What Can Go Wrong?

LIM SOON HOCK,

MANAGING DIRECTOR, PLAN-B ICAG

“IF there is one important lesson learned from Covid, and post Covid into 2023, it is that companies must spend time understanding and recognising What Could Go Wrong with the business. 

Due to a lack of preparedness, many successful companies ran into financial difficulties and had to exit. It is the duty and responsibility of the Boards of Directors to ensure that sufficient time is always allocated for enterprise risk management and that it is on the agenda. 

Management can and should celebrate success, but bad news, present or into the future, must not be sidelined or swept under the carpet in favour of only good news.

Covid-19  has been a rude awakening for many companies, irrespective of size, even for Singapore Airlines. It is therefore prudent and vital to anticipate what can go wrong, rather than be caught too late for preparedness and not have the resiliency to overcome a crisis.

Key Points For 2024

Going into 2024, companies — big or small, global or local — must give sustainability the highest priority among other challenges created by political turmoils, technological changes brought about by generative AI, and digitalisation, as well as social and demographic changes, such as an ageing world population.

ESG — Environmental, Social and Governance — compliance will be a new strategic competitive advantage. Companies that have not embarked on decarbonisation will lose customers and face problems seeking working capital or investments.

A very successful business can quickly go downhill if it has not recognised ESG compliance as a ‘must-do’, and is late in embarking on the journey of decarbonisation, going into 2024.”

WHO ELSE HAS COMMENTED?

STORM-ASIA talks with decision makers from different industries to get a sense of how they have taken the goings-on of 2023 in their stride and what will continue into 2024. What is there to look forward to?

From telcos to automotive, governance to healthcare and media and advertising, the opinions are considered while the expectations for 2024 are different.

Their opinions will be featured in this final week of 2023 and will hopefully present you with some ideas about how to plan the year ahead. Read Awaiting 2024 With Trepidation to see the list of interviews.

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