Riyadh: The Ministry of Finance, represented by the Financial Skills Center, has launched the 'Self-Oversight Program' as part of the Financial Oversight Development Initiative. This step aims to empower government entities to adopt modern oversight models that enhance financial sustainability and improve the efficiency of public financial management, aligning with the objectives of Saudi Vision 2030.
According to Saudi Press Agency, the program includes two specialized training tracks. The first track focuses on internal control and internal audit by strengthening internal control concepts and practices, enhancing general IT controls, and supporting internal audit standards. The second track emphasizes governance, risk, and compliance. It aims to develop capabilities in enterprise risk management, strengthen governance practices, and improve the effectiveness of compliance assessment within government entities.
The program represents an extension of the ministry's efforts to develop the financial oversight ecosystem. It facilitates a transition toward a 'self-oversight' model that enhances the role of government entities in managing risks and adhering to financial regulations. The initiative also leverages technological advancements to improve the efficiency of oversight processes.