GREAT BAY, Sint Maarten (DCOMM) – Minister of Tourism, Economic Affairs, Traffic and Telecommunication (Ministry TEATT) Ingrid Arrindell, will be requesting the Council of Ministers to have the Governments Accountants Bureau SOAB, carry out an assessment of all government owned companies.
This assessment will look at corporate governance, integrity and structured activities or tasks that produce a specific service to the public.
Typical management processes also include strategic management, operational processes that constitute the core business of an entity along with the supporting processes such as financial and technical support.
The objective of this enterprise risk assessment is to minimize the effects of risk on an organization’s capital and earnings. Each Government owned company has a responsibility to their shareholder which is the Government.
The SOAB has carried out assessments in the past of management processes and operational audits that govern the operation of an entity.
Minister Arrindell added that the aforementioned is necessary to make sure that government owned companies are operating according to their statutory regulations and other corporate bylaws, and are meeting the objectives set out in their business plans.
Some Government owned companies also have loans with financial institutions and other financiers and these have to be looked at from a business risk perspective which overall contributes to the decision-making process and guides future strategic planning, policy implementation and investment strategies.