Preparing for the Unexpected
In October 2004, the Risk Committee endorsed a risk management vision and roadmap to provide better risk management focus. At the same time, a set of guiding principles was adopted for the more effective management of MAS-wide risks. These principles promote an integrated risk management model, proper accountability and a balanced approach in managing risks.

In the past year, MAS implemented several initiatives to enhance its risk management process. These included regular reviews of prioritisation of key risks and risk mitigating measures, the appointment of Risk Champions in each department, and the roll-out of process risk control mapping. MAS also formalised an anti-fraud policy and procedures for reporting operational risk events. To be effective, there needs to be a strong risk culture within the organisation that supports an open environment for effective and clear transmission of risk information. We will continue to raise staff’s risk awareness and integrate risk management philosophy into MAS’ corporate priorities.