Training programme offers new insights on risk management

The Institute of Internal Auditors Qatar recently conducted a full-day training programme titled, ‘Everything you wanted to know about Risk Management.’ It was followed by an evening seminar on ‘Innovate and be great or stagnate and terminate.’The trainer, Adil Buhariwalla, managing partner of MASC International, UAE, started off with a funny video on risk management. He informed the audience that there are various models for risk management, including many homegrown ones. “However, the most common models used by internal auditors are the COSO and ISO 31000 models,” he said, while pointing out that while governance is the overall system implemented by the board/senior management to direct and oversee the activities of the organisation, Enterprise Risk Management (ERM) is a vital component of governance and internal control is its integral part.Buhariwala provided insights into innovation and said how internal auditors could help enhance and protect organisational value by conducting innovation governance audits.“Although risk management is not a new subject, internal auditors worldwide are still facing challenges in understanding various concepts and models and often implementation part is creating unique challenges,” observed Sundaresan Rajeswar, the IIA board member, who organised the event.“The objective is to introduce  clarity in concepts and implementation aspects from real life experience and in-depth knowledge,” he added.   Hassan al-Mulla, president of the IIA, opened the meeting. Board members Fahad al-Marri, Murali Krishna, Kurien Kuriakose, Murtaza, Felix and Christian Adonis were present.