GIMPA Staff Schooled on Enterprise Risk Management

By Joyce Boahemaa Fosu
Many organizations and institutions today are becoming more and more conscious of their decision-making process. The aim is always to minimize risk and GIMPA is no exception.

It is in view of this that some selected staff from the various Units, Directorates and Schools were last week taken through rigorous training on Enterprise Risk Management (ERM).

A team from the Internal Audit Agency took the selected staff through the four-day training programme which sought to educate the workers on the ERM framework, principles and processes.

The main objective, however, was to help the Institute identify the potential risk it faces to enable it achieve its objective of being a center of excellence in management, leadership, and administration.

Risk management is an important exercise because risk is part of our daily routine. It is, therefore, imperative that as an Institute we identify all our risk areas, so as to be able to manage them in a more structured and systematic way.

In doing so, it is pertinent that the source of the risk is always identified, to aid in putting in place the right measures that will mitigate the risk. Managing risk is more about maximizing opportunities, that is, positive risk, and minimizing the negative risks.

ERM promotes the collective approach to risk management rather than the silo or individualist approach. As a result of the benefits associated with ERM, more and more organizations and institutions are adopting it.

At the end of the training, participants were able to come up with a draft risk register which will later be revised into a Risk Management Policy and Chapter for the Institute.