Hong Kong’s Ocean Park is one of Asia's largest amusement parks. MYR acted as outsourced risk manager between 2007 and 2017 on a fly in, fly out basis. Our challenge during this time was to progressively develop and expand the risk management program to support a large and rapidly changing business, with cultural challenges and an initially low understanding of risk management principles within the organisation.
To secure this work, we distinguished ourselves from insurance and big four consultants by speaking in Layman’s Terms ensuring the client understood what we were offering and how it practically helped their business. We offered a senior team at very competitive rates and a fee that was cost-effective even though we were based in Perth.
We first focused on high-level risks, particularly strategic and major operational exposures around operating assets and interfaced with the six million visitors at the Park. This lead to significant control improvements including:
- Strategic initiatives
- Increased attraction
- Sustainability practices
- Health and safety improvements
The program then expanded to each of the business units, with a heavy emphasis on business continuity and crisis management capability and practices. During this time the program became much more aligned with business planning priorities and supported an overhaul of internal control. The program was promoted throughout the amusement park industry internationally as a model for good risk management.
The key learnings from this experience include:
- How to adapt to specific culture and attitudes
- How to conceive and develop risk management maturity over the long term
- How to consult efficiently to save our client money and management time while delivering good outcomes
- The importance of business continuity capability and planning for business