Executive Risk Management Forum held for SOEs, listed firms at PSX

ISLAMABAD: FAMCO Associates of Pakistan and TransVare Corporation of USA collaboratively organized an Executive Risk Management Forum for State-Owned Enterprises (SOEs) and publicly listed companies at the Pakistan Stock Exchange (PSX).

Over fifty CEOs, CFOs and Directors from public and private-sector were present in the country’s first-of-its-kind event that provided an opportunity to align with IMF-mandated ERM requirements on the subject and SOEs guidelines.

Ahmed Chinoy, Director PSX, informed that collective losses of SOEs in Pakistan clocked at Rs 851 billion the fiscal year 2024 as the exclusive event brought together senior leaders and C-level Risk Management Executives from across Pakistan to explore the potential benefits of the digital transformation of Enterprise Risk Management (ERM) and internal control & audit by leveraging a comprehensive suite of innovative tools developed by TransVare Corporation.

This transformation aims to enhance risk visibility and allowing organizations to gain real-time insights into their risk exposures, which facilitates proactive decision-making. By automating key processes, these tools streamline internal audit functions and risk assessments, thereby increasing accuracy and reducing manual efforts.

Additionally, they improve compliance tracking and reporting, ensuring alignment with regulatory standards such as the SOE Governance Framework, COSO and ISO31000. The advanced analytics capabilities offered by the tools, enable organizations to analyze large datasets for identifying trends and deriving actionable insights, while fostering collaboration and communication across teams for effective risk management.

Furthermore, these solutions provide scalability and flexibility, allowing organizations to adapt their risk management strategies as they grow, ultimately leading to cost efficiencies and a stronger foundation for sustainability and success in an ever-evolving business landscape.

Digital transformation of ERM and internal audit session provided actionable insights on tool journey in alignment with global standards. Ahmed Chinoy emphasized the critical importance of internal audit in the context of Enterprise Risk Management – particularly among State-Owned Enterprises and listed companies.

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