COMMONWEALTH CAPACITATES MDAs ON ENTERPRISE RISK MANAGEMENT

The adviser, Public Financial Management, Governance and Peace Directorate Specialist of the Commonwealth Secretariat, Augustus Cole, has ended a Five-Days intensive training on Enterprise Risk Management (ERM), which started on the 17th and ends Tuesday, 23rd of April 2024 at the Ministry of Finance Conference Hall George Street Freetown.

The training targeted Senior staff from all Units, Divisions, and the Department of Ministry of Finance, Accountant General’s Department, Ministry of Agriculture Forestry and Food Security, Ministry of Health, etc.

During the training session, Mr. Cole explained that the training covered areas of risk formal or informal, foreseeable or unforeseeable, known or unknown, risk Vs uncertainty, risk management, the importance of risk management, enterprise risk management, an overview of international ERM Standards, ERM Vs traditional risk management, an overview of international ERM standards, ERM policy, and ERM framework, evaluating entity progress in implementing with international standards.

He further stated in another lesson the roles and responsibilities for effective operations of enterprise risk management, the importance of human capital to ERM, risk attitude, the purpose of risk governance, risk management capacity, processes, classification of analysed risk, evaluation of classified risk, learning lessons from the experience of risk treatment, etc.

In a closing session, the Acting Financial Secretary, Mr Samuel E.B Momoh, encouraged participants to use and cascade the knowledge they gained from the training to colleagues in different MDAs and even colleagues in the same departments, units, and divisions.

He further urges all participants to harness the insights gained from the training to drive meaningful change within their respective institutions.

He also stated that, throughout the deliberation, participants have delved into the intricacies of ISO 31000, which serves as a globally recognised standard for risk management. This framework provides a systematic approach to identifying, analysing, evaluating, treating, and monitoring risks.

The participants applauded the Commonwealth Specialist, Mr Cole, for his excellent training and presentation skills and thanked the Commonwealth Secretariat for the gesture.

This training will help improve the fiscal risk management associated with Ministries, Departments, and Agencies that can cause financial losses and threats to the government.