CMA Concludes eighth Tamkeen Training Program

Al Suwaid: Tamkeen Increased Omanization ratio to 89% in operational roles, 79% in medium roles and 57% in senior management roles

The Capital Market Authority continues to implement its plan to qualify national cadres working in the insurance sector. The CMA has concluded a four-week training program on internal auditing, which comes within the series of annual training programs of the Tamkeen initiative, through which the CMA seeks to empower the national cadres working in the insurance sector in order to achieve qualitative Omanization ratios targeting the operational, medium and senior administrative roles in response to the directives of the government based on strengthening the role of the private sector to absorb the outputs of education at different levels, and to provide the opportunity to replace expatriates with  national cadres , according to a systematic policy coupled with training and qualification in a way that enhances the capabilities of the youth to compete and take advantage of opportunities to lead and manage the insurance sector in the Sultanate of Oman

Ula Ali Al Suwaid, Director of the Insurance Institutions Regulation Department said, "The internal audit program is a continuation of the programs of the Tamkeen initiative, which was launched more than five years ago, and in which the CMA has organized  annual training programs to achieve the targets of Omanization for  each job level. The programs focus on topics related to insurance, accounting and administrative sciences, and other programs related to self-development, including leadership and effective communication skills, in addition to supporting and encouraging national cadres to obtain professional certificates in accounting, administrative and legal disciplines.

Al-Suwaid affirmed that this policy contributed to achieving qualitative ratios in Omanisation of jobs in the insurance sector. During this year, eight training programs have been held so far, and the number of trainees was 223. Omanisation ratios, according to the unaudited second quarter statistics, have also achieved a remarkable increase at 57% in senior management, 79% in medium management and 89% in operational management.  The increase is a positive indicator of the CMA’s strategy in line with Oman Vision 2040.

The Capital Market Authority is keen to organize programs in coordination with regional and international institutes and universities specialized in insurance sciences, conducted by trainers with long practical experience, and specialized professional certificates in the field. The last training program was organized in cooperation with the RISC Institute, With the aim of preparing the participants and developing their skills to carry out internal audit work in an optimal manner and preparing them to manage the internal audit departments in insurance companies and move to higher job levels, and to identify business risks and audit procedures, in addition to international standards for the professional practice of internal auditing. The program also addressed the assessment of inherent insurance risks, planning and assessing the residual  insurance risks, and the participants were acquainted with the methods of preparing financial statements for insurance companies, implementing internal audits, follow-up and preparing internal audit reports.