Yangzijiang Financial YF8 has announced changes to its organisational structure to strengthen its risk management functions and oversight, doing away with the chief risk officer (CRO) role in the process.
The current CRO, Chiang Kheng Hong, will be reassigned to run the group’s cash management operations and will join the respective investment committees to strengthen oversight of the group’s treasury and liquidity risk management.
The group’s cash portfolio currently constitutes a significant portion of its total assets and plays the critical role of liquidity support to the other investment portfolios. Chiang has over 25 years of experience in treasury, financial markets, and risk management, and is well-qualified to manage the liquidity and capital of the group, it says.
As a result of the reorganisation, each of the group’s investment committees will now have more explicit risk management responsibilities. In addition, the scope of its compliance department will be expanded to include enterprise risk management, including risk controls and reporting.
According to the company, the combination of risk and compliance activities under one centralised department will help achieve a more robust risk management outcome and improve operational efficiencies.
These latest changes, which will take effect on April 1, are part of Yangzijiang Financial’s efforts to further streamline the structure of the organisation following changes to its senior management team with the announced departure of its executive director and CEO Toe Teow Heng, on Oct 23 last year.
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Toe has remained at the group’s helm to provide continuity during the transition period until his effective cessation on April 24.
It was previously announced that executive chairman Ren Yuanlin will assume the role of CEO while Yangzijiang Financial’s current chief financial officer (CFO) and chief operating officer (COO) Liu Hua will take on the additional role of deputy CEO.
Shares in Yangzijiang Financial closed unchanged at 32 cents on March 15.
