Honorable Mention Presented to American Agricultural Insurance Company for Successfully Implementing ERM to Counter Unpredictable & Severe Weather
The award, presented at the RIMS in Miami, recognizes Astro Overseas Limited for successfully implementing and sustaining an ERM program across multiple investments in diverse entities. This program is an extension and evolution of the Group Enterprise Risk Management program implemented at Astro Malaysia Holdings Berhad, which is Astro Overseas Limited’s sister company, and from which the main operations of television and radio broadcasting are conducted. The program not only allowed the organization to avert vulnerabilities from multiple sources including IT and cyber risks, but prompted its board of directors to include enterprise-wide risk assessments and related investment/risk performance dashboards as part of the organization’s strategic decision-making process.
“It started as a process to address operational risks but our leadership quickly realized the value our ERM program can add to achieving strategic objectives,” said Patrick Adam K. Abdullah, Vice President of ERM at Astro Overseas Limited. “It’s our hope that sharing the success of our ERM program will inspire others to advance their own risk programs and highlight the impact such a program can have on an organization’s ability to navigate exposures and leverage new opportunities. It is a tremendous honor to be recognized with this prestigious award.”
Honorable mention for this year’s ERM Award of Distinction went to Schaumburg IL-based American Agricultural Insurance Company. As a result of its ERM program, the company was able to reduce uncertainties caused by severe weather by reassessing corporate goals, developing a diversified income base and grow surplus.
“Whether it is global expansion, the use of new technologies or even outdated operational practices, ERM continues to prove to be an effective risk management approach that propels organizations, regardless of industry, to reach and exceed expectations,” said Carol Fox, RIMS Director of Strategic & Enterprise Risk practice. “The judging panel for the ERM Award of Distinction was impressed with the complexity and quality of all of the submissions and congratulates Astro Overseas Limited for winning this top honor.”
Judging criteria for the ERM Award of Distinction includes the scope of the ERM program and how it engages different levels throughout the organization; the program’s link or connection to the company’s overall mission; and its ability to create additional value for the organization.
About Astro Overseas Limited
ASTRO Overseas Limited (AOL) is an investment holding
company incorporated in Bermuda. The AOL group holds investments in a portfolio
of companies involved in pay TV, radio, content aggregation, creation and
distribution, digital and multimedia services in United States, United Kingdom,
India, China, South East Asia, Australia and Middle East. Through Celestial
Pictures Ltd, AOL owns and distributes the Shaw Library, the world’s largest
Chinese film library.
AOL is wholly-owned by Astro Holdings Sdn Bhd (AHSB), a company jointly controlled by Usaha Tegas Sdn Bhd and Khazanah Nasional Berhad which is investment holding arm of the Government of Malaysia entrusted to hold and manage the commercial assets of the Government and to undertake strategic investments. In addition to AOL, AHSB has a substantial equity interest in the shares of Astro Malaysia Holdings Berhad, a company listed on the Main Market of Bursa Malaysia Securities Berhad which is a leading integrated consumer media entertainment group in Malaysia and Southeast Asia with operations in 4 key areas of business, namely pay TV, radio, publications and digital media.