Companies challenged on risk management

The Technical Entrepreneurial and Vocational Education and Training Authority (Teveta) has called on companies to prioritise issues of risk management if they are to maximise profits.
Teveta Acting Executive Director, Wilson Makulumiza- Nkhoma said this during a three day enterprise risk management training the authority organised for participants drawn from both the public and private sectors.
Makulumiza-Nkhoma said companies in the country continue losing returns due to failure to put in place risk mitigation measures.
“If a company does not have a solid risk management framework, it can lose property or money without knowing simply because there are no tools for them to identify [the gaps]. We have heard of vibrant companies which have suddenly gone into liquidation. These things happen because authorities did not put in place tools to detect anomalies,” he said.
Makulumiza-Nkhoma said this is why the authority has scheduled a number of similar events to benefit 540 employees across the country.
One of the participants, Yanjanani Tambala, who is Finance Officer for Press Trust, described the training as an eye-opener.
“We hope that this training will assist us to effectively and efficiently deliver our services to make our companies prosper. Most companies overlook issues of risk management but I hope, with this training, we have appreciated how crucial risk management is,” Tambala said.

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