PENGuRuSaN RISIKO DI KWSP

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  • GAMBARAN UMUM

    Dalam menetapkan matlamat untuk merealisasikan VisidanMisinya,KWSPperlumemastikanbahawasegalaunsuryangberkaitantelahtersediabagimenguruspelbagairisikoyangtimbuldaripadapersekitaranperniagaanyangsentiasaberubah. Sama ada ianya risiko strategik, kredit, pasaran,kecairan atau operasi, KWSP terus memanfaatkan budayapengurusanrisikonyayangteguhdanrangkakerjapengurusanrisiko yang bersepadu untuk merebut semua peluang danmenanganisemuaancaman.

    Pada2011,KWSPterusmelaksanakanpelbagaiinisiatifyangbertujuanmenerapkanbudayapengurusanrisikoyangkukuhdi setiap peringkat organisasi. Inisiatif ini termasuk latihandan pembangunan sumber manusia secara berterusan,pelaksanaandasaryangkomprehensifdanstrukturorganisasiyang bersesuaian, serta peranan dan tanggungjawab yangditakrifkandenganjelas.

    OVERVIEW

    AstheEPFsetsitssightsonrealisingitsVisionandMission,itneedstoensurethatnecessaryelementsaresetinplacetobettermanagethevariousrisksposedbytheever-changingbusiness environment. Whether it is strategic, credit,market, liquidity or operational risk, the EPF continues toleverage itsrobustriskmanagementcultureand integratedriskmanagement framework to takeadvantageofpotentialopportunitiesandcounterallpossiblethreats.

    In 2011, the EPF continued to implement various initiativesaimed at embedding a strong risk management culturewithin every level of the organisation. These initiativesincluded continuous staff training and development, theimplementationofcomprehensivepoliciesandanappropriateorganisationalstructure,aswellasclearlydefinedrolesandresponsibilities.

    PENGuRuSaN RISIKO DI KWSPRISKMAnAGEMEnTInEPF

    133Lembaga Kumpulan Wang Simpanan PekerjaLaporan Tahunan 2011 Annual Report

  • The EPFs risk management structure provides clear linesofresponsibilityandaccountabilityfortheriskmanagementprocess as well as outlines the principal riskmanagementandcontrolresponsibilities:

    1 The Board and the Investment Panel:

    The Board of the EPF (Board)isretainstheoverallriskmanagementresponsibility;whereas

    The Investment Panel is responsible for therisksrelatedtomakinginvestmentdecisions.

    Mewujudkan polisi risiko/Establishment ofriskpolicy

    Memastikan pelaksanaan dan pematuhan terhadap polisi risiko/Ensureriskpolicyimplementation & compliance

    Pematuhan dan pelaksanaan polisi risiko/Riskpolicyimplementation& compliance

    Jawatankuasa Audit Lembaga/Board Audit Committee

    Disokong oleh Jabatan Audit Dalaman

    SupportedbyInternal Audit Department

    Jawatankuasa Pengurusan Risiko Operasi/

    ManagementOperationsRiskCommittee

    Unit Perniagaan & Cawangan/Business Units & Branches

    32Jabatan&66Cawangan/32 Departments & 66 Branches

    Jawatankuasa Risiko Pengurusan/ManagementRisk

    Committee

    Jawatankuasa Pengurusan Pelaburan/ManagementInvestment

    Committee

    Jabatan Pengurusan Risiko/ RiskManagementDepartment

    Lembaga KWSP/Board of the EPF

    Jawatankuasa Pengurusan Risiko Lembaga/BoardRiskManagementCommittee

    Jawatankuasa Risiko Panel Pelaburan/InvestmentPanelRiskCommittee

    Panel Pelaburan/Investment Panel

    Nota/NoteKWSPmengamalkanpendekatanbawahkeatasdanataskebawahthe ePF practises both a bottom-up and top-down approach

    PENGURUSAN RISIKO DI KWSPRisK manaGement in ePF

    Struktur pengurusan risiko KWSP menyediakan garistanggungjawab dan akauntabiliti yang jelas berkenaanprosespengurusanrisikosertamenetapkantanggungjawabutamadalampengurusandankawalanrisiko:

    1 Lembaga dan Panel Pelaburan KWSP

    Lembaga KWSP (Lembaga) mengekalkantanggungjawab bagi keseluruhan pengurusanrisiko;manakala

    Panel Pelaburan KWSP bertanggungjawabterhadaprisikodalammembuatkeputusanpelaburan.

    Jabatan Pematuhan Pelaburan/ InvestmentComplianceDepartment

    134 Lembaga Kumpulan Wang Simpanan PekerjaLaporan Tahunan 2011 Annual Report

  • 2 TheBoardRiskManagementCommitteeand InvestmentPanelRiskCommittee:

    The Board Risk Management Committee isresponsible for assisting the Board in overseeingall operational riskmanagementactivities (i.e. allactivitiesexceptforactivitiesinmakinginvestmentdecisions)andtoensurethattheriskmanagementprocessisinplaceandisfunctioningeffectively

    The Investment Panel Risk Committee isresponsible for investment risk oversight, whichincludesrecommendingtheaggregateriskappetitefor Investment Panel sign-off, approving riskmanagement policies and limits, reviewing riskexposures, and providing direction in relation toriskmanagement practiceswithin the investmentfunction

    3 Dedicated Committees

    The Management Operation Committee (MORC)is a committee established at the managementleveltooverseetheOperationalRiskManagement(ORM)ofEPF.TheMORCchairedbytheCEOanditsmembersconsistoftheCEO,DeputyCEOs,HeadofRiskManagement,HeadofHumanResourcesandothersasdeemedappropriate

    The Management Risk Committee (MRC) is amanagement-level committee responsible fordeveloping the risk policy and appropriate limitsfor managing the investment risks of the EPF.Its members consist of the CEO, Deputy CEOs,Head of Risk Management, Head of InvestmentCompliance,HeadofQuantitativeandPerformanceAnalysisandrelevantHeadsofDepartment

    The Management Investment Committee (MIC)is a management-level committee responsiblefor evaluating the performance of the EPFsinvestmentsaccording toassetclassesaswellasrecommendinginvestmentstrategiesandproposalstotheInvestmentPanel

    4 The dedicated independent risk management andcompliance functions, namely, the Risk Management Department andtheInvestment Compliance Department,areresponsibleforensuringtheimplementationofandcompliancewithriskpolicies.

    5 The Business Units and Branches comprising 32departmentsand66branchesrespectivelyarethefirstline of defence against risks. They are responsible foridentifying,mitigating andmanaging risks within theirlines of business. They are also to ensure that theirday-to-daybusinessactivitiesarecarriedoutwithintheestablishedriskpolicies,proceduresandlimits.

    PENGURUSAN RISIKO DI KWSPRisK manaGement in ePF

    2 Jawatankuasa Pengurusan Risiko Lembaga dan Jawatankuasa Risiko Panel Pelaburan:

    Jawatankuasa Pengurusan Risiko LembagabertanggungjawabmembantuLembagamengawasisemua aktiviti pengurusan risiko operasi (iaitusemuaaktivitikecualiaktivitimembuatkeputusanpelaburan) dan memastikan bahawa prosespengurusan risiko dilaksanakan dan berfungsidenganberkesan

    Jawatankuasa Risiko Panel Pelaburan bertanggungjawab mengawasi risiko pelaburan,termasuk memperakukan tahap risiko agregatuntukkelulusanPanelPelaburan,meluluskanpolisidanhadpengurusanrisiko,mengkajipendedahanrisikodanmemberikanpanduanberhubungdenganamalanpengurusanrisikodalamfungsipelaburan

    3 Jawatankuasa Khusus

    Jawatankuasa Pengurusan Risiko Operasi adalahsatu jawatankuasa yang diwujudkan di peringkatpengurusan untuk memantau pengurusan risikodiKWSP.JawatankuasaPengurusanRisikoOperasidipengerusikanolehKetuaPegawaiEksekutifdanahlinya terdiri daripadaKetuaPegawai Eksekutif(KPE), Timbalan KPE, Ketua Jabatan PengurusanRisiko,KetuaJabatanPengurusanSumberManusiadanmana-manalainyangdirasakansesuai

    Jawatankuasa Risiko Pengurusan adalahjawatankuasa peringkat pengurusan yangbertanggungjawabmerangkapolisidanhadrisikoyang sesuai untukmenguruskan risiko pelaburanKWSP.Ahli-ahlinyaterdiridaripadaKPE,TimbalanKPE, Ketua Jabatan Pengurusan Risiko, KetuaJabatan Pematuhan Pelaburan, Ketua JabatanKuantitatif dan Analisa Prestasi dan Ketua-ketuaJabatanyangberkaitan

    Jawatankuasa Pengurusan Pelaburan adalahjawatankuasa peringkat pengurusan yangbertanggungjawab menilai prestasi pelaburanmengikutkelasasetsertamencadangkanstrategisertapeluangpelaburankepadaPanelPelaburan

    4 FungsipengurusanrisikodanpematuhanyangkhususdanberkecualidilaksanakanolehJabatan Pengurusan Risiko dan Jabatan Pematuhan Pelaburan, yangbertanggungjawabmemastikanpolisirisikodilaksanakandandipatuhi.

    5 Unit Perniagaan dan Cawangan, dimanamasing-masingterdiridaripada32jabatandan66cawanganmerupakanbarisanpertahananhadapanmenghadapirisiko.Merekabertanggungjawabmengenalpasti,mengurangkansertamenguruskanrisikoyangberkaitandenganbidangtugasmereka.Mereka jugaperlumemastikanbahawa tugasharianyangdilaksanakanmematuhipolisi,prosedurdanhadyangtelahditetapkan.

    135Lembaga Kumpulan Wang Simpanan PekerjaLaporan Tahunan 2011 Annual Report

  • 6 The Board Audit Committee, supportedbytheInternalAudit Department, is responsible for providing anindependentassessmentoftheadequacyandreliabilityofthesystemofinternalcontrols,aswellascompliancewithpoliciesandprocedures.

    INVESTMENT RISK MANAGEMENT

    FRAMEWORK

    TheInvestmentRiskManagementFrameworkaimstosupporttheinvestmentprocessesoftheEPFandensurethatproperriskgovernanceisinplacewithregardtoinvestmentdecisionmaking.

    The frameworkprovidesaholisticviewof theriskprofileoftheEPFs investmentportfolio. ItenablestheEPFtohaveacommon approach in identifying, measuring, monitoringandmanaging our portfolio risks. Thiswill ensure the EPFoptimises return on risk taking activities within its risktolerancelevels.

    Theriskgovernanceframeworkisillustratedinthefollowingchart.

    Proses, Polisi & Prosedur Risiko/Risk Processes, Policies & Procedures

    Sistem Risiko & Data/Risk systems & Data

    Organisasi Pengurusan Risiko yang Berkesan/effective Risk management organisation

    Penentu Risiko & Had/Risk Quantification &

    Limits

    Alokasi Aset Strategik/strategic asset allocation (saa)

    Alokasi Aset Taktikal/tactical asset allocation (taa)

    Proses Pelaburan/investment Process

    Pemilihan Sekuriti & Pengurusan Portfolio/security selection & Portfolio management

    Pengukuran Risiko/Risk measurement

    Laporan Risiko & Prestasi/

    Risk Performance &a