LOLC honoured at GRC Achievement awards
LOLC Group’s Enterprise Risk Management operations brought home a
prestigious, global accolade, when they won an Achievement Award for
Governance, Risk Management and Compliance (GRC) for 2012. This award
was presented by the Open Compliance and Ethics Group (OCEG) at the 7th
Annual Compliance Week Conference for Corporate, Financial, Legal, Risk,
Audit and Compliance Officers, at the Mayflower Hotel in Washington DC
U.S.A. Brian Barnier, the Chairman of the Judging panel, an OCEG Fellow
and Principal Analyst of ValueBridge Advisors presented the award to the
LOLC Group.
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From left . Bruce Carpenter, Senior
Director, Internal Audit, Sybase; Sharmini Wickremasekera,
Chief Risk Officer of the LOLC Group; Brian Barnier, OCEG
Fellow, OCEG; Tom Harper, Executive Vice President/General
Auditor, Internal Audit Department, Federal Home Loan Bank
of Chicago; Christina, US Department of Treasury; Howard
Osborne, Director, DC Financing Operations, U.S. Department
of the Treasury. |
LOLC was adjudged a winner along with three other top US companies
and government agencies, namely; The Bureau of Public Debt-Office of
Financing of the U.S. Department of Treasury; The Federal Home Loan Bank
of Chicago; and Sybase, an SAP Company.
The specialty of this award is that LOLC was the only Asian company
who bagged the achievement award. At the ceremony, LOLC Group’s
Enterprise Risk Management system was acclaimed by the judging panel,
with notable praise bestowed on the Group’s centralized Integrated Risk
Management Structure.
In her congratulatory note to LOLC, Carole Switzer, President of the
OCEG said, “I am writing to extend my personal congratulations to LOLC,
as a recipient of 2012 GRC Achievement Award from OCEG. The awards
recognize the great strides that companies, government agencies and
other organizations have made in improving and integrating their
approaches to governance, risk management and compliance, to achieve
principled performance.”
LOLC was praised for managing the complexity in regulatory and risk
issues in their risk profiles, whilst facing a range of corporate
cultures throughout its multitude of subsidiaries, and the challenge of
governing a growing conglomerate.
The task of ensuring that LOLC’s risk management processes are
effective and robust falls under the purview of the Group’s Enterprise
Risk Management Division. LOLC’s recognition at the OCEG Awards is
attributed to the Group’s success in establishing and implementing an
organizational structure and framework for risk management drawing on
the synergies of Internal Audit, Risk Management, Information Systems
Audit and Compliance.
LOLC, in a media statement said that receiving the GRC Achievement
Award, in recognition of its efforts on a global platform, is a
tremendous achievement for the entire LOLC Group of Companies and for
the country. LOLC praised the efforts taken by organizations such as the
OCEG, to establish a more ethical and accountable GRC framework whilst
helping organizations achieve their objectives, as both welcoming and
praiseworthy, especially during a time when global economies are
recovering from the adverse effects of lack of compliance and risk
management.
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