3 min read
FAMCO Associates of Pakistan and TransVare®️ Corporation of USA collaboratively organized a high-profile Executive Risk Management Forum for State-Owned Enterprises (SOEs) and publicly listed companies in the Pakistan Stock Exchange (PSX). 50+ CEOs, CFOs and Directors from public and private-sector were present in the country’s first-of-its-kind event that provided an opportunity to align with IMF-mandated ERM requirements on the subject and IMF’s SOEs guidelines.
Mr. Ahmed Chinoy, Director PSX, informed that collective losses of SOEs in Pakistan clocked at PKR 851 billion the FY24 as the the exclusive event brought together senior leaders and C-level Risk Management Executives from across Pakistan to explore the potential benefits of the digital transformation of Enterprise Risk Management (ERM) and internal control & audit by leveraging a comprehensive suite of innovative tools developed by TransVare Corporation.
This transformation aims to enhance risk visibility and allowing organizations to gain real-time insights into their risk exposures – which facilitates proactive decision-making. By automating key processes, these tools streamline internal audit functions and risk assessments, thereby increasing accuracy and reducing manual efforts.
Additionally, they improve compliance tracking and reporting, ensuring alignment with regulatory standards such as the IMF-SOE Governance Framework, COSO and ISO31000. The advanced analytics capabilities offered by the tools, enable organizations to analyze large datasets for identifying trends and deriving actionable insights, while fostering collaboration and communication across teams for effective risk management.
Furthermore, these solutions provide scalability and flexibility, allowing organizations to adapt their risk management strategies as they grow, ultimately leading to cost efficiencies and a stronger foundation for sustainability and success in an ever-evolving business landscape.
Digital transformation of ERM and internal audit session provided actionable insights on tool journey in alignment with global standards. Mr. Ahmed Chinoy emphasized the critical importance of internal audit in the context of Enterprise Risk Management – particularly among State-Owned Enterprises and listed companies. In his remarks, he highlighted how effective internal auditing serves as a cornerstone for robust risk management practices, enabling organizations to identify and address potential risks before they escalate into significant issues.
Mr. Chinoy stressed that the implementation of advanced tools for proactive risk monitoring is essential for ensuring timely management responses. By adopting such tools, organizations can enhance their control mechanisms, leading to improved operational efficiency and governance.
He concluded by asserting that investing in effective risk management practices not only safeguards assets but also positions organizations for greater success and resilience in an increasingly complex business environment.
Attendees experienced live demos of cutting-edge automation tools specifically designed for ERM and internal audit. Networking opportunities allowed participants to foster valuable connections; facilitating collaboration and knowledge sharing among C-level leaders.
