On 05 January 2016, the MFMR Project and the Development and Employment Fund (DEF) launched three main missions as part of their efforts to implement the recently developed business plan and achieve agreed-upon institutional transformation goals.

The first mission is to restructure DEF’s direct lending policies and procedures. The objectives of this mission are to revise the direct lending policies in alignment with the new strategic direction, streamline the whole process to improve customers’ satisfaction, and embed risk management measures to improve overall portfolio quality.

The second mission is to restructure DEF’s internal auditing policies and procedures. The objectives of this mission are to transform the internal auditing function into a tool that enables the top management to ensure that policies and procedures are respected across the organization, and provide feedback and input that would enable the decision makers to act on timely basis to prevent and mitigate risks thus enhancing overall performance and portfolio quality.

The third mission is a thorough human resources audit to identify capacity building needs in light of the new strategic directions, develop a realistic prioritized training plan for 2016-2018, and provide recommendations related to needed staff reallocation and new hires. Furthermore, a new incentives scheme will be developed to improve staff motivation and productivity in light of sector’s norm and legislative limitations.

For this purpose, the project has contracted top notch subject matter experts through well-known local consulting companies: Al-Jidara Investment Services and To-Excel Consulting Associates.

The missions are expected to be completed by May 2016 and are perceived as the cornerstones for further capacity building interventions with DEF planned for this year.

By Sahar Al-Yousef