The Ministry of Defense will improve the risk management system with the help of the Big Four companies

The Big Four company will help the Ministry of Defense of Ukraine to improve the system of risk management and compliance (compliance with internal or external requirements or regulations).

The Ministry of Defense informed about this on September 30.

It is noted that the Big Four are the world’s four largest companies that provide auditing and consulting services.

The department has started a corresponding project with the support of the program of the Special Adviser on the Defense of Great Britain, financed by the Government of the United Kingdom of Great Britain and Northern Ireland.

“We want to demonstrate to society and partners the effectiveness of our three lines of defense in risk management. The company of the Big Four has already analyzed the internal audit service of the agency, which performs the function of the third line of defense,” said Deputy Minister of Defense of Ukraine Stanislav Hayder.

According to him, they are now starting the second phase, during which they will concentrate on increasing the effectiveness of the first two lines of defense.

The Big Four company will analyze:

• risk management and compliance system,
• whether risk management meets the requirements of international standards.

The provided recommendations will make it possible to get rid of the identified “weaknesses”, in particular by implementing the best global practices, which will reduce the risks of violations and improve control over compliance with regulations.

“This will contribute to increasing transparency and responsibility in the management processes of the Ministry of Defense, as well as strengthening trust on the part of international partners,” Stanislav Heyder emphasized.

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