Mr Roland Teo, a well-known and active member of the risk management community in Singapore, has won the Corporate Risk Manager of the Year title at the 21st Asia Insurance Industry Awards 2017.
At a glitzy gala dinner held last week in conjunction with the 14th Singapore International Reinsurance Conference, Mr Teo’s name was announced to loud cheers from his table of fellow risk managers and supporters. He received the award from Mr Kwek Joo Chuan, AVP, Broker and Client Management at AIG, the sponsor of that award category.
Mr Teo won judges' praise for the leadership and passion he has demonstrated in enhancing the risk management practice at Eastern Health Alliance (EHA), a public regional healthcare system in Singapore where is the Deputy Director of the Risk Management Office. His dedication to risk management does not stop there, however. He has gone above and beyond his job to promote risk management in the country and the region, through his work with risk associations and educational institutions.
At EHA, Mr Teo and his team have worked tirelessly to target recurring problems from key serious reportable events, including targeting non-clinical risks such as service delivery cases leading to negative media events, which were consequently reduced.
The team also provided research and facilitated discussion with experts regarding surgery, patient falls, and reputation/crisis management from social media to help the ground manage negative impact with interconnected risks. With internal senior stakeholders growing increasingly receptive to such an integrated approach, the organisation’s statement of risk appetite that provides explicit risk limits and tolerance levels for critical risk was established – a significant milestone in providing concrete action at an organisational level regarding risk management.
This framework has also enabled the hospital to mitigate key clinical and corporate risks by providing sufficient and accurate information to facilitate swift responses. Timely and accurate escalation of medico-legal, infection outbreaks and potential negative media cases to the RC helped in activating the relevant authorities to implement preventive measures.
Commenting on his win, Mr Teo said: "To me, risk management is relational, not transactional. It means building relationships for the greater good. This award motivates me to build more bridges for the risk management community.
"For the passionate risk managers out there, this award is also for you!"
Mr Teo’s passion for risk management has extended to both the local community and abroad. He values collaboration with various risk-related associations, which has allowed him to successfully rally support in building the risk community. As the lead of the Risk Management Society’s (RIMS) regional advisory group in Southeast Asia, he has also played an important role to help establish the partnership between RIMS (Risk Management Society) and Singapore’s NTU (Nanyang Technological University) in 2017.
Having represented Singapore (as a member of the national working group for risk in ISO 31000) in contributing to the development of International Risk Standards with a revision for ISO 31000:2017, he is well-versed in best practices for Risk Management, including the COSO ERM 2016.
Congratulations to Mr Teo!
Hosted annually by Asia Insurance Review, the AIIA is in its 21st year this year and is a much sought-after mark of excellence and peer group endorsement for insurance players in Asia. It is held in high regard for its well-defined criteria and transparent judging process, and is audited by KPMG.
Sponsors this year include RGA, Peak Re, Aon, AIG, Tokio Marine, Toa Re, MSIG, Muang Thai, Swiss Re, Remark, QBE and Medix.