ID :
234254
Fri, 03/30/2012 - 10:28
Auther :
Shortlink :
https://oananews.org//node/234254
The shortlink copeid
Malaysian Entities Focusing On Risk Management, Says Ernst & Young
KUALA LUMPUR, March 30 (Bernama) -- Increasing importance is being placed
by Malaysian organisations for identification, understanding and management of
risks, particularly as they aid in business decision-making, says a report by
Ernst & Young and The Institute of Internal Auditors Malaysia.
The importance was placed in line with the fact that with better management
of risks, business performance would improve and shareholder value enhanced, its
said.
"Many organisations surveyed believe they have a formal and relatively
mature governance, risk and compliance framework in place. However, in the
majority of cases, there need to be enhancement in the interconnectivity
between risk management, business strategies and key performance indicators.
"There appears to be a need for the multiple risk functions within
organisations to better align and coordinate their activities to ensure the best
possible risk coverage.
"Building and embedding a risk-aware culture are paramount in aiding
organisations to manage their risks and the results of the survey indicate
that there is more to be done in this area," it quoted the report findings in a
statement.
The main objective of the 2011 Survey on risk management practices in
Malaysia is to develop an understanding of the state of risk management
practices in Malaysia and the role of internal audit and other risk
functions.
-- BERNAMA