Continuing the success of the International Risk Management Case-solving Competition (IRMCC), The Center for Risk Management and Sustainability (CRMS) has just held the Risk Challenge 2022. As one of university students’ largest worldwide risk management competitions annually, participants are challenged to assess and solve risk management problems facing today’s modern organizations.
The participants consist of 70 teams representing 15 universities from 5 countries. The online preliminaries, semifinals, and finals allow each student to participate in showcasing their exquisite skills and competing with the best of the best globally.
The preliminaries, which started on June 17, 2022, allowed each team five days to analyze available information, construct solutions, and defend their recommendations regarding this year’s theme: “Creating Responsible and Impactful Companies through ESG Implementation.” The top 15 teams then moved to the semifinals on June 30-July 5, 2022.
Coming down from the top 15 teams, 5 finalists were chosen to compete in the final round held on July 8, 2022. In this round, they had to present their proposals in front of a panel of judges, which consisted of global experts, practitioners, and academicians in risk management.
After intensive preparation and presentation of their proposed case-solution papers, Team CJSQUARE of the National University of Singapore (Ng Kwok Ming Clinton, Jericho Fiesta Manguan, and Park Jiho) was announced as the winner of the Risk Challenge 2022. Following that, the second place belongs to Team Non-Cents Consulting of Shaheed Sukhdev College of Business Studies – University of New Delhi (Pulkit Sehgal, Bhavya Sood, and Siddharth Garg). Meanwhile, securing third place, we have Team Most Outstanding of Institut Teknologi Bandung (Reinard Lucky Cokro Wardoyo, Ferdinand Laurencius Yonathan, and Soulivea Ameliasari).
Ng Kwok Ming Clinton from the winning team, CJSQUARE, of the National University of Singapore, stated that this competition has helped him to understand ISO 31000:2018 Framework better, especially when ESG is implemented in the company.
“In terms of how challenging the case competition would be, Risk Challenge 2022 exceeded my expectation in that aspect especially in the Final Round where we only had 2.5H to write an essay and powerpoint. In essence, Risk Challenge 2022 has introduced risk treatment solutions to solve problems that, I once, was unaware of when implementing ESG,” he added.
Not only Ng Kwok Ming Clinton, another participant, Tsang Hoi Lam from Hong Kong Baptist University, also gave his impression of this competition. He mentioned that this competition provides a platform to learn CSR and risk management in the business world.
“Applying my knowledge to the practical world helps enrich my understanding of the relationship between CSR and risk management,” she said.
As stated by the participants and the judges, the Risk Challenge 2022 is a competition emphasizing teamwork and can be excellent training for university students. This occasion benefits students who get a chance to be exposed to various risks from different industries and perspectives internationally. Likewise, the judges could also witness how the participants exceeded their expectations.