MoF highlights need for best practice risk management

As part of its ongoing commitment to ensuring world-class internal processes and building strong partner relationships, the Ministry of Finance (MoF) has hosted a workshop titled ‘Managing the Risk of Change’ aimed at highlighting current best-practice thinking in risk management. 

Head of MoF’s headquarters in Abu Dhabi, the workshop was targeted at MoF’s own staff as well as employees from the Ministry of Public Works and National Qualifications Authority. 

The workshop covered the concept of risk management and its connection to crisis and change management. Led by HE Abdul Rahim Al Zarouni, Director of Financial Management Department of MoF, the agenda covered different types of risks and their classifications according to the best global practices. HE also highlighted practical methods used to identify organizational risks, measure the probability of their occurrence and the severity of their impact. 

Commenting on the workshop, Fatima Saif Al Sawaya, Director of Human Resources Department at MoF, said: “As a leading federal authority it is critical that we ensure we maintain excellent relationships with the other ministries, federal agencies and local communities, as well as other stakeholders. 

"We believe in the importance of encouraging a culture of teamwork to create a climate of functional excellence. We will continue to host workshops and other training opportunities to help us develop our own employees and build on existing positive relationships with our partners. We’re focused on ensuring that the training opportunities we are offer are practically-oriented rather than pure theoretical, so that attendees gain the maximum benefit and can return to work and immediately implement what they have learnt”, Al Sawaya added. 

The ‘Managing the Risk of Change’ workshop included a detailed explanation of the elements of successful change management and a look at the leading practical methods employed in the discipline. Participants were divided into teams and given practical challenges, the results of which were then assessed. The most active participants were rewarded with prizes at the end of the workshop.