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10 April 2017

A delegation from the Gulf Petrochemical Industries Company (GPIC) took part in the Fourth Kuwait Conference on Enterprise Risk Management in Kuwait.

The GPIC participation in the event, held under the patronage Kuwait Petroleum Corporation Chief Executive Officer H.E. Mr. Nizar Al Adassani, came at the invitation of Kuwait Petroleum Corporation (KPC).

During the conference, GPIC Chief Internal Audit Mr. Omar Al Bastaki presented a paper, "The Prominent Role of Internal Audit in Risk Management Governance", during which he discussed the importance of internal auditing in general. He highlighted the principles of auditing and said it has a great responsibility to develop appropriate plans and strategies, which are often aimed at reducing risks related to the areas of work.

The paper spoke in detail about the importance of the three lines of defence in any organization and their role in the risk management process. It explained the role of these as the main factors in the Company’s success and in avoiding the risks that it may be exposed to in any way.

GPIC Managing Director H.E. Mr. Ibrahim Al Musaiteer welcomed the Company's positive and effective participation in the conference. He also praised the work paper that dealt with a vital and important subject and stressed the importance participants enriching their knowledge.

Company President Dr. Abdulrahman Jawahery praised the continuous cooperation between the Gulf companies in the exchange of information and experiences. He also stressed the importance of the conference, which was supported by Kuwait Petroleum Corporation, and highlighted the importance of the efficiency of risk management in the work system in all institutions and organizations.

He stressed that improving institutional risk management would undoubtedly lead to more improved decision-making in all activities of companies and institutions depending on the nature of their business. He also praised the paper presented by Mr. Al Bastaki.

H.E. Mr. Al-Adassani said the meeting provided an opportunity to exchange knowledge on how to effectively integrate risk thinking within organizations and institutions. He added this would will contribute to support risk management decision making, leading to increased maturity of risk management.

The conference, which dealt with the subject of "destructive technology risks", attracted a number of risk management experts and participants who took part in panel discussions that highlighted the latest developments in risk management and best practices.

The conference also included interactive seminars and workshops that added a lot of knowledge and practical experience to the attendees.