Deloitte identifies start-up risks with students in Risk Intelligence Challenge
The final leg of the Deloitte Risk Intelligence Challenge Singapore Finals 2017 (RIC) was held on 25th March 2017 where 7 teams competed for a place in the upcoming ASEAN RIC 2017. The competition was held at Brewery @ BASH, Singapore’s first and biggest integrated start-up ecosystem.
In its 5th year, RIC 2017 focused on start-ups with case presentations on companies such as Airbnb and Uber and attracted 150 over students from the local universities in Singapore to solve problem statements and validate their business models.
Throughout their RIC journey, teams received training from Deloitte Risk Advisory professionals, Christopher Wong (Manager), Sarah Chen (Consultant) and Jeraldine Gan (Associate) on various topics such as Risk Transformation, COSO Enterprise Risk Management framework and entrepreneurial methodologies such as Lean Methodology, and Start-up Validation Board from Reactor SG. Deloitte consultants were also mentors to the finalist teams as they guided them in preparation for their presentations.
Lim Weiyuan, Head Trainer at Reactor SG commented, "At Reactor, we believe that there are not enough young people solving the world’s biggest problems. We are incredibly encouraged at the Deloitte’s RIC this year, and are hopeful to see young minds coming together to solve real world problems. The future will be a fast spinning maelstrom of new technologies and Deloitte, being at the forefront of tackling the upcoming challenges, establishes themselves as one of the most progressive and forward-looking organizations."
The competition opened with an address from Dr. Alex Lin, Head of Ecosystem Development at SG Innovate. Teams had to present innovative business strategies and recommendations in the local start-up scene with risk management frameworks to the panel of judges: Dr. Loke Wai Chiong (Risk Advisory Executive Director), Ms Cheryl Lim Je Yen (Risk Advisory Director), Dr. Alex Lin (Head of Ecosystem at SG Innovate, formerly known as Infocomms Investment), Dr. Asad Kausar (Assistant Professor in Division of Accounting, Nanyang Business School at Nanyang Technological University) Dr. Foo Maw Der (Associate Professor and Acting Head of the Division of Engineering & Technology Management at National University of Singapore) and Dr. Tan Wee Liang (Associate Professor in Strategic Management at Singapore Management University).
After a series of insightful case presentations and careful deliberation by the judges, Teameyz from National University of Singapore was crowned the Champions for Singapore RIC 2017. Their case for Uber was well evaluated and engaging which left a deep impression on our judges. On top of $3000 cash prize and internship opportunities, they will be representing Singapore at the ASEAN RIC 2017 in July.
PLG from Singapore Management University managed to clinch 1st Runner Up with their analytical skills and Ricoh’s Social Media Winner award for having 500 over likes on their Facebook video, walking away with $1500 cash prize and a Ricoh Theta S Camera worth $600 that morning. The Best Speaker Award was given out to Tan Boon Yu from Victorious Secret who displayed commendable effort during his presentation.
Closing the competition was Dr. Loke Wai Chiong who shared, “There is a rising trend on Singapore’s start-up scene and RIC hopes to create awareness for risk management and foresight in these businesses. The question is how and what do we give advice on the risks that they are facing and that’s where Deloitte comes in.” The aim of the competition, he adds, “is to help develop an age of risk intelligent individuals as RIC gets bigger each year.”
“While there are always risks in starting and running a business, it is important to understand those risks to make sound decisions. The Risk Intelligence Challenge is a good platform to expose undergraduate students to the practice of risk management. They are able to apply the risk management concept in a real life context, allowing them to showcase their ideas and talents to business leaders and industry stakeholders.” Said Ellen Wong, Assistant Director in Member Services and Marketing of Institute of Singapore Chartered Accountants (ISCA).
Teameyz will continue to progress to compete in ASEAN RIC 2017 with Malaysia, Thailand, Philippines and Indonesia that will be happening in July 2017. RIC is concurrently being hosted in these countries and the winners from each country will gather to battle it out to be the ASEAN RIC Champion.
Deloitte Risk Intelligence Challenge 2017 is proudly partnered with the following partners:
- Strategic Partner – Institute of Singapore Chartered Accountants (ISCA)
- Venue Partner – Build Amazing Start-ups Here (BASH)
- Programme Partner – Reactor SG
- Social Media Partner – Ricoh Asia Pacific
- Product Partner – CHOPE
- Co-organizers – Accounting Society of Singapore Management University