FGV Holdings Berhad

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Value Achieved in Risk Management

Executive Summary

Organizations are best served to take an integrated approach to risk management that allows different processes and departments to have their view of risk that can roll into enterprise risk management and reporting that supports business objectives and is integrated with decision making. This is done through a common risk management strategy, process, information, and technology architecture to support overall risk management activities from the process level up through an enterprise view. Organizations need to clearly understand the breadth and depth of their risk management strategy and process requirements and select the right information and technology architecture that is agile and flexible to meet the range of risk management needs today and into tomorrow. 

Incorporated in 2007 as a private limited company, FGV Holdings Berhad (FGV) (formerly known as Felda Global Ventures Holdings Berhad) initially operated as the commercial arm of Federal Land Development Authority (FELDA) before being listed in the main market of Bursa Malaysia. FGV is one of the world’s largest crude palm oil producers and the second largest Malaysian palm oil refiner. FGV has over 18,000 employees across its subsidiaries and joint-venture companies. It has operations around the world and produces oil palm and rubber plantation products, oleochemicals, and sugar products.

The challenges FGV faced had adversely affected its recent years’ performance partially due to lower productivity and higher productions costs compared to industry benchmarks for its plantation sector, weaker average crude palm oil price, and poor investment adventures. Having a corporate profile that comes under constant scrutiny of the market regulator, market analysts, media, investors and public members, the company is under enormous pressure to turnaround its performance and image and to restore the confidence of its stakeholders.

GRC 20/20 has evaluated and verified the implementation of Cura at FGV and confirms that this implementation has achieved measurable value across the elements of GRC efficiency, effectiveness, and agility. In this context, GRC 20/20 has recognized FGV and Cura with a 2019 GRC Value Award in the domain of Risk Management.

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Description

Value Achieved in Risk Management

Executive Summary

Organizations are best served to take an integrated approach to risk management that allows different processes and departments to have their view of risk that can roll into enterprise risk management and reporting that supports business objectives and is integrated with decision making. This is done through a common risk management strategy, process, information, and technology architecture to support overall risk management activities from the process level up through an enterprise view. Organizations need to clearly understand the breadth and depth of their risk management strategy and process requirements and select the right information and technology architecture that is agile and flexible to meet the range of risk management needs today and into tomorrow.

Incorporated in 2007 as a private limited company, FGV Holdings Berhad (FGV) (formerly known as Felda Global Ventures Holdings Berhad) initially operated as the commercial arm of Federal Land Development Authority (FELDA) before being listed in the main market of Bursa Malaysia. FGV is one of the world’s largest crude palm oil producers and the second largest Malaysian palm oil refiner. FGV has over 18,000 employees across its subsidiaries and joint-venture companies. It has operations around the world and produces oil palm and rubber plantation products, oleochemicals, and sugar products. 

The challenges FGV faced had adversely affected its recent years’ performance partially due to lower productivity and higher productions costs compared to industry benchmarks for its plantation sector, weaker average crude palm oil price, and poor investment adventures. Having a corporate profile that comes under constant scrutiny of the market regulator, market analysts, media, investors and public members, the company is under enormous pressure to turnaround its performance and image and to restore the confidence of its stakeholders. 

GRC 20/20 has evaluated and verified the implementation of Cura at FGV and confirms that this implementation has achieved measurable value across the elements of GRC efficiency, effectiveness, and agility. In this context, GRC 20/20 has recognized FGV and Cura with a 2019 GRC Value Award in the domain of Risk Management. 

Table of Contents

  • Monitoring and Managing Risk Effectively
    • Challenge to Boards, Executives, and Risk Management Professionals
    • Understand the Interrelationship of Risk and Its Impact
  • FGV Holdings Berhad: Value Achieved in Risk Management
    • The Challenge FGV Faced
    • Solution to FGV’s Problem
    • FGV Achieved Value in GRC Efficiency, Effectiveness, and Agility
      • GRC Efficiency Value
      • GRC Effectiveness Value
      • GRC Agility Value
    • GRC 20/20’S Final Perspective
  • About GRC 20/20 Research, LLC
  • Research Methodology

Author


Michael Rasmussen – The GRC Pundit @ GRC 20/20 Research, Michael Rasmussen is an internationally recognized pundit on governance, risk management, and compliance (GRC) – with specific expertise on the topics of GRC strategy, process, information, and technology architectures and solutions. With 26+ years of experience, Michael helps organizations improve GRC processes, design and implement GRC architectures, and select solutions that are effective, efficient, and agile. He is a sought-after keynote speaker, author, and advisor and is noted as the “Father of GRC” — being the first to define and model the GRC market in February 2002 while at Forrester Research, Inc.


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