PIDM publishes Corporate Plan 2021-2023

KUALA LUMPUR: Perbadanan Insurans Deposit Malaysia (PIDM), a statutory body that provides protection up to prescribed limits against the loss of deposits and insurance or takaful benefits in the event of a member institution failure has published its ‘Summary of the Corporate Plan 2021 – 2023’.

The three-year rolling plan is themed ‘Investing in Heightened Responsiveness’ and reflects PIDM’s ongoing commitment towards intensifying its operational and resolution readiness, it said in a statement yesterday.

The plan highlights some of PIDM’s significant strategic objectives for 2021 to 2023, namely preparedness to elevate its state of responsiveness to any member institution failure, with an emphasis on simulations with key strategic partners for effective coordination and cooperation.

Other strategic objectives include organisational – to continue to nurture an agile mindset through a culture of learning and growth; visibility and reputation – to increase the visibility and reputation of PIDM for trust and confidence in its people and its systems; and operational – to continue to enhance information security practices and develop a digital transformation plan.

Chief executive officer, Rafiz Azuan Abdullah said PIDM’s financial consumer protection systems are an important part of Malaysia’s financial system resilience.

“Our priority is to promote confidence in the resilience of our financial system through our protection systems and the tools available to us.

“Today’s uncertain environment compels us to focus our energies on heightening PIDM’s ability to respond quickly and effectively to uncertainty, so that depositors and other financial consumers continue to be protected even in environments of stress,” he said.

For the financial year 2021, PIDM expects to receive premiums and levies amounting to RM325 million from its member institutions for its protection funds.

It also expects to receive an investment income of RM150 million, a portion of which will be used to fund PIDM’s operational expenses. — Bernama

Rafiz Azuan Abdullah

Our priority is to promote confidence in the resilience of our financial system through our protection systems and the tools available to us.