Yangzijiang Financial combines compliance and risk functions, removes chief risk officer role
YANGZIJIANG Financial : YF8 0% : BS6 0%will no longer have a chief risk officer from Apr 1 when it combines its compliance and risk functions under one department.
The move will help the company “achieve a more robust risk management outcome and improve operational efficiencies”, it said in a filing on Friday (Mar 15).
Under its expanded scope, Yangzijiang Financial’s compliance department will now include enterprise risk management, including risk controls and reporting.
Each of the group’s investment committees will also have more explicit risk management responsibilities, it added.
With the change, the group’s current chief risk officer, Chiang Kheng Hong, will be reassigned to run the group’s cash management operations.
As chief risk officer, Chiang oversaw the strategic operation of the group and managed corporate risk functions in Singapore.
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With the reorganisation, Chiang will join the respective investment committees to strengthen oversight of the group’s treasury and liquidity risk management.
The group said that its cash portfolio currently constitutes a significant portion of its total assets and provides liquidity support to the other investment portfolios.
It added that Chiang is “well-qualified” to manage the liquidity and capital of the group, with more than 25 years of experience in treasury, financial markets and risk management.
Yangzijiang Financial said that the latest changes are part of its efforts to streamline the organisation’s structure following changes to its senior management team. Its chief executive officer and executive director, Toe Teow Heng, will be stepping down from his role on Apr 24.
The counter closed flat at S$0.32 on Friday, before the announcement.
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