Enterprise Risk Management Dubai for Proactive Business Protection
Risk is intrinsic to business. With empirical evidence showing that 50 % of small and medium-sized enterprises (SMEs) close down before completing their fifth year, it is clear that operating a business can be a risky endeavor.Enterprise Risk Management (ERM) is a comprehensive, systematic approach that helps organizations identify, assess, priorities and respond to risks proactively in order to meet its most critical objectives and related initiatives and day-to-day operations.
End-to-End Risk Management Process for Businesses
We provide the following comprehensive Corporate Tax Services;
- Oversight governance structure, delegation of authority, risk management policies
- Align risk management with objective, strategy, & culture
- Assign Roles, authorities, responsibilities and accountabilities
- Risk integration into organization decision making, and communication
- Develop risk appetite for all categories of risk, support in quantifying the risk appetite thresholds and risk tolerance.
- Operationalize the risk appetite through developing risk assessment criteria (impact and likelihood criteria) that will help the organizations to use the risk appetite on operational decisions.
- Identify, assess, treat, and monitor your most important strategic risks across the enterprise.
- This typically involves the preparation of departmental and corporate risk registers, in addition to risk reporting and dashboards for management and boards.
- Provide training to department teams on risk identification, tracking & control implementation.
- We shall list down controls for mitigating the identified risk.
- Work with your team to make necessary changes in the policies, systems to implement these controls.
- We shall assess if controls are effective and efficient in both design and operations.
- Detect changes in the external and internal contexts affecting business, identify emerging risk, and update the risk register.
- Shall review and update relevant policies and heat maps.
Benefits of Enterprise Risk Management for Businesses
Our experienced professionals provide financial audit services covering the following:
Increasing the range of opportunities
By considering all possibilities—both positive and negative aspects of risk—management can identify new opportunities and unique challenges associated with current opportunities.
Identifying and managing risk entity-wide
Every entity faces myriad risks that can affect many parts of the organization. Sometimes a risk can originate in one part of the entity but impact a different part. Consequently, management identifies and manages these entity-wide risks to sustain and improve performance.
Increasing positive outcomes and advantage while reducing negative surprises
Enterprise risk management allows entities to improve their ability to identify risks and establish appropriate responses, reducing surprises and related costs or losses, while profiting from advantageous developments.
Reducing performance variability
Enterprise risk management allows organizations to anticipate the risks that would affect performance and enable them to put in place the actions needed to minimize disruption and maximize opportunity.
Improving resource deployment
Every risk could be considered a request for resources. Obtaining robust information on risk allows management, in the face of finite resources, to assess overall resource needs, prioritize resource deployment and enhance resource allocation.
Enhancing enterprise resilience
An entity’s medium- and long-term viability depends on its ability to anticipate and respond to change, not only to survive but also to evolve and thrive. This is, in part, enabled by effective enterprise risk management. It becomes increasingly important as the pace of change accelerates and business complexity increase.
ERM Dubai for Informed Decisions and Risk Mitigation
ERM protects business by avoiding surprises through identification of all risks that may hinder achievement of objectives. ERM allows for informed decision making through greater understanding of your risks. All of this helps in better allocation of organizational resources in pursuit of the greatest value for businesses and their stakeholders.
ICoFR: Strengthening Financial Reporting Controls
Preparing reliable financial information is a key responsibility of management. Management’s ability to fulfill its financial reporting responsibilities depends in part on the design and operating effectiveness of the controls and safeguards it has put in place over accounting and financial reporting. Our assurance helps ensure these controls are effective. While no practical control system can absolutely assure that financial reports will never contain material misstatements, an effective system of Internal Control Over Financial Reporting (ICoFR) can substantially reduce the risk of such misstatements, supporting accurate reporting for tax guidance, bookkeeping, and payroll operations.
ICFR provides reasonable assurances on financial statement assertions
Completeness
Completeness
All transactions and events that should have been recorded are assured that these are recorded.
01.
Management’s ability to fulfill its financial reporting responsibilities depends in part on the design and operating effectiveness of the controls and safeguards it has put in place over accounting and financial reporting.
02.
Without controls, it would be extremely difficult for most business organizations—especially those with numerous locations, operations, and processes—to prepare timely and reliable financial reports for management, investors, lenders, and other users.
03.
Effective system of internal control over financial reporting (ICFR) can substantially reduce the risk of misstatements in a company’s financial statements.
Internal Audit Services to Strengthen Controls and Risk Management
Our experienced professionals shall carry out Internal Audit Services as per Internal Audit Methodology & Approach in line with Institute of Internal Auditor (IIA)’s standards and the UAE Federal Internal Audit methodology issued in the Cabinet resolution #3 of 2019. We provide below different services offerings:
- Utilizes a risk-based approach to identify areas for evaluation.
- Assesses the effectiveness of internal controls.
- Verifies compliance with standard policies or
- Reviews and validates risk management processes. procedures.
- Has direct board access and a “seat at the table” with executives.
- Provides greater scrutiny of emerging and strategic risk areas, adding value to the business and providing meaningful insights to management.
- Internal Audit Outsourcing, to independently manage the internal audit function for clients.
- Internal Audit Co-Sourcing, to work with client’s Internal Audit function to carry out internal audit services.
- Staff Augmentation, to provide Internal audit staffs to client for specific engagement or period.
- Setting up Internal Audit Function by documenting internal audit policy, guidelines, charter, Initial Risk Assessment, hiring of internal audit team and provide training.
- Quality Assurance Review of client internal audit approach, documentation as per IIA standards.
- Training Internal Audit Function on internal audit approach, quality standards and on auditing different business process of client
Internal Control over Financial Reporting (ICFR)
Our experienced professionals shall carry out assessment of Internal Control over Financial Reporting (ICFR), covering the following:
Framework Development
We bring in effective governance culture and provide role clarity by developing entity specific ICFR framework based on financial reporting standards and leading control practices.
Operation Assessment
We shall assess company’s operations and provide value centric mechanism to identify process universe, reporting risks and their mapping with financial statements.
Control Design Review
We shall leverage from various walk-throughs, data analytics and control dynamic techniques to assess design adequacy of existing controls related to financial reporting.
Improving Internal Practices
Based on the control design gaps, this phase brings value to business through re-engineering existing processes and introducing leading digital practices to strengthen control design.
Effectiveness Testing
We shall use a mix of Data Analytics, sampling techniques and conventional testing techniques to ensure that transactions executed during the period comply with the financial reporting requirements.
Documentation and Reporting
We remain active throughout ICFR life cycle and provide an effective governance culture identifying clear roles, timelines, templates and other requirements.
Fraud Risk Management Dubai
Fraud Risk Management services are aimed at helping clients prevent, detect, and respond to fraud and misconduct risks. We work with our clients to design, implement, and evaluate ethics and compliance programs, as well as related antifraud programs and controls, supporting Business consultancy, AML, advisory, and IT solutions.
Comprehensive Fraud Risk Assessment and Controls in Dubai
Identify risk areas
Understand and assess scale of risk
Develop risk response strategy
Implement strategy and allocate resources
Implementation and monitoring of anti-fraud controls
Review and refine the process
Reputation for integrity is crucial to safeguarding market confidence and public trust. Fraud and misconduct can seriously undermine such efforts, exposing an organization to legal, regulatory, or reputational damage.
We work with client in variety of situations.
- Company experiences a problem, and you want to take steps to reduce the likelihood of recurrence.
- Industry is under scrutiny, and you need to assess whether your programs and controls can meet stakeholder expectations.
- Internal audit or compliance functions would benefit from heightened levels of objectivity or specialization in assessing your program.
- Management team needs to identify fraud and misconduct risks when performing due diligence on acquisition targets or business partners.
Fraud Types
The term ‘fraud’ commonly includes activities such as theft, corruption, conspiracy, embezzlement, money laundering, bribery and extortion. Essentially it involves using deception to dishonestly making a personal gain for oneself and/or create a loss for another.
Policy & Procedure Consultancy
Strong business processes are crucial for organizations to run their business effectively. Having a clear business workflow which is accessible by all employees help organizations reduce their dependency on individuals. Concise and well-articulated processes help modern-day organizations scale up their operations and equipped in taking up emerging market opportunities. Policies & procedure, helps in streamline the business activity and standardize the procedure with clarity in roles & responsibilities.
Our team of professionals experienced in serving large set of clients with their past work with Big4 consulting, will help clients set up processes and systems that will enable them to run their business efficiently. We study and assesses company’s existing structure, workflow, input and output documents and thereafter conduct a gap analysis to identify gaps in existing business process and organizational structure. Based on the gap analysis, we propose bespoke solutions that fit the company’s culture, values and working environment, as well considering best practices.
Standard Operating Procedures
It standardize the process, serve to instruct process owners and clarify doubts within a process. We review the existing process in detail, identifying relevant internal controls to mitigate the gaps. We prepare Internal Control Systems for companies in order to ensure that SOPs are properly implemented. We review systems, forms and MIS reports templates, and re-design the reporting formats, templates as per the business requirements
Preparation of Policy Manuals
We create policy manuals that ensure smooth operations across different functions & levels. Such policy manuals cover all departments such as; HR Manual, Sales, Procurement, IT, Finance, Internal Audit, etc. We help companies prepare their Corporate Governance Manuals and Delegation of Authority Matrix.
Preparation for ERP Implementation
We identify tasks that need to be automated based on the business processes mapped and help organizations to prepare a brief to different ERP vendors. Respective ERP capabilities are then evaluated, and we can help clients to identify the best option.
Devangi Doshi | Manager- Risk Governance
Call for Consultation
Risk Advisory Services Dubai, UAE.
Scope of Risk Advisory Services in the UAE
ETAA Ease Tax & Accounting Advisory
Frequently Asked Questions About Risk Advisory
Why do I need Risk Advisory Services?
Every business faces a variety of risks, and even small, overlooked risks can lead to significant financial or reputational damage. Risk Advisory Services help you proactively address these threats, ensuring your organization is prepared for potential challenges and remains resilient in the face of adversity.
How do I know if my business needs risk advisory services?
If your organization faces challenges related to compliance, data protection, or financial instability, or if you’re uncertain about the impact of potential future risks, it’s a good idea to consult with our risk advisors. We can perform an initial risk assessment to determine vulnerabilities and offer tailored solutions.
