FAMCO Associates Successfully Hosts “Executive Risk Management Forum” in Collaboration with TransVare

FAMCO Associates, a leading and one of the oldest Management Consulting firms of Pakistan, proudly announces the successful conclusion of the Executive Risk Management Forum, held on June 17th in Karachi, in collaboration with TransVare® Corporation USA. This exclusive event brought together senior leaders and C-level Risk Management Executives from across Pakistan to explore the potential benefits of the Digital Transformation of Enterprise Risk Management (ERM) and Internal Control & Audit by leveraging a comprehensive suite of innovative tools developed by TransVare Corporation. This transformation aims to enhance risk visibility, allowing organizations to gain real-time insights into their risk exposures, which facilitates proactive decision-making. By automating key processes, these tools streamline internal audit functions and risk assessments, thereby increasing accuracy and reducing manual efforts. Additionally, they improve compliance tracking and reporting, ensuring alignment with regulatory standards such as the IMF-SOE Governance Framework, COSO, and ISO31000. The advanced analytics capabilities offered by the tools enable organizations to analyze large datasets for identifying trends and deriving actionable insights, while fostering collaboration and communication across teams for effective risk management. Furthermore, these solutions provide scalability and flexibility, allowing organizations to adapt their risk management strategies as they grow, ultimately leading to cost efficiencies and a stronger foundation for sustainability and success in an ever-evolving business landscape. Digital Transformation of ERM and Internal Audit Session was presented by Wasif Shahzad, Associate Director from FAMCO Associate, which provided actionable insights on the tool journey in alignment with global standards. The closing speech was presented by Mr. Ahmed Chinoy, Director of the Pakistan Stock Exchange, who emphasized the critical importance of Internal Audit in the context of Enterprise Risk Management, particularly among State-Owned Enterprises and listed companies. In his remarks, he highlighted how effective internal auditing serves as a cornerstone for robust risk management practices, enabling organizations to identify and address potential risks before they escalate into significant issues. Mr. Chinoy stressed that the implementation of advanced tools for proactive risk monitoring is essential for ensuring timely management responses. By adopting such tools, organizations can enhance their control mechanisms, leading to improved operational efficiency and governance. He concluded by asserting that investing in effective risk management practices not only safeguards assets but also positions organizations for greater success and resilience in an increasingly complex business environment. Attendees experienced live demos of cutting-edge automation tools specifically designed for ERM and Internal Audit. Networking opportunities allowed participants to foster valuable connections, facilitating collaboration and knowledge sharing among C-level leaders. Participants enjoyed a productive lunch session, garnering actionable takeaways aimed at future-proofing their organizations and aligning with IMF SOE Guidelines. “We are thrilled with the turnout and engagement at the Executive Risk Management Forum,” said Noman Siddiqui, CEO at FAMCO Associates. “The discussions and insights shared during the event have underscored the importance of digital transformation in enhancing corporate governance across Pakistan.”