20 internal auditors and Corporate Governance practitioners from 10 companies attended the MIoD speaker series on “How to use data analytics to detect risks and increase profits”. The very first series is to shed light on the growing importance of data analytics – the process of inspecting, transforming and modeling data to provide insights for better decision-making. Internal auditors can make use of this tool to detect risks, improve controls, decrease costs and increase profits. An expert team from IFC and KPMG participated as a guest speakers.

33 internal auditors and Corporate Governance practitioners from 19 companies attended MIoD’s 2-day Internal Audit Master Program on September 13-14, 2018. The workshop is part of MIoD Learning Series and it focused on practical topics and techniques for strengthening the Internal Audit function. An expert team from IFC and KPMG delivered the workshop which also included panel sessions with board members and management executives.

MIoD and the Women Corporate Directors Myanmar Chapter jointly organized an interactive workshop and a luncheon on the topic of women on boards and business leadership to promote gender diversity on boards. Participants discussed the gender gap in their organizations and learned tools and techniques to catalyze change.

“Myanmar companies can certainly benefit from having more women on boards, which have been proven to improve company financial performance and risk management,” said Ma Cherry Trivedi, Co-chair of the Women Corporate Directors Myanmar Chapter.

Numerous studies show that boards with both men and women are better at generating new ideas, verifying the integrity of audit information, and ensuring rule compliance to avoid conflicts of interest.

MIoD and IFC have organized a series of training to help Myanmar companies improve financial governance and reporting and adopt other effective governance practices as the new Myanmar Companies Law took effect on August 1.

The new law sets more stringent director duties and other corporate governance requirements while relaxing foreign ownership in Myanmar companies to level the playing field for international investors. More than 40 Myanmar directors and executives attended two workshops on July 30 and August 1, which were part of MIoD’s Learning Series to provide quality board training and raise market awareness about important governance topics.

“These workshops help address the growing needs of Myanmar companies for corporate governance training as they brace for changes under the new Companies Law,” said U Aung Zaw Naing, MIoD Board Chairman and Group CEO of Shwe Taung. “Helping company executives gain a deeper understanding of key financial issues will enable them to spot red flags and further strengthen risk management, while the Corporate Governance Action Planning Workshop is a great opportunity for them to develop a roadmap for effective governance.”

Myanmar family businesses learned about effective corporate governance structures that would help them sustain their growth at a breakfast briefing organized by MIoD today. Global statistics show that only one in three family businesses survives the founder. Improved governance will boost the performance of businesses, making them more attractive to investors and increasing their long-term sustainability.

At the briefing, world-leading family business governance expert Professor Joseph P. H. Fan provided an overview of key challenges facing family businesses in Asia and how to address them.

“It is critical for Myanmar family businesses to learn to professionalize their management teams and set up the right governance structures to cope with the demands of a growing business,” said Daw Win Win Tint, an MIoD board member and CEO of City Mart Holding Co., which started as a single supermarket to become one of the largest retail chains in Myanmar. “This will help build a sustainable operation, reduce the possibility of family feuds, and ensure successful succession across generations.”

Three dozen company directors and senior executives attended MIoD’s inaugural training event, the Audit Committee Master Program. The two-day program introduced the duties and responsibilities of an audit committee, a key oversight function in a company’s governance structure to ensure the integrity of the financial reporting process and audit quality; participants also learned about best practices to improve the effectiveness of the audit committee and develop a robust risk governance framework.

U Aung Than, Vice Chairman of Shwe Taung Group and one of the participants, said the program helped him gain an in-depth understanding of the key functions and responsibilities of the board and the audit committee.

“More business executives should undergo this type of training, which will help them understand important corporate governance concepts and make use of such concepts for improvements at their firms. Such changes will help enhance operational efficiency and lead to the creation of sound governance structures to raise transparency and disclosure,” he said.

Other participants included representatives from First Myanmar Investment Co., Great Hor Kham PLC, KBZ Bank, Myanmar Agro Exchange Public Ltd., Myanmar Awba Group, Myanmar Oriental Bank Ltd., Myanmar Thilawa SEZ Holdings Public Ltd., Serge Pun & Associates Ltd., and Yoma Bank.