Risk & compliance team receives a Certificate of Evaluation against the ISO31000 principles
The Risk & compliance Department has successfully completed an external evaluation against the principals of ISO31000:2009 and ISO/FDIS31000:2017 and have achieved the Certificate of Evaluation from the Global Institute for Risk Management Standards (G31000).
The evaluation has confirmed the good practices currently applied at the State General Reserve Fund and identified a number of positive opportunities for enhancement to better align to the upcoming changes in ISO31000 requirements (due to be released early 2018). The overall evaluation score against the G31000 risk management maturity model criteria is 75,3% (B+), which constitutes a significant achievement by OIA. The reviewers have also observed a positive trend and concluded that OIA is on track to reach 80% by the end of 2017 – early 2018.
At the end of the evaluation a set of recommendations were presented to H.E Abdulsalam Mohammed Al Murshidi and the Risk and Compliance team focusing on continuous integration of risk management into investment and strategic decision making, switching to better quantitative risk modelling methodology and providing greater input into due diligence, deal valuation, deal structuring and asset management.
The award ceremony was held last December in the presence of H.E Abdulsalam Mohammed Al Murshidi, Executive President of OIA, Alex Dali, President G31000, Susan Daniel, Director, Risk and Compliance and the whole Risk and Compliance team.