Ship leasing company Yangzijiang Financial is overhauling its risk management structure as part of its ongoing management restructuring.
The Singapore-listed company said the move would see each of the group’s investment committees have more explicit risk management responsibilities.
In addition, it said the scope of the compliance department will be expanded to include enterprise risk management, including risk controls and reporting.
“The combination of risk and compliance activities under one centralised department will help achieve a more robust risk management outcome and improve operational efficiencies,” Yangzijiang Financial said.
As part of the restructuring, the role of chief risk officer will be eliminated with incumbent Chiang Kheng Hong reassigned to run the group’s cash management operations.
He will also 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,” Yangzijiang Financial said.
“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.”
These latest changes, which will take effect on 1 April, are described as part of Yangzijiang Financial’s efforts to further streamline the organisation following changes to its senior management team earlier this year.
Yangzijiang Financial chief executive Vincent Toe announced his departure in October last year to pursue other interests.
He will remain at the helm to provide continuity during the transition period until his departure on 24 April, the company has said.
Executive chairman Ren Yuanlin is set to assume the role of chief executive and Liu Hua, the group’s chief financial officer and chief operating officer, will also be appointed deputy CEO on Toe’s departure.
At the same time as it announced Toe’s departure, Yangzijiang Financial also announced that the chief investment officer roles in China and Singapore would be removed.
Yangzijiang Financial, which was spun off from Singapore-listed Yangzijiang Shipbuilding, has been in acquisition mode since announcing it was setting up a new maritime investment fund in August 2022.
Last year, the company teamed up with Cetus Maritime to invest in handysize bulkers for the Hong Kong-based owner’s commercial handysize pool.
