IIA holds risk management seminar

The Institute of Internal Auditors (IIA) Qatar recently conducted a full day training program  titled "Everything you wanted to know about Risk Management" and an evening seminar on "Innovate & Be Great or Stagnate & Terminate" at Oryx Rotana Hotel.  Adil Buhariwalla is Managing Partner of MASC International, UAE, was the trainer.
 “Although risk management is not a new subject, Internal Auditors worldwide still face challenges in understanding various concepts and models and often implementation creates it's unique challenges. The objective was to bring out needed clarity in concepts and implementation aspects from real life experience and in-depth knowledge” said Sundaresan Rajeswar, the IIA Board member.
Adil started by playing a video on risk management that got everyone in the right frame of mind for the full-day intense course. “There are various models used for Risk Management, including many home grown ones. However, the most common models used by internal auditors were the COSO and ISO 31000 models” said Adil.
He explained the meaning of risk, and how risk was defined by COSO 2103 and by ISO 31000. As risk has a direct correlation to corporate objectives, various types of Business Objectives were elucidated.
“ While Governance is the overall system implemented by the Board/Senior management to direct and oversee the activities of the organization, ERM is a vital component of governance, and internal control is a vital component of ERM” Adil clarified.
There are variations in ERM roles played by the Board, Management and Internal Auditors. In response to questions raised about Internal Auditors being asked by management to take-on the Risk Management function in some organizations, Adil displayed the “Risk Management Fan” chart that clarifies what IA’s should do, should do with caution and should not do.
The training covered the nine principles of risk management, steps for implementing risk management such as Mandate & Commitment, Design of the RM Framework, Risk Assessment, Risk Treatment, Monitoring & Reporting on Risk Management and Continual Improvement. Two sets of quizzes were conducted and case studies individually, and in groups.
The speaker provided insights into innovation and how Internal Auditors can help enhance and protect organizational value. 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.