(MENAFN- Muscat Daily) The Oman Chapter of The Institute of Internal Auditors (IIA) organised a seminar on Enterprise Risk Management (ERM) titled 'Successful Entrepreneurialism through Managed Risk Taking' at the Muscat Hall of the College of Banking and Financial Studies (CBFS). Liz Taylor was the speaker at the event.

Talking about practical risk management Liz said that if an entity goes for a conservative risk management approach it may not be able to explore the opportunities hidden behind every risk that is identified. A more practical risk management may maximise the stakeholders's value and a conservative risk management approach may result in loss of opportunities.

Referring to three wall of defense model promulgated by IIA she shared her approach of converting them into three front lines of opportunities where operational management still sit at the front line and explores opportunities in each risk that it identifies.

Sabrah al Maskary president of IIA Oman chapter briefly emphasised the importance of ERM and the need for professional auditors to have  diverse skills as the role is challenging She also appreciated the role played by CBFS in promoting professional studies and sponsoring Oman chapter of international professional certification bodies in accounting and auditing.

'IIA Oman Chapter has lined up many educational seminars during the year and encourages risk and audit professionals to participate. Internationally recognised IIA flagship certification Certified Internal Auditor (CIA) can shape the career of young Omani graduates who can write to the iiamuscat@gmail.com for further details' said Mubeen Khan director in-charge of communications at the IIA Oman Chapter. The program was hosted by Ashwini Sawrikar and attended by IIA Oman members IIA Oman Directors including