President launches institute risk management group

Islamabad : The chief guest, President Dr. Arif-ur-Rehman Alvi, opened the launch of the Institute of Risk Management’s (IRM) Regional Group in Pakistan here, says a press release.

The IRM Pakistan Regional Group is the first formal risk management group at a national level in Pakistan. The group aims to encourage adoption of structured risk management processes and practices within Pakistani organisations, with IRM supporting the group in providing knowledge and professional development to its members via training and qualifications, events and networking.

The president said that ensuring good governance standards is the cornerstone of the success of states, and is at the heart of our government’s fight against corruption and the aim of social uplift. Governance is concerned with the need for openness, integrity, transparency and accountability in actions and decision making, and it is relevant to all organisations regardless of size or whether they operate in the public or private sector.

The president further said that It is also important to understand that good governance and effective risk management is not only essential and beneficial for the private sector entities, it is equally important for the public sector as well. The government and all the public office holders have the responsibility and obligation of always upholding compliance with all rules, regulations and governance standard at all times, and following best risk management practices.

The President congratulated Mari Petroleum on this great initiative and commend them for recognizing the vacuum that was present in Pakistan when it came to proponents of formal risk management and risk-based thought leadership, and for stepping up and taking the lead on this matter.

Lt Gen (r) Ishfaq Nadeem Ahmed, MD/CEO Mari Petroleum Company Limited, in his speech said Mari Petroleum has always strived to uphold best corporate practices and adopt the finest governance standards while operating in the exploration and production sector of Pakistan. We have always shown commitment to our corporate responsibilities and support initiatives that are beneficial not just for the company but the larger community and the nation as well. Our oil and gas customers include organisations belonging to several sectors, both public and private.

MD MPCL further said that in 2018, MPCL initiated an Enterprise Risk Management Programme across the company to develop and provide an approach for the implementation of ERM practices based on the risk management standard, ISO 31000. The Company initiated adoption of enhanced Enterprise Risk Management practices to manage its risks and achieved this successfully.

Group Chair, Sohab Mushtaq, IRM Cert, Head of ERM at Mari Petroleum welcomed guests to the launch and Lt Gen (r) Ishfaq Nadeem Ahmad, MD Mari Petroleum spoke about the importance of risk management and how it aids in both protecting and creating value.

There were also video messages from Iain Wright, CFIRM, IRM Chair and Rahat Latif, IRM, Director, and Chair of the IRM Interest Groups Committee. They lauded the creation of IRM Pakistan Regional Group, and also spoke about the Institute’s mission and benefits the Pakistani economy can derive from the creation of the Regional Group in Pakistan.

Nicola Crawford, Managing Director Risk Europe, Aamir Khan Chairman Security & Stock Commission of Pakistan, Saima Kamil President & CEO UBL, Chias Khan President & CEO Engro Corporation, Ayla Majid MD Financial Advisory Services, Kashif Mustafa Executive Director & CEO Lakson Investment, Sardar Muhammad Abubakr Chief Digital & Strategy Officer Telenor Pakistan, Dr Ishrat Hussain Advisor to the Prime Minister on Institutional Reforms and Kamran Arshad Iram of EFU were among the distinguished panelists at the occasion.