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ASRIM 2014

BISMILLAHIRRAHMANIRRAHIM

   Today I spent my time in Seminar Actuarial Science and Risk Management 2014.This programme was held by my seniors,4th year students.It is a big event.I enjoyed this programme because I gained many knowledge in economy and finance.Congratulation to my seniors because succeed to organize this programme!!Mabruk alaikum ^^



There are 5 slots in this seminar:
NOTES TO SHARE WITH YOU


He does extensive research in commodities and indices which include Crude Oil Palm Future and Futures Kuala Lumpur Index (FKLI)

*to avoid financial crisis,so we have to control capital inflow and outflow wisely
*factors of financial crisis:
1)macroeconomics mismanagement
2)regulatory n structura problems
3)volatility of initial financial markets
3)political uncertainty

*The countries that able to escape from financial crisis :
-Hong Kong(because of high foreign reserves)
-Singapore(open exchage-rate)

*Malaysia GDP is about 87%
  
"We need young people to move economy"



He is senior lecturer in USIM at Faculty of Economy and Muamalat

*capitalism:western economist that has priority to maximize profit
*socialist:more focus on labour maximize
*islamic economist:falah(success) maximize

What Islamic Banking do??
-reduce transaction costs
-manage risk from assymmetric information
-operational risk,liquidity risk

seem like similar to conventional bank

BUT...

-Islamic bank has Shariah compliants

Usually there is up and down in business..we call it as business cycle.Dont be afraid to take risk because you might loss opportunity..

In Holy Quran,recite Surah Yusof ayat 43-49.




He is CEO of Konnyaku Industries Sdn Bhd.He is also Deputy President of Malaysia Oil Refinery.(MOR)

*turn blunder n plunder in economy into opportunity
*in economy there are bubbles
*economic bubble :trade in high volumes at price that are considerably at variance with intrinsic values(also known as financial bubble,speculative bubble,market bubble)
*in economic graph,there are peak n through
when the graph going up,economy face expansion...when it is going down,economy face recession
*at peak,usually shares are being sold at high price
*business cycle is a natural process,recurring change sin level of business n economic activity over time

"Economy is not a science,it is an art"



*This slot is like a forum.Syed hafiz was a moderator for this slot.

First speaker is Mr Ranjit:

He is managing director of Columbus Advisory Sdn Bhd
*25 years experience in risk management
*ERM(enterprises risk management)
Factors of failure risk management:
1)failed to discuss changing market condition
2)lack of understanding
3)lack of structured alignment
4)lack of tranparency
5)poor ethical standard 
6)reliance on outdated assumption

*risk=uncertainty event,measured by consequences and likelihood
*risk management=a process to manage,identify,asses,control potential event
*ERM framework:
1)ERM infrastructure
-vission,mission,goals,board management,governance structure
2)ERM process
-context establishment,risk assesment,risk action implementation,risk monitoring,continuous monitoring
3)ERM integration
-startegic planning,business planning,policy development,investing
 I learnt 5 case studies from Mr Ranjit:

-Kodak
-Nokia
-BP
-Starbuck
-Infosys

Second speaker is Mr Mohd Padzlin:
He is currently working as a compliance and risk management in Sunlife Malaysia Takaful Berhad.

*no risk,no reward
*lines of defence (LoD)
1)business unit
2)risk management
3)auditor



He is head of risk management and compliance at Hong Leong MSIG takaful.

*of course,there is no takaful companies immune from future financial crisis
*definitely there will be financial crisis but we do not know when.
*Takaful is small sector to be discussed whether it is affected by financial crisis or not.
*our total industry assets is
about two trimillion
*financial services industry:
74%  from conventional banks
19% from Islamic bank
6%  from Insurance
1% only from takaful

source:BNM monthly statistical bulletin

*for banking,credit risk is priority
*for takaful,liability risk is priority
*fund for takaful company:
-from shareholder
-from tabarru' fund
-from participants

*Takaful affected by financial because of holding of investment,slow growth

I met great speakers gave talk on financial crisis with positive mindset.ASRIM2014 AWESOME.Congrats to all commitees :)
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