On March 29, 2017, AEV Group Risk Management, in coordination with AEV Governance and Compliance team, organized an Executive Briefing for the Board and Directors and Senior Executives of the Group, with more than 80 participants.
The four-hour briefing, which was held in the Taguig Corporate Center, was also due for accreditation with SEC for Corporate Governance.
Aboitiz Group President and CEO Erramon I. Aboitiz delivered his welcome remarks with his key message centered on the importance of raising the Group’s collective awareness and understanding of GLOBAL and EMERGING risks to build enterprise-wide resilience.
“We need to continue finding more effective ways to further embed a risk-aware culture across all our companies. For us to be truly resilient, it is most crucial that a strong risk culture of accountability and awareness permeates throughout our organization.”
-Erramon I. Aboitiz, Aboitiz Group President and CEO
The briefing covered three topics such as The 2017 Top Global Risks: World Economic Forum, Millennial Mindset – Risk and Opportunity in the Workforce, and Cyber Security. The audience were also given an opportunity to raise their concerns during the Q&A portion of the program.
Wolfram Hedrich, Executive Director of Asia Pacific Risk Center at Marsh & McLennan Cos., provided insights into the key global risks facing the business and government, as well as the collective view of risk experts on the most significant threats to global prosperity over the next decade. This year’s report highlighted the social and political risks and examined some of their root causes.
- We need to be aware of the key global risks, recognize the importance of the role we play, and exercise responsible and responsive leadership in facing and managing them.
- In reference to the growing list of risks that Aboitiz faces as an organization, Wolfram shared some best practices on how to approach them. One way is assigning someone to be responsible or accountable for identified risks. Another is to consider scenario based analysis in mapping of risks. It’s also important to put risks under a category for more focus.
Jeric Ramos, Managing Director of Global Resource Center & Global Benefit Center at Willis Towers Watson, talked about the risks and opportunities in the workforce, including the next generation or millennial concept and how do we engage them from attraction, retention, and optimization.
- In AEV, 47% of the talent are millennials. 26% of them are managers and 2% are AVPs and up. Millennials continue to reshape our workforce and as an organization we must be flexible, and be knowledgeable in maximizing their talent and contribution in the overall goals of the company.
- In managing the millennials, Jeric emphasized the 3 E’s framework: Engage, Enabled, and Energized. Millennials wanted openness, transparency, communication, and non-cash rewards such as instant recognition and feeling of belongingness.
- In the end, it is therefore important to prepare both leaders and managers on behavior change as organizations transform the way employees work, that is including the millennials, and be ready in managing employment relationships.
Lastly, Paul Jackson, Managing Director of Stroz Friedberg, an Aon company, together with Andrew Mahony, Regional Director, Financial Services & Professions Group at Aon Risk Solutions, presented leading insights into the world of cyber threats, latest cybersecurity trends, and how to proactively counter them.
- Cyber risk is in the top 4 of Aboitiz Group’s strategic risks. In his presentation, Paul noted that hackers have the combination of Inside Knowledge and Technical Knowledge, therefore, people and physical security have to be taken seriously in planning for cyber security.
- Among the most prevalent cybercrimes today are business email compromise, ransomware, and mobile attacks. In order to manage them, we must apply proactive protection or PIPER. This stands for Perimeter, Intel, People, Endpoint, and Response and Readiness.
Ending the program was a brief update on Aboitiz Corporate Governance Practices from AEV Chief Compliance Officer, Atty. Jasmine Oporto.
EIA Welcome Remarks
Aboitiz Executive Briefing – Global and Emerging Risks
MARCH 29, 2017
Good afternoon everyone. I am pleased to welcome all of you to our 2017 Risk Management briefing for AEV and AP Board of Directors, and the Group’s senior executives. Thank you for joining us today.
As we expand and grow our businesses here and abroad, we expect an increase in our exposure to different risks amid a progressively complex risk environment. Our journey to build enterprise resiliency will become even more challenging as we uncover risks that are new to us.
It is, therefore, imperative that we raise our Group’s awareness and understanding of global and emerging risks. The more aware we are, the better our capability to be more prepared to address risks and make risk- based decisions.
We need to continue finding more effective ways to further embed a risk-aware culture across all our companies. For us to be truly resilient, it is most crucial that a strong risk culture of accountability and awareness permeates throughout our organization.
For today’s executive briefing, we have invited three speakers from Marsh, Willis Towers Watson, and AON, to share their knowledge on topics that are particularly relevant to us. Thank you to our valued partners for accepting our invitation.
Topics for discussion include the World Economic Forum’s (WEF) top global risks and how some of these risks could affect the region, our country, and our businesses. We will hear insights on how to attract, and retain millennials in an organization and optimize their talents. Today, millennials make up about 50% of the Aboitiz Group workforce. Finally, we will learn about the latest trends in cyber security in a more interconnected world, and how best to manage this most dynamic risk.
I hope you will find the sessions engaging, informative and insightful, and may we use today’s added knowledge to help guide us along our journey to resiliency.