Markets Media spoke with Agnes Koh, Chief Risk Officer at SGX, who won Excellence in Risk Management at the 2024 Women in Finance Asia Awards.
What was your reaction to winning the award?
I was extremely honoured and humbled especially as I had begun my career in Risk management 18 years ago after coming out of an 8-year career break and without the “right credentials” then.
This was back in 2005 when it was more difficult than it is today to re-enter the workforce; opportunities were scarce then for return-to-work mums.
That is why I am very grateful that SGX Group as an employer was willing to take a chance on me. Despite my not being a quant, they valued my previous experience as a portfolio manager and were open to hiring someone with the practical risk experience navigating through different market crisis, rather than a person with the theoretical know-how.
The journey was tough, especially in the first year, from being 24/7 with the children to working in the office for many hours away from home. Like many working mothers, I struggled with the initial guilt feelings.
The difficult transition was eased as SGX, being the only market infrastructure in Singapore offered a unique and interesting, even exciting, proposition with so much to learn. Our management supported my proposal to rotate through other departments early on, which enabled me to learn quickly and to build new relationships outside the Risk team to better understand the purpose of the organisation and what makes it tick.
The past 18 years have been a time of continued growth for me, as SGX Group navigated the breadth of different crisis e.g. GFC, Covid-19, and operational incidents.
The openness to helping a new colleague immerse across the organization plus constant support and encouragement remains a hallmark of SGX Group even to this day.
In short, we as a team were able to create new opportunities amid adversity and I have benefitted greatly from this.
What keeps you motivated?
Having purpose pushes me forward especially at difficult moments. Risk management is dynamic and challenging; no day is ever dull.
I see my purpose as changing the mindset across the organisation about what good risk management is. It is not just about managing controls to stay out of trouble but is business enabling, strategic and creates opportunities for innovation and change.
What are the top risk management trends?
Cyber and third-party risks are difficult to control as even intensive effort may not necessarily reduce the impact of such a risk event on operational resilience.
Liquidity risk is critical. We are in an environment where money has greater value/cost due to higher interest rates versus a few years earlier. Liquidity risks in the financial models across the ecosystem may thus be underestimated.
As I said earlier, risk may not always mean trouble; it can be beneficial too. Understanding and appreciating both sides of the risk equation is crucial for new technologies such as AI and cloud.
What is your greatest professional achievement?
My team has had many professional achievements that I am proud of. These were made possible by being anticipatory and staying true to testing the resilience of our risk frameworks.
A more recent instance would be during the COVID-19 pandemic. As part of driving business continuity, we had tested the work-from-home capability of all operational functions across the organisation in September 2019 and discovered areas that were lacking. Plans for improvement were put into place so when Singapore went into lockdown in March 2020, a majority of the employees were able to work remotely with relative ease.
Consider also the 2008 Great Financial Crisis. The US Treasury Department had announced on Thursday Sept 11 that Lehman Brothers had to find its own rescue partner.
The Risk Management team took unprecedented steps to protect the Singapore market eco-system and ring-fenced the potential fallout risk from a global bank. There were difficult conversations with stakeholders and significant challenges but we stood our ground on the anticipatory actions implemented. When Lehman ultimately filed Chapter 11 bankruptcy on Monday Sep 15, the shock to global market reverberated for months and we were able to manage the risk in a controlled manner. Ultimately SGX Group and its members were unscathed.
Tell us about a passion you have outside the business.
Exercise ! I love to explore new ways to keep my mind and body healthy and functional. As a competitive sports person in my school days, keeping active outside of work is embedded in my DNA. Exercise is important to me because it keeps me both physically, mentally and emotionally able to handle the different pressures in my life. Over the years, my exercise habits have evolved to fit my body and mental timeline and I am constantly learning about the human body and how it functions.
I see a future where I could devote my time to understanding how the body and mind function. I would like to be an advocate to people within my age group to get them thinking differently about exercise. Exercise is not a chore but critical to maintaining our functional abilities and lifestyle. This as an important aspect as Singapore’s population ages.
What’s your advice to the next generation of women in finance?
Three things stand out for me.
One, keep learning, understanding and embracing changes and new technologies. They will be significant game changers and will be relevant in the workplace in the future.
Second, define your own success and find your purpose. I meet with many mid-career women in finance, some of whom have come back from career breaks and have found their way forward. Never feel guilty about taking that break as different things are more important at different stages of your life.
Finally, work hard and have the humility to ask for help.
The journey at work may be challenging. But I have found these 3 things invaluable in helping me to stay rooted and keep going.
©Markets Media Europe 2024
