Namibia’s Financial Institutions Emphasize Importance of Risk Management in Government Ministries
Effective Risk Management Practices Critical for Government Ministries
A two-day Risk Management workshop hosted by Capricorn Group in partnership with the Ministry of Finance has underscored the significance of effective risk management practices in government ministries across Namibia. The event brought together 30 security and risk management services personnel from seven ministries to equip officials with the necessary knowledge and skills to identify, analyze, and mitigate potential risks.
Partnership between Capricorn Group and Ministry of Finance
The partnership is a testament to Capricorn Group’s commitment to sharing knowledge and best practices with key government officials. “Capricorn Group has consistently demonstrated its willingness to work with government to advance the interests of this country,” said Ericah Shafudah, Executive Director of the Ministry of Finance.
Capricorn Group’s Approach to Risk Management
As a leading financial institution listed on the Namibian Stock Exchange, Capricorn Group recognizes the importance of credibility in creating value for its customers and shareholders. The organization’s approach to risk management is built around a culture of transparency, accountability, and continuous learning, which has earned it the trust of its stakeholders.
Workshop Objectives
The workshop covered various aspects of risk management, including:
- Fraud risk
- Risk culture building
- Different standards and frameworks used in the field
Participants were equipped with the skills and knowledge necessary to develop effective strategies for managing risk and improve their understanding of the importance of risk management within their respective ministries.
Commitment to Advancing a Better Sustainable Future
Capricorn Group’s commitment to advancing a better sustainable future for all Namibians was highlighted during the workshop, with the organization emphasizing its role as a responsible regional and global citizen. The event was seen as an opportunity for the financial institution to invest in building capacity and promoting good governance practices across government ministries.
Conclusion
The partnership between Capricorn Group and the Ministry of Finance is a step towards creating sustainable opportunities for communities and building better societies where they operate. As organizations continue to evolve and adapt to changing circumstances, risk management will remain a critical component of their operations, and this workshop serves as a testament to the importance of collaboration in achieving this goal.
Key Takeaways
- Effective risk management practices are critical for government ministries
- Capricorn Group is committed to sharing knowledge and best practices with key government officials
- The organization’s approach to risk management is built around transparency, accountability, and continuous learning
- Risk management will remain a critical component of organizational operations