MoF, Kuwait team discuss risk management, internal auditing

DUBAI / WAM

In a bid to strengthen its network of relations with various stakeholders and regional and international entities, the Ministry of Finance (MoF) received a delegation from Kuwait Capital Markets Authority on its premises in Dubai. The visit aimed to review the ministry’s experience in risk management and internal audit in government financial work.
Faisal Al Mansouri, Head of the Strategy and Future Department at MoF, received the visiting delegation which was headed by Yousef Al Ibrahim, Head of the Performance Development and Risk Management Office at the Kuwait Capital Markets Authority and included a number of employees from the authority.
Commenting on the visit, Faisal Al Mansouri said, “The Ministry of Finance is committed to implementing its cooperation strategy and the exchange of experience with various international and regional government financial organisations and entities. Similar visits and meetings represent an interactive platform
to exchange experiences on the latest mechanisms applied, which strengthens the principles of cooperation between government entities in the region.”
During the meeting, the MoF reviewed its initiative to apply the risk management that is aligned with ISO 31000 – Risk Management, its goals to predict and deal with crises effectively and efficiently, as well the importance of implementing these goals to enhance the effectiveness of the ministry’s operations, reduce losses and achieve greater levels of regulatory compliance. This results in having a more solid process for issuing financial reports and in turn enhances stakeholders’ confidence in government financial operations.
The Strategy and Future Department team delivered presentation on mechanisms adopted for determining a probability-impact matrix general framework for ISO 31000 risk register system, in addition to a discussion on internal audit operations and its goals.