Here is the converted article in markdown format:

Compliance Risk Assessment Tools Launched in Papua New Guinea

In a bid to enhance transparency and accountability in public finance management, procurement, and corruption risks, the Asian Development Bank (ADB) has introduced compliance risk assessment tools in Papua New Guinea. This initiative is part of ADB’s Governance Risk Assessment for the country, which aims to identify potential risks emanating from weaknesses in the governance system.

Background

The assessment was conducted by reviewing various reports and governance indicators in both the country’s systems and ADB/ donor project systems across key sectors such as:

• Transport
• Energy
• Health

The results will inform a comprehensive risk assessment and management plan for the Country Partnership Strategy 2021-2025.

Expected Outcomes

According to officials, the expected outcome of this initiative is improved awareness among stakeholders about the quality of governance and risks associated with weaknesses in the system. The exercise is also designed to:

• Identify intervention points that can strengthen country systems
• Reduce the risks of using them

Objectives

The assessment aims to provide a clear understanding of and commitment to actions required for mitigating high-risk areas. This will enable ADB and other stakeholders to develop targeted strategies to address governance gaps and enhance the overall effectiveness of development projects in Papua New Guinea.

By introducing these compliance risk assessment tools, ADB is committed to promoting transparency, accountability, and good governance practices in Papua New Guinea, ultimately leading to more effective and sustainable development outcomes.