‘ERM exercise a commitment to good practices’
KUCHING: Sarawak Timber Industry Development Corporation (STIDC) is committed to applying good practices into its daily operations.
Such commitment was reflected in STIDC conducting the Enterprise Risk Management (ERM) exercise – an initiative to revive risk management practices within the agency – early this year.
The exercise took less than six months and was conducted with assistance from Axcelasia, a Kuala Lumpur-based consultancy firm.
Also in the fray was Columbus Sdn Bhd, which aided STIDC and its selected subsidiaries to establish the ERM framework, identify risks, and guide the organisation in managing those risks in a more structured manner.
“With ERM in place, it acts as one of the advanced management tools to assist STIDC (mainly the board and top management) to stay focused on critical and strategic areas and manage them with efficient resources allocation.
“The organisation will be in a better position to anticipate and prepare early to deal with any major business challenges ahead or emerging risks that may affect STIDC, its subsidiaries or the related industries,” said STIDC in a statement yesterday.
It further said there had been many events reported from around the world where incidents could have been avoided, or even managed (to reduce losses) with the support of ERM practices.
According to STIDC, ERM is a combined effort with other initiatives and practices that organisation currently has in place.
“ERM does not only identify the downside of risks, but also helps an organisation to explore new opportunities and/or business ventures.
“Therefore, there is a need for STIDC and its staff stationed in various cities across Sarawak to continuously carry out these practices for the betterment of STIDC. The recent adoption and implementation of ERM enables and enhances assurance level and comfort of the stakeholders of the agency.”
STIDC also pointed out that with the ERM exercise, its organisational capability had been elevated; thus providing a strong foundation for it to fulfil stakeholders’ expectations as well as to grow Sarawak’s timber industry.