Webinar raises awareness on risk management among finance managers in Myanmar

A three-day webinar on Internal Control and Risk Management particularly for Finance Managers in Myanmar with Dr. Rowena Libo-on, current dean of the School of Graduate Studies and Director for the Transnational Program and former Vice President for Finance and Enterprise of Central Philippine University, as resource speaker was held on October 6-8, 2020. Mrs. May Zar Maw, treasurer of Myanmar Institute of Theology, served as consultant/facilitator in the afternoon workshop sessions. Thirty-nine (39) participants from twenty (20) member schools in Myanmar attended the said webinar.

The financial managers affirmed that the webinar had served as a reminder of their high calling to be good stewards of the resources of their respective seminaries. As the first day focused on Internal Control, they realized the need to segregate duties, and review their financial policies for check and balance measures. The second day dealt with Risk Management during which Dr. Libo-on spelled out the different potential risks the schools might face and gave recommendations how the institutions can prepare for them. The participants were given time to exchange impressions, ideas and experiences through case studies during the breakout sessions in the afternoon. The participants acknowledged the timeliness of the topic especially with the worldwide adverse financial effect of the pandemic. The suggestions to set-up a Risk Management Committee, to purchase a safety lock for cash, and to look into the insurance of school properties were greatly appreciated and considered to be echoed during their respective council meetings.

The participants suggested and recommended the following for the next conference for finance managers:
1. To conduct a yearly conference for finance managers
2. To learn more about the characters and practices of a successful finance manager
3. To learn how to find funding and establish income generating projects for the seminary
4. To know how to invest and the risks involved in the process
5. What and how to use accounting software
6. How to be a good steward of school properties
7. To have more detailed topic on Internal Control
8. SMART Analysis
9. How to establish financial policies for theological schools