Auditor General Hussain Niyazi has expressed concern over businesses neglecting to manage risk.
Speaking at the Enterprises Risk Management Forum 2022 held by Maldives Ports Limited (MPL), Auditor General Niyazi said many companies and institutions have neglected to implement long-term policies to overcome the COVID-19 pandemic, adding that lessons should be learned to reduce the impact of incidents that cause economic instability. He also said that the forum is important to MPL, as it is highly vulnerable to economic instability and should be especially conscious of its risk management plan and policies. He further said that stakeholders of private and government institutions should prioritise internally hiring risk managers at companies to change the current policies.
Senior officials of state-owned companies and other government bodies spoke at the Enterprises Risk Management Forum held at Paradise Island Resort. The aim of the forum was to create awareness on risk management and how it can be used as a tool to improve operations. MPL conducted panel discussions on fraud risk management and corporate governance at the forum. The panels included experienced industry experts who provided their valuable insights.