In response to the COVID-19’s global impact on business, the Center for Risk Management and Sustainability (CRMS) held the International Risk Management Case-solving Competition (IRMCC), with a focus on how Enterprise Risk management can build an organization’s resilience and sustainability in the post COVID-19 era.
Participated by 89 teams, from 17 universities and 6 countries, round 1 (preliminary) started on June 16, 2021. The teams had 5 days to prepare their papers proposing solutions to the case “Enterprise Risk Management at Hydro One”. Round 2 (semifinal) was held on 2-7 July 2021. In this round, the 15 semi-finalists could choose 1 of the 2 given cases. The cases are “Avatar: Product Development in Creative Industry” and “Air Canada – Risk Management”.
Participants were challenged in assessing and solving the risk management issues organizations are facing today, analyzing available information, constructing solutions, and defending their recommendations.
“Being given the opportunity to present on an international stage is a very good training and provides exposure to competition that the students may not otherwise have had,” said Alan Simmonds, the co-founder and director of GDPR360, United Kingdom. “Hopefully this exposure will ensure that they have high expectations of themselves, possibilities, opportunities and advantages when they enter the world of work.”
Six finalists were chosen to compete at the grand final, where the teams only had 2 hours to prepare their proposed case-solution papers, along with the presentation deck, in the final round held on July 16, 2021.
In this round, they had to present their proposals in front of a panel of judges which consisted of global experts in Risk Management.
Each team was assigned to analyze a case on Huawei Consumer Business: Technology Leadership Challenges.
After an intensive presentation process, Team Maple of Nanyang Technological University (NTU), Singapore (Wang Jieying, Li Peiyao, and Pushparajan Saranyawas) was elected as the winner of the IRMCC 2021.
“This competition taught us more about how people use the standard,” told Wang Jieying, a member of the winning team, Team Maple from NTU. “We also got exposed to various risks from different industries from different international perspectives as our fellow competitors came from diverse nationality backgrounds.”
Following that, the second prize goes to the U-Fam Team from the University of Surabaya, Indonesia (Agnes Lestari, Alisha Alawiyah, and Lady Safitri Sugiarto). The Question Mark Team from the National University of Singapore (Candace Tan, Aqashah Mohd, and Darren Ther) came in third.
“It’s amazing how the participants of this competition have all done very well,” added Imelda Tiongson, the president and CEO of Opal Portfolio Investment Inc, the Philippines. “[It] exceeded my expectation, to think they only had a couple of hours to complete.”