APAC risk managers optimistic about 2021 outlook, says GARP
A report from the Global Association of Risk Professionals (GARP) shows most Asia-Pacific risk managers are optimistic, with COVID-19 and economic uncertainty emphasising the need for organisational risk management.
This marks a strong contrast with a similar report prior to the pandemic, in 2019, when Asia-Pacific risk managers reported the lowest percentage of bonuses or commissions among all surveyed regions, as well as the highest percentage of professionals earning less than US$100,000.
The new report – which surveyed more than 800 APAC members and 2,100 risk professionals globally – revealed nearly 72% of APAC risk managers reported a salary increase in the past year. And 36% said they received pay raises of 6 per cent or more, compared with 29% in EMEA and 21% in Americas.
Eighty-two per cent of APAC respondents said they would recommend risk management as a profession.
"We’re living in a time of rapid change, with risks to companies growing because of increasing international linkages, the use of technology, and the emergence of new risks related to climate change, cyber, and financial crime,” said Richard Apostolik, president and CEO of GARP.
“Professional risk managers have become indispensable in assisting financial institutions of all sizes around the world in meeting their strategic and business objectives.”
Rising need for risk management
The survey suggests a greater need for risk management has left some organisations understaffed. Throughout the COVID-19 pandemic, workloads either “increased significantly” or “increased slightly” for 71% of global respondents, with COVID-19, regulation, and new technology as the top factors driving this increase.
It therefore comes as little surprise that around two thirds of APAC professionals anticipate their organisation’s risk management department will take on more staff in the coming year, compared with around half of EMEA respondents and two fifths in the Americas.
“Despite higher workloads and other challenges, Asia-Pacific risk professionals will likely be in a better place after the pandemic than they were before it,” says Louise Holden, vice president of GARP Membership and Chapters. “The outlook in this report reveals a bright future.”
To learn more about the state of risk management careers and insights into future opportunities, read the GARP Risk Careers Survey: Executive Summary.
Seo JungJin: Who is EY’s World Entrepreneur of 2021?
Seo JungJin, founder of biopharma firm Celltrion, which most recently developed an antibody treatment for COVID-19, has been named the EY World Entrepreneur of the Year 2021, becoming the first South Korean in the award’s 21-year history.
Regarded as one of the world’s most prestigious business awards program for entrepreneurs, the EY Entrepreneur of the Year celebrates visionary and innovative leaders from across 60 countries who are transforming the world and fostering growth.
JungJin, who is now honoroary chairman of Celltrion Group, was up against a worthy cast of entrepreneurial competitors, taking the crown from among 45 award winners across 38 countries and territories.
Speaking during the virtual event, JungJin described his own interpretation of entrepreneurship as something that brings together “a group of people toward a common vision, embracing challenges as opportunities and committing oneself to contribute to the greater good”.
Why was JungJin crowned King Entrepreneur?
A South Korean native and now 63 years of age, JungJin founded biopharmaceutical firm Celltrion in 2003. In the nearly two decades since its founding, Celltrion has lived up to its goal of advancing health and welfare for all by developing ground-breaking drugs to treat autoimmune disease, various forms of cancer and, most recently, COVID-19.
The company, which JungJin started with just US$45,000 and five of his colleagues, has since growth to more than 2,1000 employees with sales permits in more than 90 countries and revenues exceeding US$1.69bn.
According to the panel, JungJin’s story is a shining example of the power of an unstoppable entrepreneur to change the world with the pandel moved by both his incredible story and his purpose-driven leadership, innovative mindset and entrepreneurial spirit.
Described by the chair of the EY judging panel Rosaleen Blair as “representing everything an unstoppable should be” from taking on the world’s biggest health care challenges to consistently creating long-term value for his company, JungJin’s story is one of incredible tenacity and perseverance that the judging panel felt most represented the entrepreneurial spirit.
“He’s taken breathtaking risks, both personal and professional, to found Celltrion and grow it into one of the world’s leading biopharmaceutical companies,” says Stasia Mitchell, EY Global Entrepreneurship Leader. “His passion for creating affordable, life-saving health care and flair for tackling global problems has led to many treatments that have helped millions of people worldwide and was especially evident this past year through the creation of a COVID-19 antibody treatment.”
How did JungJin get there?
JungJin's entrepreneurial journey started at an early age when he worked as a taxi driver to get himself through Konkuk University in Seoul, South Korea. After studying industrial engineering, he rose through the ranks of Daewoo Motor Co. before losing his job amid the carmaker’s financial troubles following the 1997 Asian economic crisis.
Following this, JungJin started collaborating with colleagues to explore business opportunities in different industries, though none delivered lasting success. The turning point came after he attended a talk hosted by renowned scholars, which inspired him to focus on the biopharmaceutical sector.
And so he founded Celltrion with just US$45,000 of his savings. The launch of Remsima, credited with being the world's first antibody biosimilar, quickly moved Celltrion up the ranks of the country's fairly underdeveloped pharmaceutical sector. Celltrion followed this success with the launch of drugs for breast cancer and lymphoma that today are being used worldwide.
With ambitions to be the world’s first in different areas, Celltrion has pioneered numerous uncharted areas to great success over the past two decades, most recently responding to the global pandemic by successfully developing an antibody treatment for COVID-19 and working to ensure a timely supply of the safe and effective treatment.
“When I first started, my vision was to help patients gain access to safe, effective and affordable medicines and thereby enhance the quality of people’s lives,” explains JungJin. “The success of Celltrion has enabled me to expand on this while finding new ways to fuel my entrepreneurial drive.”