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Sunday, February 25, 2024

Ministries start training on enterprise risk management

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By Aisha Tamba

Five government ministries are taking part in a week-long training on enterprise risk management.
Also called ERM, enterprise risk management is a plan-based business strategy that aims to identify, assess and prepare for any dangers, hazards and other potentials for disaster – both physical and figurative – that may interfere with an organisation’s operations and objectives.

The ministries of finance, health and social welfare, basic and secondary education, – and works and infrastructure are taking part in the training.
Officials said it will equip these ministries with the “necessary tools and techniques to increase operational efficiency and support risk processes.”
The finance ministry, with support from the Commonwealth Secretariat, is piloting the implementation of the ERM.

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The training follows on the development and adoption of an ERM policy by the Government, after “widespread sensitization” of the policy in October 2018.
The Director of governance and peace division of the Commonwealth Secretariat, Katalaina Sapolu reiterated the “commitment” of the Commonwealth Secretariat in supporting The Gambia in improving governance through improved management of risk.
The finance minister, Mamburay Njie, said: “An effective risk management process enables The Gambia government to make better-informed decisions about accepting risk to create value and managing risk to minimise negative impacts on national development objectives. Risk management comprises the activities and culture that an enterprise undertakes to create and preserve value when meeting its strategic objectives.”

Lamin Camara, the permanent secretary at finance ministry, equipped: “Risk management benefits MDAs and our development partners by enabling new ideas to be explored and potential risk to be managed to minimise their impact.
“We are committed to increase our operational efficiency and find inventive ways of delivering our services to The Gambian people without compromising quality of bracing risks beyond a level that we are willing to accept.”

The Adviser of Public Financial Management of the Commonwealth Secretariat, Augustus Cole, said “The already adopted ERM policy of the Government of The Gambia creates an avenue for a strengthened approach to risk management across the public sector in a bid to improve transparency and accountability in pursuance of the objectives of both the Sustainable Development Goals and The Gambia’s National Development Plan.”

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The Director General of West Africa Insurance Institute, Frederick Bowen John, said the concept of ERM has evolved in recent times “in the ever competitive corporate market as a means of improving corporate governance and ensuring that companies maximise their profits.”
Augustus Cole is providing technical advisory assistance on the ERM implementation.

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