Tricor Axcelasia has been crucial in supporting our risk management efforts and reporting obligations as a public company. Their dedicated team helped us to meet the relevant governance, internal controls and risk management standard.
Leong Seng Keat, Chief Executive Officer
Challenge
Following its listing on SGX in 2011, Nam Cheong sought to evaluate the adequacy of its internal controls systems with a risk-based assessment to identify and close potential gaps. The client required an experienced partner to guide and support their risk management efforts and boost efficiency.
Tricor Axcelasia Solution
Tricor Axcelasia conducted an internal control review of Nam Cheong and its subsidiaries in Malaysia, Singapore and China. The comprehensive report that was provided identified practical opportunities for improvement and how to implement corrective action.
Working closely with Board and senior leaders, an Enterprise Risk Management framework was established to incorporate risk management into daily operations. In-depth risk assessment workshops were held to engage the executive leadership team, elevate risk awareness across the entire organization, and guide thinking towards long-term sustainability.
Tricor Axcelasia provided continuous support to the client throughout the duration of the project with advice on how to create sustainable value. Following the initial engagement, the client engaged Tricor Axcelasia to execute its internal audit and risk management annually.
Results and Key Benefits
With robust internal controls in place, Nam Cheong has benefitted from improved efficiency and managed its risk across its operations in its three markets. Optimized risk management practices enabled them to fulfil their regulatory compliance obligations as well as deliver greater value to their business.
Risk awareness was raised across all levels of the organization and a change in mindset helped teams assume responsibility for internal controls, and incorporate risk assessment in long-term strategies and objectives. Furthermore, the application of risk-oriented thinking empowered of business leaders to work proactively and plan ahead to mitigate both strategic and operational risk before issues arise.
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