Today, a group of researchers from the Accounting Research Institute (ARI) visited the Perbadanan Insurans Deposit Malaysia (PIDM) office in Kuala Lumpur. A meeting has been arranged with PIDM's Non-Executive Chairman, Tan Sri Abdul Samad Alias to discuss possible case study project on PIDM. Tan Sri Abdul Samad has served as a Board Member of PIDM since 15 August 2005, and chaired PIDM’s Audit Committee. A Fellow Institute of Chartered Accountants in Australia, he has extensive experience in auditing and accounting including as the non-Executive Chairman of Ernst & Young. PIDM is a statutory body that actively promotes and contributes to public confidence in the stability of the Malaysian financial system. It also protects depositors against the loss of their deposits as well as takaful and insurans benefits in the unlikely event of a member institution failure. At the recent NACRA 2011 award, PIDM won the "Best Annual Report for Non-Listed Companies". What is interesting about PIDM's annual report is the introduction of new initiatives by the company to ensure financial credibility of its accounting numbers. A comprehensive deliberation is included in the annual report to discuss policy and implementation practices of its (i) Risk Management, (ii) Corporate Governance and (iii) Internal Control system. Though PIDM is a government company formed under the purview of the Ministry of Finance, PIDM takes it upon itself to govern and drive the company as a "business entity".
As such, PIDM's statement of corporate governance has been observed as one of the most comprehensive in this country. ARI researchers hope to write a case study on PIDM's Financial Integrity very soon. Financial Integrity encompasses the whole spectrum of financial reporting supply chain processes and procedures. More meetings will be organized with PIDM's management team in the future. ARI wishes to thank Tan Sri Abdul Samad Haji Alias, PIDM Chairman; Ms Norrida Baharuddin, Chief Internal Auditor and General Manager and Ms Lim Yam Poh, General Counsel and Corporate Secretary for spending your valuable time with our researchers.