Training of Staff on Risk Management

The Ashaiman Municipal Assembly as part of its capacity building, trained some of its staff on Risk Management on Thursday, 6th and Friday, 7th July 2023.

The exercise was in line with section Seven (7) Sub-section Two (2) of the Public Financial Management Act 2016 (Act 921), which mandates Principal Spending Officers to set up effective systems of Risk management, internal control, and internal audit with regards to resources and transactions of a covered entity.

The training was mainly targeted at the finance department, budget, audit, and management. This was to address the issues of financial losses in the public purse, which are mainly associated with the many procurement branches in the public service.

Risk Management is an ongoing process of identifying, analyzing, evaluating, controlling, and monitoring risks and allocating financial resources appropriately to minimize the impact of potential losses.

Risk Management should be part of the strategy for each organization and should be implemented to avoid potential losses. The training course for the finance department, budget, and audit staff focused on this aspect and provided the necessary tools for successful implementation.

In furtherance to this, it is imperative to help resolve these critical issues as it has revenue implications for the affected MMDAs as well as the well-being of the communities.