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A company belonging to “Big Four” accounting firms will help the Ministry of Defence eliminate ‘weak spots’ in risk management

The Ukrainian Ministry of Defense is set to receive support from a company from the "Big Four" to enhance its risk management and compliance system (ensuring conformity with internal and external requirements and regulations). The Big Four are the leading four companies in the world for auditing and consulting services.

MoD has launched a project with the support of the UK Special Adviser on Defence Program, funded by the Government of the United Kingdom of Great Britain and Northern Ireland.

“We want to demonstrate to the public and partners the effectiveness of our three layers of protection in risk management. The internal audit service of the Ministry of Defence, which acts as the third layer of protection, has already been examined by the firm from the “Big Four”. We are now progressing to the second phase, where our primary aim is to boost the effectiveness of the first two protective layers," noted Deputy Minister of Defence of Ukraine Stanislav Haider.

The firm from the “Big Four” will analyze the following:

  • System for managing risks and ensuring compliance; 
  • Whether risk management meets the requirements of international standards. 

The recommendations will help address the identified ‘weak spots’, particularly by implementing international best practices, thereby reducing the risk of violations and improving compliance control.

“The aim is to improve transparency and accountability within the management processes of the Ministry of Defense and enhance international partners' confidence,” Stanislav Haider emphasized.

Tags

  • International cooperation
  • Ministry activities