Perbadanan Insurans Deposit Malaysia (PIDM) has released its Annual Report 2023 highlighting the Corporation’s achievements and progress, guided by its Corporate Plan 2023 – 2025, themed “Realising Readiness”. Under the three-year Corporate Plan, PIDM focuses on three strategic pillars that prioritises resolution readiness, effective financial consumer protection systems and the implementation of essential digital transformation.
In 2023, PIDM dedicated its efforts in enhancing preparedness to navigate the ever-evolving financial landscape where volatile, uncertain, complex and ambiguous (VUCA) events are happening more frequently. PIDM continued to prepare and work closely with its key stakeholders to ensure its member institutions are resolution-ready while maintaining financial consumer confidence and upholding financial system stability.
Highlights from the Annual Report 2023 based on the three strategic pillars include:
Strategic Pillar 1: Realising Readiness for Resolution and Crisis Management
PIDM organised its inaugural National Resolution Symposium to foster collaboration and knowledge exchange among various regulatory experts and industry players and launched the
Resolution Case Studies booklet that captured experiences and learnings from past global experiences for future reference. PIDM published the revised Differential Premium Systems (DPS) Regulations in July 2023 and to ensure seamless implementation, issued a Guidance Note on Transition Reporting to guide member banks on information gathering for the new resolution centric indicators. PIDM also issued resolution planning guidelines to assist its member banks in developing the essential capabilities to support an orderly resolution, and conducted simulation exercises and interagency collaboration to enhance crisis readiness.
Strategic Pillar 2: Enhancing Confidence in PIDM’s Protection System
PIDM successfully increased its public awareness level to 86% (80% in 2022), contributed by improved presence on digital and social media platforms and intensified engagements with its targeted stakeholder groups. Based on the annual nationwide public awareness survey, the public’s level of familiarity and understanding of PIDM’s role in the financial system also improved through consistent communication and engagement efforts. PIDM supported the financial literacy agenda through various initiatives, including its flagship
#SediaPayungKewangan campaign and programmes carried out in collaboration with the Financial Education Network (FEN).
Strategic Pillar 3: Enabling PIDM’s Readiness Through Organisational Effectiveness, Digital Transformation and Strong Governance
PIDM remained committed to building a resolution-ready and future-ready workforce, and under its upskilling and reskilling initiatives, introduced an enhanced corporate-wide learning and development framework. PIDM also transformed its infrastructure to be future-ready and reinforced its cybersecurity posture to handle the ever-increasing cyberthreats. In addition, PIDM ramped up its commitment to sustainability and corporate social responsibility by incorporating environmental sustainability elements into its various corporate activities and organised internal recycling-related initiatives.
PIDM’s Annual Report 2023 is available at
www.pidm.gov.my/AR2023.