UAE's MoF receives delegation from Kuwait Capital Markets Authority

DUBAI, 29th December, 2016 (WAM) -- In a bid to strengthen its network of relations with various stakeholders and regional and international entities, the Ministry of Finance, MoF, has received a delegation from Kuwait Capital Markets Authority at its premises in Dubai. The visit aimed to review the ministrys experience in risk management and internal audit in government financial work.

Faisal Al Mansouri, Head of the Strategy and Future Department at MoF, received the visiting delegation which was headed by Yousef Al Ibrahim, Head of the Performance Development and Risk Management Office at the Kuwait Capital Markets Authority and included a number of employees from the authority.

Commenting on the visit, Faisal Al Mansouri said, "The Ministry of Finance is committed to implementing its cooperation strategy and the exchange of experience with various international and regional government financial organisations and entities. Similar visits and meetings represent an interactive platform to exchange experiences on the latest mechanisms applied, which strengthens the principles of cooperation between government entities in the region.

During the meeting, the MoF reviewed its initiative to apply the risk management that is aligned with ISO 31000 - Risk Management, its goals to predict and deal with crises effectively and efficiently, as well the importance of implementing these goals to enhance the effectiveness of the ministrys operations, reduce losses and achieve greater levels of regulatory compliance. This results in having a more solid process for issuing financial reports and in turn enhances stakeholders confidence in government financial operations.

The Strategy and Future Department team delivered a detailed presentation on the mechanisms adopted for determining a probability-impact matrix general framework for the ISO 31000 risk register system, in addition to holding a discussion on internal audit operations and its goals. The team also reviewed its role in supporting the risk management process and the ministrys strategic operational objectives, enhancing the reliability and integrity of financial and operational financial information, raising the efficiency and effectiveness of internal procedures, spreading a culture of governance and risk management as well as asset protection and government resources.

The MoF has received a number of Arab government delegations to review its experiences in financial fields, including government financial systems management, internal audit and risk management, and zero based budgeting systems, as well as preparing and implementing the general federal budget.