In business, dealing with risk and uncertainty successfully requires perseverance and the foresight to look beyond the present challenges, and a group of Singapore Management University’s Accountancy undergraduates displayed a commendable degree of “risk intelligence” in Deloitte’s Risk Intelligence Challenge Trophy (RICT)2014 competition.
Launched last year, Deloitte RICT, the brainchild of Deloitte Singapore’s Enterprise Risk Services practice, is an inter-university competition aimed at engaging students through experiential learning to promote a better appreciation of risk management in all aspects of life. This year’s theme, “A risk intelligent future” challenged more than 30 teams from Singapore’s four universities to think beyond conventional risk management.
SMU’s Team M.E.A.D, comprising third year Accountancy students Alan Lim Jin Hui (Team Leader), Daniel Foo Shuen Ming, Tan Zhi Kang Elmer and Chee Min Xiang impressed judges with their sound and succinct arguments.
Ecstatic over their victory, team leader Alan enthused, “The world is changing; risks must be taken to seize opportunities, and they must be managed not simply avoided. This competition has raised our awareness of risk – its complexity and interactivity – and how we can approach it.”
Indeed, the quartet of millennials won the challenge because they provided a fresh perspective of managing risk in the current corporate world.
“Enterprises often do not have a risk strategy in place, and it is only when the business is compromised that they react and start thinking of how to manage risk. Risk intelligence is about identifying and projecting the potential areas in the business strategy that may fail and result in loss, harm or missed opportunities. In other words, in order to manage risk and put in place an effective and proactive risk strategy, businesses must be able to think beyond the present and have the ability to intelligently sense and anticipate the risks in the future, ” shared Dr Janson Yap, Regional Managing Partner, Enterprise Risk Services, Deloitte Singapore and Southeast Asia.Throughout the 10-week competition, contestants had to prove that they have what it takes to manage risk through their written essays, case presentations and in debate. In the final round debate on March 1, the students were tested on their understanding of the concepts and practices of corporate governance in today’s ever-changing business environment and debate on the merits of establishing a separate risk committee at the board level to oversee a company’s risk management framework and policies.
Alan who is pursuing a double major in Financial Management and Strategic Management added, “It has been a great learning experience for the team and we’re proud to have represented our school in this challenge and emerge victorious.”
SMU’s Team M.E.A.D walked away with a cash prize of S$2,000 and an internship opportunity with Deloitte Singapore. The runner-up, Team Spotless from Nanyang Technological University’s Nanyang Business School walked away with a cash prize of S$900.
In addition, both teams will join their Malaysian and Indonesia counterparts in the inaugural Deloitte ASEAN RICT that will focus predominantly around the ASEAN Economic Community and its impact in the region. The ASEAN RICT will be take place in Singapore on 15 March 2014.
[Featured Photo: (L-R) SMU Team M.E.A.D, students from the School of Accountancy: Alan Lim Jin Hui (Team Leader), Daniel Foo Shuen Ming, Elmer Tan Zhi Kang, Dr Janson Yap, Regional Managing Partner, Enterprise Risk Services, Deloitte Singapore & Southeast Asia and Chee Min Xiang]
