Establishment of an Asset Valuation Entity for the Iraqi Ministry of Finance
BACKGROUND & OBJECTIVE
The Iraqi Ministry of Finance sought to strengthen its asset valuation framework to support the government’s privatization efforts. The lack of a centralized entity responsible for asset valuation across state-owned enterprises created inefficiencies and inconsistencies in assessing public assets. To address this, a new department was designed and implemented to standardize valuation methodologies, manage asset valuation procurement, and coordinate with other ministries for a comprehensive market-based asset assessment. The primary objective was to establish a fully operational asset valuation entity, ensuring alignment with international best practices and enabling data-driven decision-making for privatization and public asset management.
PROJECT APPROACH
The project was structured around four key pillars: organizational design, workforce development, IT infrastructure, and inter-ministerial collaboration. The approach began with defining the mission, vision, and core competencies of the new entity, followed by developing a clear organizational structure, job roles, and business processes. A comprehensive training program was executed to ensure employees were equipped with the necessary expertise in asset valuation methodologies. IT systems were also identified and implemented based on predefined business requirements to facilitate data collection and valuation analysis. Additionally, strong coordination mechanisms were established with other government bodies to enable seamless data sharing and ensure a unified approach to asset valuation.
OUR METHODOLOGY
A structured and phased methodology was deployed to ensure the successful establishment of the entity. Initially, an organizational design framework was developed to outline functional responsibilities, interaction models, and governance structures. Job descriptions and competency frameworks were created to streamline recruitment and training. The implementation phase included setting up IT tools based on specific valuation requirements, ensuring scalability and interoperability with existing government systems. Stakeholder engagement played a crucial role, with workshops and working sessions conducted to align ministries and public sector entities on the valuation process. The final phase involved operationalizing the entity, refining workflows, and conducting pilot valuations to test the effectiveness of the system before full-scale implementation.
THE RESULTS
Within four months, the asset valuation entity was fully staffed, trained, and operational. The department was clearly positioned within the government framework, ensuring visibility and alignment with other ministries. It successfully initiated operational coordination with various governmental bodies, establishing a structured approach to data collection and market-based valuation of state assets. The newly formed entity was recognized as a key driver of the privatization agenda, providing the Iraqi government with an essential tool for informed decision-making regarding state-owned assets.
