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TITLE: Welcome Remarks by Dr Nurmazilah Dato’ Mahzan, Chief Executive Officer, Malaysian Institute of Accountants at Risk Management Conference 2018

DATE: 29/08/2018

WELCOME REMARKS BY:

DR NURMAZILAH DATO’ MAHZAN

CHIEF EXECUTIVE OFFICER

MALAYSIAN INSTITUTE OF ACCOUNTANTS

AT

RISK MANAGEMENT CONFERENCE 2018

29 AUGUST 2018 (WEDNESDAY), 9.00 – 9.05 a.m., CONNEXION @ NEXUS BANGSAR SOUTH CITY

Salutations:

  • Distinguished Speakers
  • Ladies and Gentlemen

Good morning and welcome to the MIA Risk Management Conference 2018.

Some of you might be asking why MIA places such an emphasis on risk. After all, we are accountants, not risk managers. The answer is that in today’s crisis-ridden world, risk is everybody’s business. Hence the theme - enhancing risk oversight through building up our competency in risk intelligence and strengthening our risk culture.

Basically, risk intelligence is how clever you are at gathering and analysing information to predict uncertainties and risks in the marketplace. Our goal as risk advisors should be to harness risk intelligence to help our clients achieve a competitive advantage.

Building risk intelligence is a topic that I am very passionate about. I am delighted to be moderating the first panel session that will hopefully show how we can leverage on big data, data analytics and artificial intelligence to enhance our risk intelligence quotient and help us to better manage our risks to give us a competitive advantage.

This is also directly related to our MIA Digital Technology Blueprint that we launched recently. Although designed for accountants, the Blueprint recommends 5 adaptable principles that can be used to adopt the right technologies for your environment. By embracing technologies, data analytics in particular, we can scout out risks and formulate our risk responses to build an effective risk culture.

Ladies and gentlemen,

Apart from strengthening our risk intelligence, it is also imperative that we build a robust risk culture that promotes good governance and trust. The best risk culture is driven by tone from the top while we must also inculcate ethics throughout the organisation from the bottom up. All of us regardless of our position in the hierarchy must behave well in order to build up public confidence and trust.

Governance is a top risk for MIA as the regulator and developer of the accountancy profession. This is also why MIA has been focusing diligently beefing up our enforcement and surveillance activities, to ensure that our members and accountants operating in Malaysia comply with standards and codes of ethics. We are also actively cracking down on bogus accountants – which is a key risk not only to the profession but also to the market and business - to defend and enhance the value proposition of the profession and protect the market from fraud and criminal elements.

There are many aspects to building up a strong risk culture. In the era of IR4.0, we must also address the emerging issue of IT governance. At the launch of the MIA Digital Technology Blueprint, IFAC President Rachel Grimes stressed that IT governance is a key success factor to technological transformation and addressing technological disruption and risks.

I think IT governance might be a relatively new concept for most of us. Usually IT governance is defined as a subset of corporate governance that focuses on IT. More specifically, IT governance provides a structure for organisations to ensure that IT investments support business objectives. As risk managers and especially if we are in the roles of those charged with governance, we need to check whether the rules for IT governance within our organisation – if any - are still relevant and able to support our internal technology adoption processes. Good IT governance would then support the creation of sustainable risk intelligence activities, and make us more competitive and credible in the public eye.

Ladies and gentlemen,

Before I end, I would like to thank all our subject matter experts for assuring the success of our collaboration and today’s Risk Management Conference. Today’s event is also made possible by our supporters namely ACCA, CIMA, MICPA, FPLC, MIBA, MICG, Boardroom, Wardrobe and Malaysia SME as our Media Partners. Thanks also to all of you for making time to be here today and I wish you a productive day ahead.