Seminar on “Transformation of State Enterprises: Risk Management and Budgeting”

On May 31, the Ministry of Economy and Finance, together with JSC “UzAssets” and with the participation of representatives from international financial institutions and auditing companies, organized a seminar on “Transformation of State Enterprises: Risk Management and Budgeting.”

The Ministry of Economy and Finance emphasized the necessity of integrating international standards in state enterprises in the areas of financial planning and risk management during the transformation process.

At the event, JSC “UzAssets” presented information about ongoing work with 22 state enterprises to implement international standards in risk management and internal controls, as well as effective budgeting methods.

In his speech, Asian Development Bank consultant Nitin Jain highlighted the main advantages of the fundamental principles of COSO and the Framework for attracting concessional loans and direct investments into state companies.

Additionally, practical aspects of risk management and enhancing the investment attractiveness of enterprises were considered, using the example of “Navoiyuran.”

The international company PwC presented participants with processes of risk management and budgeting systems in state-owned companies in Uzbekistan.

Participants also discussed various methods of risk management and budgeting with the aim of further application in state-owned companies in Uzbekistan.

At the end of the event, participants noted that this seminar would contribute to the application of advanced foreign experience in risk management and budgeting at enterprises and the implementation of the set tasks for transformation.

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