Case Study: Enhancing Risk Management Capabilities for the Federal Inland Revenue Service (FIRS)
Background
The Federal Inland Revenue Service (FIRS) had established a Risk Management department to identify, assess, and mitigate potential risks that could impact the organization’s objectives. As part of its efforts to strengthen its risk management capabilities, the department sought to develop a robust risk management framework and establish a formal structure to guide its work.
The Challenge
The Risk Management department faced several challenges, including:
- Developing a risk management framework that aligned with international best practices
- Building the capacity of team members to effectively identify, assess, and mitigate risks
- Ensuring the department was equipped to provide strategic risk management guidance to the organization
The Solution
iCentra was engaged to provide technical support to the Risk Management department. Our team of experts worked closely with the department to:
- Develop a tailored risk management framework based on international best practices
- Provide practical, hands-on training and certification preparation in two key areas: ISO 31000 Risk Management and PMI-Risk Management Professional (RMP)
iCentra delivered a comprehensive training program that equipped the Risk Management department team members with the knowledge and skills required to manage risks effectively. The training program was designed to be interactive and practical, allowing participants to:
- Understand the ISO 31000 Risk Management framework and its application
- Learn about the PMI-RMP framework and its approach to risk management
- Compare and contrast the two frameworks, identifying areas of synergy and difference
- Develop a hybrid risk management model tailored to the department’s needs
Results and Impact
Through our partnership, the Risk Management Department achieved significant results, including:
- Development of a robust risk management framework aligned with international best practices
- Enhanced capacity of team members to identify, assess, and mitigate risks
- Improved ability to provide strategic risk management guidance to the organization
Conclusion
iCentra’s expertise and guidance enabled the FIRS Risk Management department to develop a robust risk management framework and enhance the capacity of its team members. Our partnership has had a lasting impact on the department’s ability to manage risks effectively and provide strategic guidance to the organization.
