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Astro Overseas Limited Wins the 2014 RIMS Enterprise Risk Management Award of Distinction 10/28/2014

 

Organization’s ERM Program Demonstrates Superior Value, Promotes Risk Aware Culture

 

Honorable Mention Presented to American Agricultural Insurance Company for Successfully Implementing ERM to Counter Unpredictable & Severe Weather

NEW YORK (October 28, 2014) – Enterprise Risk Management (ERM) continues to gain momentum in boardrooms around the world as an essential element of an organization’s strategic planning process.  Recognizing an organization whose forward-looking ERM program successfully aligned with the organization’s strategic objectives and enhanced its resiliency and efficiencies, RIMS presented the 2014 ERM Award of Distinction to Malaysian-based Astro Overseas Limited.

 

The award, presented at the RIMS ERM Conference 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.

 

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About RIMS

As the preeminent organization dedicated to educating, engaging and advocating for the global risk community, RIMS, the risk management society™, is a not-for-profit organization representing more than 3,500 corporate, industrial, service, nonprofit, charitable and government entities throughout the world. RIMS has a membership of approximately 11,000 risk practitioners who are located in more than 60 countries. For more information about the Society’s world-leading risk management content, networking, professional development and certification opportunities, visit www.RIMS.org.

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For more information, contact:

Josh Salter, RIMS communications manager, (212) 655-6059 or jsalter@RIMS.org

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