Biographical Sketch

Mr Gordon Song is responsible for the design and implementation of the risk policy, processes, tools and reports as the head of ERM for Tigerair. His role includes integrating various risk management activities and processes. In addition, Gordon also heads the Internal Audit function, where he reports to the Audit Committee.

Mr Song was previously with Fortis Healthcare International, where he led the establishment of risk management and internal audit processes for the group’s global and regional business interests. He also led the development of the Global Insurance Program and was a key member in the placement of the Group’s first global D&O policy.

Prior to joining Fortis Healthcare, Mr Song was with KPMG Risk Consulting, where he led a team of consultants to deliver risk advisory services to clients of various sizes and industries. He was actively involved in the development of the ERM practice, introduction of new methodologies and techniques to clients and advising clients on ERM best practices. His expertise includes the design and implementation of risk governance and assurance structures and processes, as well as the implementation of internal controls framework. His clients in healthcare included JurongHealth and NUHS.

Mr Song holds a first-class honours in Accountancy from Singapore’s Nanyang Technological University.


Synopsis

ERM 5 - Understanding the Cost of Risk – What to Measure, How to Understand What Matters

Risk events can be costly. Beyond the direct financial consequence of a risk event, organisations also grapple with the erosion of stakeholder confidence, loss of employee morale and unwanted scrutiny from regulators. These ‘costs’ could be one-off, or linger on indefinitely. They could affect a single individual, a group of employees, the entire organisation or even the global economy as could be seen in the recent banking sector-led crises.

In healthcare, the cost of risk is not only about medical liability claims, but includes lives – those of our patients, staff  and their families – ranging from transient harm, long term disability to even death; and the ensuing emotional and financial burden.

A sound and robust risk management framework comprises three key elements - People, Processes and Systems. These must work together in an integrated manner for an organization to identify, analyse and mitigate risks. Risk management is the responsibility of all employees, and must be supported by a healthy risk culture.

Knowing the cost impact of risks in healthcare will let us have a better understanding of what to measure and how to prioritise what we do to assure the safety of our patients and staff; and uphold the positive branding for our organization as a whole.