Risk Advisory Services
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About ERM
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.
Our experienced professionals shall help you in your organization Risk Management and support in your sustainable growth. We shall:
- 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
Our experienced professionals provide financial audit services covering the following:
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.
Internal Control over Financial Reporting (ICFR)
Preparing reliable financial information is a key responsibility of the 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. 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 in a company’s financial statements.
ICFR provides reasonable assurances on financial statement assertions
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.
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.
Effective system of internal control over financial reporting (ICFR) can substantially reduce the risk of misstatements in a company’s financial statements.
Our Internal Audit Services
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:
Fraud Risk Management
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, evaluate ethics and compliance programs, as well related antifraud programs and controls.
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.
We help improve business process, providing services:
Risk Advisory Services Dubai, UAE.
Scope of Risk Advisory Services in the UAE
ETAA Ease Tax & Accounting Advisory
Call for Consultation
Devangi Doshi | Manager- Risk Governance
FAQ
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.
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.
