The Center for Financial Management organized a half-day workshop on “Controlling Fiduciary Risk in Public Financial Management” on Asar 11, 2081, Tuesday with an aim to equip participants with a comprehensive understanding of fiduciary risk in public financial management, including its sources, implications, and potential mitigation strategies.
The workshop was chaired by the Executive Director of NASC, Dr. Rajan Khanal. Former Deputy Auditor General, Office of the Auditor General of the Government of Nepal, Mr. Ramu Prasad Dotel, and Former Joint Secretary of the Government of Nepal, Mr. Baburam Shrestha were invited as experts and thematic presenters. Deputy Executive Director of NASC, Mr. Bishnu Prasad Lamsal; Senior Director of Studies and Department Head of Management Learning Group, NASC, Mr. Binod Kumar Bista; Director of Studies and Center Chief of Center for Financial Management, NASC, Mr. Baldeb Prasad Joshi, and NASC senior officials including faculties and staffs were also present in the program. Representatives from various public organizations and institutions, including regulatory bodies and ministries participated in the workshop. The Center Chief of Center for Financial Management, Mr. Baldeb Prasad Joshi welcomed the experts and participants by highlighting the overall aim, objectives and importance of the workshop in disseminating the knowledge about building a strong and sustainable public financial management.
Mr. Dotel delivered a comprehensive thematic presentation on “Assessment and Mitigation Strategies of Fiduciary Risk.” He highlighted the concept and rationale of fiduciary risk in public financial management and elaborated the fiduciary risk identification and assessment techniques. Finally, Mr. Dotel concluded his presentation empathizing the internal control framework and fiduciary risk mitigation strategies.
Mr. Shrestha delivered a comprehensive thematic presentation on “Implementation and Monitoring of Fiduciary Risk”, highlighting the legal and regulatory frameworks for fiduciary responsibility. He further emphasized the role of anti-corruption measures that have been implemented to mitigate fiduciary risk. Finally, Mr. Shrestha concluded his presentation by highlighting the monitoring and evaluation of fiduciary risk as a foundational fiduciary risk mitigation strategy.
Mr. Lamsal, Deputy Executive Director of NASC, moderated the thematic discussion session which revolved around the post-presentation discussion for developing a collaborative platform for sustainable fiduciary risk management to build strong public financial management. The participants of the workshop actively participated in the post-presentation discussions.
In the closing remarks, Dr. Khanal expressed his gratitude to the experts and thematic presenters for their thematic presentations on identification, assessment, mitigation strategies, and monitoring and evaluation of fiduciary risk in building a strong public financial management. Dr. Khanal further emphasized that ensuring accountability, transparency, and integrity in the management of public funds is instrumental in building trust in government institutions and developing a strong public financial management system. Dr. Khanal concluded his closing remarks by highlighting the importance of workshop in disseminating strategies for controlling fiduciary risk in public financial management.
