Previous
Next

Being a foundation that does various social development, cultural, & entrepreneurship programs, the Ramon Aboitiz Foundation Inc. (RAFI) is taking steps to protect itself from different kinds of risks  that could hinder it from achieving its goals.Various initiatives started in 2016, with RAFI jumpstarted its Risk Management Program by hiring dedicated personnel to look at and implement the foundation’s Enterprise Risk Management (ERM) Program. It is also in 2016 that RAFI formed the Operational Risk Management Committee, a group of team leaders representing the different RAFI programs that discusses and decides on different risk management initiatives to be implemented for the foundation.

In 2017, the Risk Management Unit was formed to handle ERM and other risk-related functions, such as but not limited to risk management, business continuity management, information security management, risk finance, and compliance. In the same year, a committee was formed at the Board level to focus on risk management and audit initiatives, thus the RAFI Board Audit & Risk Committee was formed. This Board is chaired by RAFI Treasurer Mikel Aboitiz, with President and COO Dominica Chua, Carlos Aboitiz, Tristan Aboitiz, and Eduardo Aboitiz as members.

This year, RAFI is preparing itself towards getting assessed for Risk Maturity to determine the baseline level of maturity for the foundation. From there, the Risk, Security, & Compliance Team will work towards a higher level of maturity from the baseline rating to improve the foundation’s Risk Management Processes in the upcoming years. The foundation aims to reach at least a level 4 in the AON Risk Maturity Index which requires the foundation to have Risk Management processes fully documented and operationalized across the whole organization.