Latest news with #EnterpriseRiskManagement
Business Recorder
3 days ago
- Business
- Business Recorder
‘Pakistan confronting significant economic challenges due to SOEs' financial performance'
ISLAMABAD: Prominent international governance risk expert, Muhammad Ghazali Aqeeq, has stressed that Pakistan is confronting significant economic challenges due to the financial performance of state-owned enterprises (SOEs). In the fiscal year 2024-2025, these entities reported a staggering combined loss of Rs 851 billion—a figure that, while reflecting a 14.03% decrease from the previous year, underscores the urgent need for effective management practices, he added. Therefore, the implementation of Enterprise Risk Management (ERM) and Internal Audit Management has become essential for Pakistan. Aqeeq maintained that the recent report from the Ministry of Finance highlights the precarious financial situation of SOEs in Pakistan. The net loss of Rs 851 billion represents a significant burden on the national economy – reflecting ongoing issues such as mismanagement, operational inefficiencies and poor governance. While, the decrease in losses is a positive sign, the persistent financial challenges reveal the necessity for systemic reforms, he added. In light of these circumstances, the International Monetary Fund (IMF) has strongly advocated the adoption of ERM and Internal Audit Management frameworks within SOEs of Pakistan. These practices are not merely recommendations: they are essential for ensuring accountability, transparency and operational efficiency. Muhammad Ghazali Aqeeq, who is also the founder of Transvare Corporation, explained that the implementation of ERM allows SOEs to adopt a proactive approach to risk management – systematically identifying and mitigating potential risks that could impact financial performance. By embedding risk management into their operations, SOEs can better safeguard public resources and enhance their resilience against economic shocks. Internal Audit Management plays a complementary role by providing independent assessments of the effectiveness of risk management practices and internal controls. This oversight ensures that financial operations are conducted transparently and that any irregularities are promptly addressed. Together, these frameworks create a robust governance structure that is crucial for restoring public trust in SOEs. By aligning with international best practices, Pakistan can enhance its appeal to investors and stakeholders – promoting economic stability and growth, he added. Ghazali Aqeeq elaborated that in an increasingly complex financial landscape, the need for digitally transformed ERM and Internal Audit Management tools is more pressing than ever – especially for SOEs while we are operating under IMF programs. Digital solutions offer a myriad of benefits that can significantly enhance the effectiveness of risk management and auditing processes. Muhammad Ghazali Aqeeq highlighted that, as Pakistan grapples with the financial challenges posed by its state-owned enterprises, the implementation of Enterprise Risk Management and Internal Audit Management is not just beneficial—it is indispensable. With a reported loss of Rs 851 billion in the fiscal year 2024-2025, the need for effective governance and accountability within SOEs has never been more urgent. By adopting robust ERM frameworks and leveraging digitally transformed tools, Pakistan's SOEs can enhance their operational efficiency, combat financial misuse and ultimately contribute to the country's economic recovery. Copyright Business Recorder, 2025
Times of Oman
02-06-2025
- Business
- Times of Oman
Royal Hospital emphasises on risk management in the health sector
Muscat: The Royal Hospital on Monday officially launched its Comprehensive Enterprise Risk Management (ERM) programme under the auspices of Dr. Ahmed Salim Al Manthari, Undersecretary of the Ministry of Health for Planning and Health Organization. In his keynote speech, the Undersecretary emphasised the strategic and national importance of risk management in the health sector. He highlighted the impact of implementing comprehensive ERM on governance, transparency, healthcare service quality improvement, and leadership's role in fostering a risk-aware culture and data-driven decision making. He underscored the importance of aligning the risk management program with Oman Vision 2040 and its goals of efficiency, sustainability, and quality of life. He called for genuine commitment in implementing comprehensive ERM through continued training workshops in the coming phase. Dr. Jawaher Mubarak Al Kalbani, Assistant Director General for Medical Support Affairs at the Royal Hospital, stated that launching the ERM programme represents a strategic step toward effective governance, highest quality and safety standards, and modern management. She noted that the programme enhances risk prediction capabilities and supports informed strategic decision-making for institutional sustainability and performance effectiveness. Al Kalbani added that the program is designed based on the American Society for Healthcare Risk Management (ASHRM) model, adapted to national needs. It includes risk classification across eight key domains and development of standardised tools like FMEA and Key Risk Indicators (KRIs). She said that this launch initiates upcoming implementation phases including intensive training courses and building an integrated institutional system for comprehensive, sustainable program application. Engineer Ali Al Sheidani from Oman Vision 2040 Office highlighted the program's alignment with Oman Vision 2040 and future strategies. Dr. Suad Al Ismaili, Director of Quality Management and Patient Safety Department at the Royal Hospital, presented the eight pillars of the comprehensive ERM program and new policy. The ceremony featured a video presentation showcasing the Royal Hospital's ERM journey. Notably, the comprehensive ERM program aims to build an institutional risk-aware culture, enhance response capabilities to various risks (clinical, operational, or strategic), and support risk analysis-based planning for optimal resource utilisation while improving healthcare regulation and patient safety.
