BY: MOHAMED SAHR
Senior officials and staff from various government entities recently participated in a comprehensive five-day Enterprise Risk Management (ERM) training organized by the Commonwealth Secretariat. The training, facilitated by Mr. Cole, an Adviser of Public Financial Management, Governance, and Peace Directorate Specialist, aimed to enhance the capacity of participants in managing risks effectively within their respective departments and ministries.
Commencing on the 17th of April and concluding on Tuesday, the 23rd of April 2024, the sessions were held at the Ministry of Finance Conference Hall on George Street in Freetown. The training covered a wide array of topics, including risk formalization, the distinction between known and unknown risks, risk management processes, and the significance of adopting enterprise risk management frameworks.
During the sessions, Mr. Cole provided insights into international ERM standards, highlighting the importance of aligning risk management practices with global benchmarks such as ISO 31000. Participants engaged in discussions surrounding risk governance, risk attitude, and the evaluation of classified risks, among other critical aspects of ERM implementation.
Mr. Samuel E.B Momoh, Acting Financial Secretary, urged participants to leverage the knowledge acquired during the training to effect positive change within their respective institutions. Emphasizing the importance of disseminating this knowledge, Mr. Momoh encouraged participants to share their learnings with colleagues across different Ministries, Departments, and Agencies (MDAs).
The training received commendation from participants for its comprehensive coverage and Mr. Cole’s exemplary training and presentation skills. Participants expressed gratitude to the Commonwealth Secretariat for organizing the event and providing valuable insights into enhancing fiscal risk management practices within government entities.
The initiative underscores the commitment of the Commonwealth Secretariat to supporting member states in strengthening their financial management and governance capabilities. By equipping participants with tools and knowledge in enterprise risk management, the training aims to mitigate financial losses and threats associated with ineffective risk management practices across government institutions.
The successful completion of the ERM training marks a significant step towards enhancing the overall resilience and effectiveness of government operations in Sierra Leone.
