SMRT Corporation Ltd (SMRT) won its first award at the Institute of Risk Management (IRM)'s Global Risk Awards in the category of Delivering Value through Risk Management.
The award was presented to SMRT's representative on Thursday, 19 February in London and marks the first such award won by SMRT and by a Singapore company.
The award by IRM, the world’s leading professional body for risk management, is aimed at those who have established clear evidence that their risk management activities have added value to their organisation.
Standards and processes achieved by the institute members are widely recognised as the gold standard in risk management work.
SMRT was shortlisted for this award by a panel of judges made up of 39 risk management professionals and academics from 15 countries. Also on the shortlist for this award were AON UK Ltd (UK), Emirate Transport (UAE), Essex County Council (UK), Infosys BPO Ltd (India) and Wakefield & District Housing (UK). Past winners include Emirates Airline in 2014 and Balfour Beatty Fleet Services (UK) in 2013.
According to IRM, companies shortlisted for this award were assessed for evidence of:
• Sustained revenue enhancement, cost savings or other improvements, such as reduced error rates, that can be attributed to a risk management initiative or programme
• Acknowledgement of the role of risk management as a value-added function within the organisation
• Value delivery in the context of an overall risk management programme
SMRT President and Group CEO, Desmond Kuek said, "As a world-class transport service provider, we understand the importance of a robust and relevant Enterprise Risk Management framework that enables us to optimally deal with business uncertainties through identifying key opportunities and risks, and addressing these through proactive mitigating actions, plans and processes. We are very honoured to receive this award from the Institute of Risk Management, the leading professional body for risk management excellence. The rigorous judging process reaffirms that SMRT's Enterprise Risk Management programme is truly world-class, and delivers superior value for our stakeholders."
The Global Risk Awards’ judges praised SMRT's “forensic focus on how risk management could be used to support corporate strategy”. It was also recognized that significant value was realized from both the holistic consideration of enterprise risk at the strategic level as well as through the implementation of value-accretive initiatives to protect against downside risks and capitalise on potential opportunities.
The Global Risk Awards is an international industry award recognising the highest standards of excellence in risk management. This year’s awards attracted entries from 20 countries.