KUALA LUMPUR, June 19 — The Institute of Risk Management (IRM) and the Malaysian Association of Risk and Insurance Management (MARIM) signed a Memorandum of Understanding (MoU) yesterday to enhance collaboration and advance risk management practices in Malaysia.
This MoU was established with the aim of generating mutual benefit for both organisations signalling a shared interest in advancing risk management for the benefit of businesses and societies in Malaysia and beyond.
“The MoU sets the foundation for closer ways of working and focuses on joint face-to-face and virtual events, thought leadership initiatives and wider promotional activities with the IRM’s global network of regional and special interest groups,” chair of IRM Stephen Sidebottom said at the signing ceremony here.
Explaining further, Sidebottom said the IRM is a learning organisation committed to advancing the science and art of risk management.
“Our charitable purpose is to advance good, organisational and community resilience by building knowledge capital and social capital in risk management.
“We are looking at supporting individuals and institutions in developing their capabilities, confidence and connections needed to anticipate, navigate and prepare for natural and organisational (human) risks,” he said.
The IRM is rooted in the belief that professional risk competence leads to more resilient societies, more sustainable organisations, and improved outcomes for people, economies and the environment, Sidebottom added.
In addition to that, he said the MoU and commitment of goodwill marks a significant milestone in IRM’s commitment to supporting risk professionals in Malaysia.
“By working together with MARIM, we can drive innovation, share expertise and elevate risk management standards across industries,” he said.
The MoU signing ceremony was also attended by George Freeman, MP, UK Trade Envoy to Malaysia.
“I was pleased to join this event in my capacity as the UK Prime Minister’s Trade Envoy to Malaysia, a role focused on strengthening trade and investment ties between our two countries.
“Risk is no longer an isolated concern—it is now embedded in every layer of business, policy, and strategy.
“Organisations like the IRM play a vital role in maintaining those high standards and exporting best practice internationally,” Freeman said.
Chair of the Institute of Risk Management Stephen Sidebottom (right) and chair of Malaysian Association of Risk and Insurance Management (MARIM) Muhammad Faisha Shahriman signing a memorandum of understanding to enhance risk management practices in Malaysia. — Picture by Sayuti Zainudin
He added that from a trade perspective, embedding risk management strengthens the case for investment, ensures business continuity, and helps companies innovate responsibly.
“The UK has long been a global centre for governance, risk, and compliance expertise.
“The British High Commission in Kuala Lumpur, including our Department for Business and Trade (DBT) team, stands ready to support UK and Malaysian organisations in building partnerships, sharing expertise, and expanding responsibly into each other’s markets,” he added.
Chair of MARIM Muhammad Faisha Shahriman echoed the sentiment, adding that MARIM welcomes this strategic partnership with IRM, which will see the opening of new pathways for advancing the risk management profession in Malaysia.
“This MoU enables us to leverage IRM’s global expertise to provide Malaysians risk and insurance professionals with access to their global risk management standard setting.
“By strengthening local capabilities through thought leadership, research opportunities and collaborative events, we aim to support risk managers in addressing industry challenges and driving business resilience.
“This partnership ensures that professionals in Malaysia can benefit from global insights while applying them effectively to local market needs, helping to raise standards and advance the profession,” Muhammad Faisha said.
The event also saw the launch of the first-ever in-person delivery of IRM’s flagship Fundamentals of Risk Management (FoRM) course in Malaysia, which is now HRD Corp-funded.
“This landmark training will take place at Cititel Mid Valley, Kuala Lumpur, on July 22 and 23, 2025, offering business and management professionals a dynamic, interactive introduction to Enterprise Risk Management (ERM).
“Led by Shantini Paul, an experienced risk and compliance professional with over 15 years of training expertise, this course combines theory, case studies and practical exercises aligned with ISO 31000 and industry best practices.
“Participants will gain essential risk management skills, helping them make smarter decisions, reduce losses, and create safer, more resilient workplaces,” Sidebottom said.
The IRM is a leading professional body for Enterprise Risk Management (ERM) that provides globally recognised qualifications, training and advisory, publish thought leadership and run insightful events open to both our members and the wider public, all of which are underpinned by our professional standards, defining the requirements risk managers need to meet.
It focuses on helping organisations and individuals build excellence in risk management and raise awareness of risk across society so that they protect value and take advantage of opportunity.
IRM is a registered charity.
As for the MARIM, it is a non-profit trade association representing corporations which practice risk and insurance management in Malaysia.
MARIM was founded in 1992 and the association is managed by an executive committee elected by its members.
The main objective of MARIM is to promote, foster and develop concepts and practices of risk and insurance management.
