Money Moves

Bright future in risk management

by Christy Liu

Stanki Yuen, CEO
International Risk Management Consultancy Company
Photo: Nolly Leung

The increasingly sophisticated regional business environment has created huge demand for risk management professionals with banking and financial knowledge, analytical skills and the right personality.

Now with offices in Hong Kong, China, Malaysia and Australia, International Risk Management Consultancy Company (iRmc) has well-established credit and control departments assisting small and medium enterprises with their implementation of effective credit and control policies and procedures.

"As the Hong Kong economy continues to gain momentum, an increasing number of companies is expanding operations to cover other Asian markets. In such a dynamic business environment, the demand for experienced risk management professionals is soaring", says Stanki Yuen, CEO of iRmc.

Mr Yuen stresses that only a handful of corporations with large volumes of credit transactions can afford to maintain their own internal credit control departments. In addition, companies traditionally combine credit control with the accounting department. Unfortunately, this practice fails to maximise the unique functioning and vital role of credit control. In essence, credit controllers with accounting knowledge are useful, but rarely completely comprehend the finer points of credit control.

In light of this, companies now seek external support from professional risk management consultancies to manage their credit control assignments. These include credit risk management, accounts receivable management, debt collection, bad debt recovery, legal advice and action, cash flow projection and collection status reports.

"Experienced risk management professionals carry tremendous weight in the industry. We are looking for quality people with higher education, solid risk management experience and preferably an accounting, banking or finance background in credit and control," explains Mr Yuen.

He adds, "Although local universities provide education in accounting, banking and finance, these programmes do not cover risk management and issues related to credit and collection management. For fresh graduates or candidates with less experience, starting from scratch is the only option if they want to enter the field."

According to Mr Yuen, a wide range of support programmes are in place to help trainees and new recruits adapt to the iRmc environment. "Our training programmes offer new recruits a comprehensive overview of the company, and cover essential knowledge and skills to project a fuller picture of our working environment and their career prospects both within the company as well as in the field. In addition to classroom training, trainees receive ongoing guidance from their immediate supervisors," he notes.

In view of the lack of comprehensive risk management training available in the market, iRmc regularly organises seminars and talks to share the company's professional experience and opinions with those interested in learning more about risk management and the latest market trends.

For example, iRmc risk consultants were invited by Tsing Hua University to be keynote speakers in a recent seminar on risk management. "In my view, participating in seminars is actually a learning opportunity because our risk managers can exchange opinions and at the same time obtain the latest information about the industry from peers," Mr Yuen remarks.

Taken from Career Times 11 April 2008, p. A6
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