or black swans. Just ask Mark Zuckerberg, who saw billions of his net worth wiped out in end-July (financial risk!) as investors dumped Facebook Inc shares due to profit warnings. Worse for the beleaguered social media giant, Facebook and Zuckerberg face possible class-action lawsuits (legal risk!) brought by disgruntled shareholders over accusations of misleading earnings projections, on top of earlier lawsuits for data misuse (cyber risk!) and scandals.
But the more informed you are, the more prepared you can be. MIA’s annual Risk Management Conference 2018 is specially designed to help businesses identify and shield themselves against an ever-growing spectrum of risks.
Since technological disruption is a major source of new and never-before-seen risks, the Conference kicks off with a panel session chaired personally by MIA CEO Dr. Nurmazilah Dato’ Mahzan on a subject that she is passionate about – Risk Management Trends and Developments In Big Data, Rise of Artificial Intelligence. Headlined by Dato’ Merina Tahir, Head, Group Internal Audit, Malaysia Airlines, this panel will examine the significant threats and emerging risk exposures that companies must know about in the short-term and the longer term. This panel will also highlight key legislation – namely the MACC Amendment Act 2018 which has a new Section 7 on Corporate Liability Provision that may expose corporations, businesses, and those charged with governance (TCWG) to hefty fines and embarrassing custodial sentences.
The Conference will also focus on how companies can utilise whistleblowing to improve risk management and good governance, which is timely in a global and local landscape where governments and regulators are cracking down hard on corruption. Dr.Mark Lovatt, CEO, Trident Integrity Sdn Bhd moderates this panel that specifically highlights how Malaysia can institutionalise whistleblowing and nurture a culture of whistleblowing and accountability.
Boards and TCWG will also be guided on effective compliance with more stringent regulations, namely:
- Guidance 9.1 of the Malaysian Code of Corporate Governance, where the Board should determine the Company’s level of risk tolerance and actively identify, assess and monitor key business risks to safeguard shareholders’ investments and the Company’s assets.
- Guidance 9.2, whereby disclosure must cover how key risk areas such as finance, operations, regulatory compliance and reputation were evaluated, and the controls in place to mitigate or manage those risks in line with internationally recognised risk management frameworks.
This year we delve deeper into cybersecurity, because this is a powderkeg of risks that could potentially decimate TCWG and the organisations under their watch. Find out what TCWG and Boards must do urgently to manage cyber risks and threats. Get guidelines on how to get started on managing this increasingly difficult area.
Last but not least, the Conference concludes with technical sessions on:
- using root cause analysis to correct for control failures and to enhance controls. How do you perform a risk assessment on threat mitigation, conduct automated control testing, and establish credible challenges against controls to measure the effectiveness and consistency of your organisation’s controls?
- Managing third party and outsourcing risks, which could affect reputation risk. Focusing on contract management, this session lays out the Key Risk Indicators (KRIs) for third party and outsourcing risk, and the legal risks in these vendor relationships relating to data management controls. Get guidance on how to manage these third party risks and outsource effectively using monitoring tools.
The MIA Risk Management Conference 2018 will be held at the Connexion Conference & Event Centre @The Vertical, Bangsar South, Kuala Lumpur on 29 August 2018 (Wednesday).