Triple threat: Young trio wins inaugural ASEAN Risk Intelligence Co-opetition
SMU undergraduates beat students from top schools in Singapore, Malaysia and Indonesia to win
SINGAPORE, 17 March 2014 – Team M.E.A.D from the Singapore Management University displayed the right mix of aptitude, attitude and knowledge of risk to emerge as the champions for the inaugural ASEAN Risk Intelligence Co-opetition (RIC) held on Saturday, 15 March 2014.
Held over a two-day period, the competition saw the finalist teams from the respective local Deloitte Risk Intelligence Challenge Trophy, which was held in Singapore, Malaysia and Indonesia in recent months, gather for a collaborative and cooperative competition (“co-opetition”).
For this inaugural Deloitte ASEAN RIC, students came to grips with the potential challenges of the ASEAN Economic Community (AEC). At each step of the competition, students were challenged to think about the changing economic environment as a result of the AEC, identify the potential hurdles and risks that come with the change and how to mitigate them.
“With AEC, we are now seeing a new era of risk management. Traditional risk management and business models are becoming increasingly challenged. To manage risk, businesses must be able to think beyond the present and have the ability to intelligently sense and anticipate the risks in the future. Also, it is important for collaborative and cooperative competition – also known as co-opetition – in today’s dynamic business environment. We hope that through the ASEAN RIC competition, participants will come to understand and apply the concepts of co-opetition, both business and in life,” explained Dr Janson Yap, Regional Managing Partner, Enterprise Risk Services, Deloitte Singapore and Southeast Asia.
The winning team, Team M.E.A.D which is made up of three students from the Singapore Management University – Alan Lim, Daniel Foo, and Elmer Tan, all aged 24 – impressed the judges with their strong understanding of the research topic and excellent analytical skills, as well as a flair for public speaking.
Team leader Alan expressed his thrill at winning the ASEAN RIC, “The Deloitte ASEAN RIC is a once-in-a-lifetime experience and we are proud to have been a part of it. We takeaway with us not only a deeper understanding of risk management and how it affects us in our daily lives and our future careers, but lasting friendships with the other finalists whom we have cooperated and collaborated with during the course of the competition.”
The winning team walked away with a cash prize of S$2,500 and an overseas internship opportunity with Deloitte Southeast Asia. Runners-up, Team Perfecto from Multimedia University Cyberjaya in Malaysia, walked away with S$1,500.
The AEC, scheduled to achieve its integration goals by end-2015, is expected to transform the world’s fastest growing region into a more competitive, unified player in the world economy. The impact on the economy and businesses is wide-ranging – from regulations, to distribution, to products, to talent, to operating cost base, amongst others.
Jeff Pirie, Leader of Deloitte’s AEC initiative for Southeast Asia, shared his thoughts on why the AEC was a suitable topic for students to get involved in, “While the AEC will open up many opportunities for businesses around the region, it presents risks and challenges as well. Businesses need to develop their strategies to embrace these opportunities and mitigate risk. As future business leaders, it is important for students to understand what the AEC means and how it will affect the future of organisations in ASEAN. More intrinsically, we want students to think about how the AEC can impact them as they aspire to take on leadership roles in their careers.”
Photos and accompanying captions are available for download here until 1 April 2014.
For more information on the competition and finalists, please refer to Appendix A below.
About Deloitte ASEAN Risk Intelligence Co-opetition (RIC)
The ASEAN Risk Intelligence Co-opetition is the first ever risk-centric challenge, which spans across the region. ASEAN RIC drives the importance of collaborative and cooperative competition (“co-opetition”) in today’s dynamic business environment.
Winners from the local Risk Intelligence Challenge Trophies (RICT) across Singapore, Malaysia and Indonesia will gather to test their aptitude, attitude and knowledge of risk in an informative two-day challenge.
The first day will see participants going through our proprietary Deloitte Risk Lab, which will bring participants through a facilitated experience to gain a deeper understanding of the types of risks such as fraud cases, reputational risks, corruptions, strategic and operational risks, amongst others; from identification and assessment to mitigation planning.
This enhanced understanding of risk will pave the way for refining their case presentations on the ASEAN Economic Community on day two, when all six teams will vie for the final two spots in the final debate. The teams with the highest scores at the end of their case presentation will be given an hour to prepare for the final round debate.
The team with the highest scores at the end of day two will be crowned Deloitte’s ASEAN Risk Intelligence Champion 2014.
Profile of judges and participants
School: Nanyang Technological University
Tan Jun Jie
Saravana s/o Pannir Selvam
|Team: Gonville & Caius
School: University of Indonesia
Galuh Nisa Kartika
Respati Rizky Prajawati
Tegar Iman Susila
School: University of Parahyangan
Dwi Kurnia Pradiptasari
School: Taylor’s University
Tee Jia Shun
Loi Chee Hui
Yeap Zhe Chyuan