She emphasized how agile governance, sustainability, innovation, and powerful ethical practices can prosper to prosper.
As Asia’s dynamic business environment continues to grow through the advances in consumers and advances in consumer evolving, companies are aiming for innovation, resilience, and long -term growth while navigating complex issues.
The valuable insight is provided by TEA Wei Li, a partner, risk, and advisory in KPMG in Singapore, and has a rich experience of governance and risk for more than 23 years. She has been working in Singapore, Hong Kong, and China, and has provided a wide range of issues in various industries, focusing on internal audits, enterprise risk management, and corporate governance.
Wei Li supports corporate government customs reviews in public and pre -IPO companies, ensuring the SGX Rest rules, Corporate Governance Guidelines, and list requirements before IPO. In addition, she regularly conducts risk management workshops, the organization has improved major risk indicators, and supports effective risk indicators and risk treatment action plans.
As a judge of Asian Management Excellence Awards, Welly is an important factor in long -term business success in the evolving market in Asia, agile governance, sustainable strategies, innovation, and powerful ethical practices Discussed the importance of.
How do you explain the current state of the Asian business industry with a wealth of experience? What is the important trend that forms its evolution?
Digital solutions such as AI diagnosis, personalized treatment, and automation are set to improve medical efficiency in order to meet the aging needs and the rate of chronic diseases.
This is especially related to Asia, which is ready to slow down from 2023 to 4.5 % in 2024 and 2025 and 4.2 % in 2026. This area has experienced changes in population statistics, and many countries are facing aging groups, and in some cases, the population decreases. Extremely population statistical aging and shrinking are economic and social issues, but Asia plays a leading role in the progress of technological innovation, deals with imminent needs, and utilizes solutions that promote global progress. That is also a technical opportunity.
The latest reports of Google, Temasek, and Bain, the title of e-cononomy SEA 2024, have remained elastic, despite the inflation pressure and uncertain global economic outlook. It indicates that it has achieved two digits of the business. Value, profit, and profit. Almost 50 % of the investment in this area is directed to emerging sectors such as software, services and AI.
In Pulse of KPMG’s report, Pulse of 2024, ASPAC’s Fintech company received $ 3.8 billion in 438 transactions, but SEA alone in the early 2024 AI that exceeds $ 30 billion in AI infrastructure. We are collecting investment. The SEA is also appropriately positioned to compete in both the data center and the end -layer application. In addition, investment in healthcare promoted by the progress of medical, diagnosis, and medical technology innovation is increasing.
Asia leads digital recruitment in Fintech, AI, and healthcare sector. Its economy focuses on powerful growth, technical leadership, and sustainability. However, especially in low -income and rural areas, it is necessary to deal with financial inclusion, access to healthcare, and disparity in infrastructure.
In addition, Asia is mainly half of global greenhouse gas emissions mainly by using fossil fuels. However, this area is positively investing in the practice of renewable energy and circulating economy, and is at the forefront of climate behavior. Renewable energy investment in the Asia -Pacific region has doubled 1.3t by 2030, positioning the area as an important player to deal with both environment and technology issues.
As the global business environment becomes more complicated, how can the organization be agile and adapt to unexpected confusion?
Companies must act like a startup to make it possible to adapt to unexpected confusion. Business agility is essential for maintaining relevance and competitiveness in a rapidly changing world and must be integrated with governance.
Agile governance is built based on a series of core agile values, actions, and practice. It emphasizes both consistency and adaptability, and the tissue can take risks and take risks while maintaining strategic focus. It also supports operation stability and promotes the growth of the organization in all aspects.
However, there are barriers and resistance to agile governance. Conventional hierarchical tissues often resist the conventions of agile governance, and leadership often hinders progress by sticking to the legacy system and the established hierarchy. For many leaders, this transition to agile governance seems to abandon control.
To adopt an agile governance framework, boards and their administrators must first make an intentional decision on the governance approach. These include a model, which indicates an example and actively learning about agile practice and evolving governance trends.
The Board of Directors and Management need to help the team and promote the trust, collaboration, and culture of motivation to strengthen the performance of the organization. This can rationalize governance by deleting excessive complicated rules and procedures that hinder agile and effective decisions. Furthermore, giving power to employees through comprehensive training is indispensable to increase the awareness of new risks and trends throughout the organization, and can contribute effectively with its success.
Technology that improves agility, such as AI, machine learning, data analysis, collaboration tools, and automation, can increase efficiency and promote innovation. At the same time, by implementing stress test governance frameworks and dynamic risk management practices for diverse confusion scenarios, the need for speed and the importance of thorough du distribution by enhancing the resilience of the tissue. Effective balance is guaranteed.
In your view, how can companies balance their employees, communities, and industries positively and to achieve business success?
Companies have long been accepting social responsibilities, but some people have been approached without clear focus and plan. Focusing on sustainability, climate risk, poverty, and global uncertainty today means that companies adopt a more intentional and strategic approach and make action meaningful social and environmental effects. We provide opportunities to hire together.
It is not complicated to achieve business success by having a positive impact on employees, communities, and industries. Companies can start by defining a clear purpose to match profitability to social interests.
“Four PS of value creation” (people, planets, prosperity, and governance principles) provide comprehensive frameworks for business to create environmental value, create employment, and promote the prosperity of the community. 。
With people, companies can support the local community by strengthening education, healthcare and infrastructure. By providing internships and vocational training, the skill gap is closed and the local economy is boosted. For example, Nescafé’s Nescafé plan 2030 is a program that distributes climate -resistant coffee trees and provides training on sustainable agricultural practices.
In the case of a planet, the business goal can generate shared values for the environment and stakeholders by integrating sustainable goals such as carbon nectability. For example, Microsoft has promised to become carbon negative by 2030 by investing in carbon removal technology and reducing operation and the entire supply chain.
Prosperity covers the overall impact of companies on global, state, and the regional economy, for example, DBS Bank. It is at the forefront of the sustainable bank, incorporating responsible banking to deal with climate change and promote long -term environmental management.
The principle of governance focuses on transparency, accountability, ethical leadership, and compliance with regulations. For example, Singtel guarantees transparency by providing regular disclosure and emphasizes the importance of the independence of the Board of Directors. This is achieved through a robust audit and risk management framework.
There is no decisive way to create a social responsibility strategy. However, adopting “four PS of value creation” is a great starting point. This framework will enable new tasks and opportunities in each field and deal with important priority on stakeholders and business. By adopting this approach, companies can succeed while actively contributing to society and planets.
As a return judge at the Asian Management Excellence Award, what criteria do you prioritize this year?
As a judge, I am looking for companies that indicate innovation by implementing creative solutions, products, or services that are different from competitors and promote the industry change. Strong financial indicators, such as stable profits growth, profitability, and efficient use of resources to achieve sustainable returns, are also important. We also look for companies that prioritize transparency, ethical practices, the independence of the Board of Directors, and the effective explanation mechanism. Furthermore, it is an important factor in my evaluation to focus on the involvement of community, the welfare of employees, and the reduction of the impact of sustainable practices.
