‘ERM ex­er­cise a com­mit­ment to good prac­tices’

The Borneo Post - - HOME - De­cem­ber 9, 2018

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.

File photo shows Deputy Chief Min­is­ter Datuk Amar Awang Ten­gah Ali Hasan (left), who is also Se­cond Min­is­ter of Ur­ban Devel­op­ment and Nat­u­ral Re­sources, speak­ing at the re­cent ERM meet­ing.

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