Theme: Strengthening Public Financial Management and Risk Management through Knowledge Management and Commonwealth Partnerships
The Commonwealth Secretariat provides technical and advisory assistance to Ministries of Finance and other key institutions of member states in enhancing their public financial management systems thereby improving transparency, accountability and probity in the use of public funds. Key to this has been the strengthening of internal audit to provide reasonable assurance of internal control effectiveness and risk management practices supporting the implementation of National Development Plans and Sustainable Development Goals (SDGs).
Through the Secretariat’s Public Financial Management interventions in recent years, Ministries of Finance have been engaged in addressing critical Internal Audit and Risk Management issues impacting on transparency, accountability and service delivery.
The challenges of managing and addressing risks impacting on the implementation of National Development Plans (NDPs) and the Sustainable Development Goals (SDGs) have heightened as a result of the uncoordinated and unsystematic approach to risk management thus the need for a structured and holistic approach to risk management which Enterprise Risk Management provides.
Commonwealth member states are at varying stages of maturity in addressing risks and providing value added services through effective internal audit oversight. Thus, in fostering a Connected Commonwealth, this Public Financial Management and Enterprise Risk Management exchange learning seeks to harness partnerships and knowledge management amongst the participating member states. Such learning opportunity is considered invaluable as various evaluation reviews undertaken by the Secretariat have highlighted the immense benefits derived from experience sharing between and amongst member states.
Public Financial Management and Risk Management delegates from the Governments of Eswatini, The Gambia and Kenya respectively shall thus share experiences and good practices in promoting transparency, accountability and management of risks in delivering the objectives of the NDPs and SDGs.
Visits to key Line Ministries, Departments and Agencies implementing Enterprise Risk
Management in Kenya will form part of the exchange learning.