NTU students crowned winner of the Deloitte Singapore Risk Intelligence Challenge Trophy 2015
Singapore, 9 March 2015 – Taking bold risks and seizing opportunities for Singapore to progress over the next 50 years requires a degree of intelligent foresight. Three students from Nanyang Technological University (NTU) emerged top in the third Deloitte Singapore Risk Intelligence Challenge Trophy (RICT) competition as judges lauded their foresight to “be BOLD and risk it”, the theme for this year’s intervarsity challenge.
Dr Janson Yap, Regional Managing Partner, Enterprise Risk Services, Deloitte Southeast Asia and Asia Pacific shared, “50 years ago, our founding fathers took daring risks to build up Singapore. Today, the city-state is a successful and leading transhipment hub. As we celebrate the nation’s golden jubilee this year, it is important to engage the next generation on their views of nation building for the next 50 years.”
Jointly organised by Deloitte and Nanyang Business School's Quantitative Finance and Actuarial Science Club (QFASC), the competition spanned over 12 weeks where participants had to prove that they have what it takes to manage risk through written essays, case presentations and debates. The final round of debate which took on 7 March required the students to present their case for Singapore to participate and advocate the notion for Southeast Asian nations to form a unified trading block and introduce a single ASEAN currency.
“This notion is a timely one as Singapore celebrates 50 years of successful nation building. We wanted to challenge the students’ thinking beyond conventional risk management. There were some good insights that emerged from this debate and the students displayed an impressive level of foresight in future-proofing Singapore’s success for the years ahead. It is through perseverance and having foresight beyond the present challenges that you can develop a successful risk strategy, both in business and in life,” added Dr Yap.
The trio from Team Red, comprising Ong Wei Chang, Elaine Lim Yan Lin and Lee Wei Rong impressed judges with their sound and succinct arguments. The team leader Ong Wei Chang, the 24-year-old undergraduate who is currently pursuing Business (Actuarial Science) and Accountancy at NTU commented on the rigour of RICT over the past 12 weeks citing examples of the challenges that they had to face, “We were able to tackle real-life issues in this competition such as the business challenge of running nursing homes in Singapore and dealing with regional issues in ASEAN. It has been an immensely fulfilling journey for me and my team members, and we are thrilled to win this competition over 24 other teams.”
Runner-up Team Dog enjoyed preparing for the competition. “From having little knowledge of risk previously to acquiring so much from our learnings by the end of the competition, my team is proud to say that we have become mini-risk experts. We see things around us with a new perspective, being able to identify and think differently about the risks that exist around us in our daily lives,” shared Ow Chuen Poo, leader of Team Dog who is currently undertaking a double major in Finance & Accounting at the Singapore Management University (SMU). The 24-year-old was also presented with the Best Speaker title.
The winning team took home a cash prize of S$2,000 and an internship opportunity with Deloitte Singapore. The first runner up Team Dog received a cash prize of S$1,000.
Both teams will join their Malaysian, Indonesian and Thai counterparts in the second Deloitte ASEAN RICT which will culminate in the later part of this year.
A total of 24 teams from Singapore’s four universities took part in this year’s Deloitte RICT, the brainchild of Deloitte Singapore’s Enterprise Risk Services practice. Launched in 2013, the inter-varsity competition is aimed at engaging students through experiential learning to promote a better appreciation of risk management.
About Deloitte RICT
Deloitte’s Risk Intelligence Challenge Trophy (RICT) is the brainchild of Deloitte Singapore’s Enterprise Risk Services practice.
RICT is an inter-university competition aimed at engaging students through experiential learning to promote a better appreciation of risk management in everyday life. During the competition, undergraduates have to prove that they have what it takes to manage risk through their written essays, case presentations and in a final round of debate. Besides promoting curiosity and enthusiasm in professional risk issues, the RICT aims to encourage participants' independent learning via logical and creative thinking.
This is the third year for Deloitte RICT. RICT was first launched in the first quarter of 2013 as a local competition but it has since expanded its footprint to include three other ASEAN countries – Malaysia, Indonesia and Thailand.
The two finalists from this year’s RICT won over 24 teams of undergraduates and graduate students from Singapore’s leading universities - National University of Singapore (NUS), Nanyang Technological University NTU, Singapore Management University (SMU) and Singapore Institute of Management (SIM). The winning team will walk away with an internship opportunity with Deloitte Singapore and a cash prize of S$2,000.
The judging panel comprised:
- Dr Shirley Huang, Assistant Professor of Quantitative Finance, SMU
- Prof. Yeo Wee Yong, Associate Professor, NUS Business School
- Prof. Boo Hian Yong, El’fred, Associate Professor, NTU College of Business
- Chiew Chun Wee, Asia Pacific Head of Policy and Research, ACCA
- Dr Janson Yap, Regional Managing Partner, Enterprise Risk Services, Deloitte Southeast Asia & Asia Pacific
- James Walton, Deputy Clients & Markets Leader, Deloitte Southeast Asia & Singapore
Both finalists will join the Malaysian, Indonesian and Thai teams to compete in the second ASEAN RICT in the later part of this year.
Profile of RICT 2015 finalists
Team Dog (Opposition)
- Ow Chuen Poo (Team Leader), School of Accountancy, SMU
- Daniel Woon Wing Fatt, School of Accountancy, SMU
- Glen Marcus Lee Wei Long, School of Business, NTU
- Clement Tan Han Rong, School of Business, NTU
Team Red (Proposition)
School of Business, NTU
- Ong Wei Chang (Team Leader)
- Elaine Lim Yan Lin
- Lee Wei Rong