The State Audit Bureau (SAB) has launched the third phase of the risk management project, which aims to develop risk management processes in the entities under SAB control, and enable them to develop proactive plans to reduce risks and preserve public funds.
The four-day third phase targets 53 entities subject to the Bureau's control.
The director of Risk Management and Quality Assurance Department at the SAB, Sheikh Sultan bin Nayef al-Thani, said that the risk management project is one of the strategic projects that the SAB has adopted with the aim of improving the risk management process in State institutions, through an integrated risk management system that achieves more effective management and optimum utilisation of resources and ensures reaching the strategic objectives of these entities.
All bodies subject to the Bureau's control will benefit from this important project, he said, pointing that 58 entities have taken part in the first and second phases of the project, while participation of all parties will be completed during the next year.
The project aims to identify and analyse the data of risks that any party, subject to the Bureau's control, may be exposed to, and to determine the efficiency of these entities in managing these risks, which may affect the achievement of goals and the implementation of strategic plans.
The State Audit Bureau is considered one of the first regulatory agencies in the world to have adopted the risk management project, which aims to monitor all types of risks in various entities subject to their control, be them strategic, financial or operational risks, as well as compliance risks.
The director of Risk Management and Quality Assurance Department at the SAB, Sheikh Sultan bin Nayef al-Thani, said that the risk management project is one of the strategic projects that the SAB has adopted with the aim of improving the risk management process in State institutions, through an integrated risk management system that achieves more effective management and optimum utilisation of resources and ensures reaching the strategic objectives of these entities.
All bodies subject to the Bureau's control will benefit from this important project, he said, pointing that 58 entities have taken part in the first and second phases of the project, while participation of all parties will be completed during the next year.
The project aims to identify and analyse the data of risks that any party, subject to the Bureau's control, may be exposed to, and to determine the efficiency of these entities in managing these risks, which may affect the achievement of goals and the implementation of strategic plans.
The State Audit Bureau is considered one of the first regulatory agencies in the world to have adopted the risk management project, which aims to monitor all types of risks in various entities subject to their control, be them strategic, financial or operational risks, as well as compliance risks.