Recognising the increasingly important yet underdeveloped discipline of corporate governance, AIG in partnership with KPMG, Norton Rose Fulbright and PARIMA (the region’s risk management organisation) is hosting seminars across seven countries throughout May and June. Beginning 6 May in Singapore, the seminars will move on to Malaysia, Indonesia, Philippines, Vietnam and Mainland China before wrapping up in Hong Kong on 26 June.
Commenting on the seminar series, Jason Kelly, Regional Directors & Officers Liability, Financial Lines, AIG Asia Pacific noted, “The aim of these events is to raise the awareness of corporate governance among risk managers, and provide practical and valuable advice on how to get your organisation ready should a regulator come knocking.”
The importance of good corporate governance cannot be underestimated and in the light of increasing regulatory activity, should be high up on the agenda of companies, shareholders and governments alike. Enhancing corporate governance brings increased protection for shareholders, additional security to employees and directors, competitive advantage for companies in the war for talent and governments as they seek to create an attractive environment to entice investment.
Correspondingly, the risks and costs, which result from inadequate attention to good corporate governance can be significant, from a financial and reputational perspective. Failure to implement adequate corporate governance practices can result in severe damage to both a company’s brand as well as its bottom line; not to mention, personal exposure to company employees and directors. All that considered, this critical area does not receive the attention it deserves in the region, resulting in a significant operational risk issue for many companies and a lost competitive edge. These seminars seek to address the key questions on this issue.
Scotland Walsh-Riddle, Financial Lines Manager, AIG Asia Pacific noted, “regulatory investigations have moved to the forefront of exposures that board members face here in Singapore and Asia. The right preparation in this increasingly regulatory environment is essential to running a successful organisation. Public and investor confidence in a company can diminish within hours, so managing these types of investigations requires careful management and consideration of media, customers, staff and stakeholders.”
Steve Tunstall, Director, Tunstall Associates and General Secretary, PARIMA agrees, “Corporate Governance has become an issue of overwhelming importance for risk managers in Asia — particularly, in recent times. It’s great to see leading companies like AIG, KPMG and Norton Rose Fulbright at the forefront of these educational events that will no doubt assist our members.”
Jason Kelly at AIG Asia Pacific also highlighted, “corporate governance presents unique challenges in the region. Consequently, AIG, drawing on its long international history and substantial local presence is constantly evolving to stay at the forefront of innovation to offer tailored products for the Asian market such as Dragonshield(TM), the broadest product in the region in terms of cover and capacity.”
Source: The Jakarta Post