SPH Media to review risk culture and internal controls following investigation
SINGAPORE - SPH Media will improve its internal controls and enhance its risk management, the media group said on Wednesday after releasing a report detailing the findings of an investigation intoSPH Media’s chief executive Teo Lay Lim said the incident had revealed inherent weaknesses, some of which had been addressed and fixed immediately, such as requiring that two approvals or the chief financial officer’s sign-off be obtained for certain decisions.
“SPH Media Group has a legacy of operating within individual departments, given the specialised nature of each operation or function,” it said. Mr Max Loh, who chaired the committee, said the report detailed such controls as they are key, and not because they are all lacking.“But it’s a continued improvement process, and as part of this investigation, or the findings that have come out, I think it is a good catalyst, if you will, for us to relook all this and see how we can strengthen .
“That would be what we would have to do if we have the next barter deal, in order not to be guilty of or in order not to fall into this situation where it seemed to be not well-executed,” she said. It urged SPH Media to embrace and adopt a robust risk culture, alongside one of performance and teamwork.
The company should also create a culture where people are comfortable about openly talking about risk and challenging others, including superiors, who should then positively address the concerns raised.Employees should also take personal responsibility for managing risks, be committed to accountability, and proactively seek to involve others in making appropriate risk-based decisions, it added.
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