Rwanda Energy Group set to improve efficiency through Enterprise Risk Management

 

REG Senior Staff attending the Enterprise Risk Management (ERM) at Lemigo Hotel on 2nd December, 2016

Rwanda Energy Group Limited (REG) has a responsibility to manage both internal and external risks as a key component of good corporate governance and is committed to embedding risk management into the daily operations of the company; from the set objectives, to financial planning towards achieving the set mission, through departmental processes established. It is in a bid to achieve this that the company engaged Price Water House Coopers (PwC), the consultant, to assess REG’s operations, strategies, industry and business continuity risks and develop an Enterprise Risk Management Framework as well as conduct Risk Management Trainings.

‘’PwC has so far trained many enterprises within Rwanda and other countries in the region and therefore providing a pool of skilled personnel to manage risks of all kinds’’ said Florence Gatome, a partner at PwC Rwanda, speaking during the training workshop of the company’s Heads of Units and Managers drawn from REG Holding and its subsidiaries; Energy Utility Corporation Limited (EUCL) and Energy Development Corporation Limited (EDCL) at Lemigo Hotel on Friday, December 02, 2016.The purpose of this risk management framework is to ensure that the Rwanda Energy Group pursues a structured approach to management of risk. During the subsequent training workshop organized for REG’s Senior Executive (CEO, MDs and Directors) on Tuesday, December 06, 2016; experts from PwC shared with REG sets of activities which direct and control the organization with regard to risk. Both training workshops for REG managers were designed to identify potential events that may affect the entity performance in the future, and manage those risks to be within the entity’s risk appetite and  provide reasonable assurance regarding the achievement of entity objectives.

When implementing the outcomes of training sessions in accordance with this Risk Management Framework, the management of risk will enable REG to achieve but not be limited to: increase the likelihood of achieving objectives, encourage proactive management, be aware of the need to identify and treat risk throughout the organization, improve the identification of opportunities and threats, comply with relevant legal and regulatory requirements and international norms, improve stakeholder confidence and trust, establish a reliable basis for decision making and planning, improve operational effectiveness and efficiency, enhance health and safety performance, as well as environmental protection, improve loss prevention and incident management, minimize losses, etc…

 

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