MTE Malaysia Jun 2014: Crisis Management Perspective for Insurance Industry

Malaysia, 26th June 2014 – BCM Institute and Persatuan Insurans Am Malaysia (PIAM) ERM Working Group,  successfully co-organized Meet-The-Expert (MTE) Malaysia 2014 seminar, themed “Crisis Management Perspective for Insurance Industry” at Malaysian Reinsurance Berhad Auditorium, Kuala Lumpur.

The main topic discussed was specifically in the area of Crisis Management. Crisis Management (or CM) is defined in as “the overall coordination of an organization’s response to a crisis, in an effective, timely manner, with the goal of avoiding or minimizing damage to the organization’s profitability, reputation, or ability to operate normally.” From an organization’s point of view, how can an organization recover from a crisis? How can an organization response to unexpected events or situations with potentially negative effects? These important issues were examined and discussed extensively during the seminar.

Mr. Richard Tan, PIAM’s Convenor, Finance and Corporate Governance of ERM Sub-Committee, who is also the Chief Executive Officer of UniAsia General Insurance Malaysia, inaugurate the session. David Tan shared his views by providing a few of the recent crisis happened in Malaysia. His aim was to reiterate on the similarity on Crisis Management and Risk Management. He emphasized that they are both integrated but they are not apparently associated.

Panel Speakers of the day Mr. Murugan M, Assistant Vice President of GMH Asia Pte Ltd and Encik Mohamad Radzuan Mohamed, Senior Vice President & Group Chief Risk Management & Compliance Officer of MNRB Holdings Berhad share the different aspects of Crisis Management. Murugan shared what constitute a crisis management framework and the planning methodologies such as an overview on how a crisis management program is setup, concepts and good practices of crisis management, and how to develop competency with the needs of training.

The second speaker for the day, Encik Radzuan stressed on the practical aspects from MNRB’s organizational point of view in Crisis Management. In order to ameliorate audience’s understanding, he shared with the audience a sample video from BP Headquarters about the incident of a poor management skill in handling a crisis which then turned into a disaster. This sharing of video demonstrates how a large organization with a poorly organized crisis management process can leave a significant reputational impact in real-world situations.

PIAM ERM Workgroup, MNRB Holdings Bhd and BCM Institute would like to thank all the participants from the insurance industry for this valuable collaboration and contributions to the success of Meet-the-Expert seminar Malaysia 2014.