The Ministry of Commerce and Industry (MoCI), in co-operation with the Social Development Center (Nama), has organised a workshop on risk management, with the participation of entrepreneurs and owners of small and medium-sized enterprises (SMEs).
The workshop comes in line with MoCI's keenness to develop and educate entrepreneurs and SME owners, enhance their knowledge about risk management, and provide them with the needed expertise and skills in commercial affairs, in addition to identifying the challenges they face and overcoming them.
The workshop addressed the concepts and definition of risk management, and the role it plays in improving the decision-making process, its benefits, and its relationship to governance, security, and sustainability, in addition to showcasing the various internal and external threats companies usually face, and the concept of positive and negative risks.
Moreover, it defined the concepts and framework related to risk management and ways to specify, assess, and manage risks, in addition to stressing the importance of education and communication in managing risks.
The workshop also covered various aspects related to providing the participants with ways to evaluate risks in the enterprise, how to make improvements, how to effectively assess risks, and adopt the appropriate procedures and controls through the use of tools such as records, links, and risk matrix, in addition to exploring ways to deal with these risks following the best international practices, and the firm’s capacity and risk tolerance.