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The UAE has a significant number of well-known companies that provide professional Risk management audit services, which are aimed at reducing the number of risk factors, compliance with regulations, and assisting the strategic goals of the company based on a consistent and proactive strategy. Examples of such services include detailed risk assessment, internal control review, regulatory compliance audit and development of special risk reduction plans.
1• Analysing risk exposure and impact: assesses potential financial, operational, strategic, and compliance risks and the impact on achieving the corporation goals.
2• Review of Internal Control: Assesses the level of internal policies, processes and controls deployed to reduce risk of fraud and loss.
→Risk management audit services as a bundle solution to assist the users in controlling the risk in its operations to become more compliant and agile in the constantly evolving regulatory environments in the UAE.
→Risk management audit service in the United Arab Emirates assist the organizations with the management of the risk proactively. These UAE risk management audit services help organizations to detect, assess and manage risk in their operations. These services, including advanced data analysis, industry expertise, and best practices, help to conduct an in-depth evaluation of the risk areas such as strategic, financial, operational, and compliance.
Risk advisory services help in evaluating the culture, process and systems of a business to sort down and determine the issues. It can help in decision making, facilitate business interests as well as prevent business loss, facing loss or damage to the business. Business improvements required need to be managed by risk management to be embedded within processes, technology and management in your organisation. Our well-organized team deals with risk management project in all aspects of an enterprise, including risk assessment to whatever level.
Directors are not sufficiently accountable to design and maintain good risk management practices in isolation. It has been made known to us that employees are the backbones of any company therefore by involving all members of your staff responsibility and accountability of management of business risk is shared comprehensive and realistic.
Data analysis is one of the tools that we apply in some of our risk management projects. With a combination of information management, business and numeracy, our Data Analytics team is able to pose questions on the numbers which are material to a business, and to extract, analyse and report on the data inputs of a risk management perspective.
→Key Reasons for Importance
1.Risk Assessment and Primary Prevention:
In businesses, remedial actions are initiated once exposure to frauds, negligence, regulatory control and efficiency, which are likely to occur, i.e, focused overdue exposures, are identified by risk management audits.
The fines and loss of reputation, legal references, and important in the UAE which and suffers due to compliance.
2.Compliance with the Domiciliary:
Regulatory framework in the UAE is much faster than legislation in other jurisdictions, which, furthermore, entails detailed adherence to demurrage, and, i.e., in the field of taxation, prevention of the contravening trade and other unsolicited activities.
The fixed period audits ensure that organizations are in compliance in order to reduce compliance risks and ensure that there is just some form of reputation with the regulatory bodies to avoid huge financial fines.
3.Enhancing Internal Controls:
The procedures of evaluation and audit stabilize and strengthen the critical processes and controls, thereby reducing the abuse and misuse of precious business resources, to enhance the capacity of the company to fortify itself against the diverse internal and external threats.
Conducting regular audits assists and counsels the management regarding the general running of the different controls that facilitate business goals imposed by an organization.
4.Enabling Strategic Decision-Making:
With the impartial evaluation of risks, audits contribute to the potential of the management with information that would help in the proper planning and improvement of the business.
Critical audit reports help companies to react to the rapidly changing risks and adapt to the market.
5.UAE Business Strengths on Competitiveness:
Enhanced immunity to fraud and market disruption.
Better adherence and readiness to be inspected by the government.
Improved resources management and cost-control, which increases profitability.
Thus, risk audits are considered vital UAE business-tools in ensuring growth, reducing risks exposure, and thriving in risk and uncertainty conditions.
1.Risk Identification and Prioritization.
The audits help in identifying, assessing, and ranking significant risks in every activity systematically in companies.
This will enable easy mitigation measures and resource allocation to the most critical ones.
2.Increased Regulatory Compliance:
With the help of professional audits, strict adherence to the rules and laws of the industry is made possible, and the likelihood of punishment and fines is reduced to a minimum.
They assist businesses in demonstrating due diligence and adherence to the regulators and the shareholders.
3.Improvement of Decision-making and resource allocation:
The audit insights provide the management with information in order to make informed business decisions, enhance strategic planning and align the risk appetite with the business objectives.
A comprehensive risk analysis allows saving of costs by identifying the area of efficiency and improving the operating control.
4.Increased Internal Controls and Governance:
Auditors revise and suggest the balancing controls enhancement to safeguard the assets and the chances of committing a fraud or error.
Enhanced administrative structures offer favorable environments of accountability and risk consciousness in the company.
5.Increased Stakeholder Confidence:
Proactive and working risk control measures bring a guarantee of sound governance and readiness, thereby encouraging investor, customer as well as partner confidence.
Better reputation also results in improved relationships, capital and competitiveness.
6.Greater Business Continuity and Resilience:
Contingent on the disturbances, NAK AUDITING L.L.C is prepared to face the new risks and empower organizations to respond to the disturbances, thereby facilitating business continuity.
Good frameworks can guarantee steady and sustainable growth, profit and success even in unpredictable circumstances.
Collaborating with NAK AUDITING L.L.C on risk management audits would imply collaborating with a company that proposes viable, and customized solutions that comply with the industry standards and regulations of the UAE. According to several years of experience of risk assessment in a wide spectrum of industries NAK AUDITING L.L.C offer business tailored solutions to determine, evaluate and treat risks to business activities, assets and reputation.
Here are some common questions about Risk Management Audit
The importance of risk management audits can be seen in adherence to the local laws, good corporate governance, and in protecting the business assets and reputation. The UAE laws (including the requirements of the Securities and Commodities Authority on the listed companies) demand a strong risk management system to ensure transparency, and robustness.
The listed organizations in the UAE have to respect such codes as the SCA Governance Code, as well as the global models like the COSO (Committee of Sponsoring Organizations of the Treadway Commission) because they should provide reasonable risk management controls and the structural independence of the risk management functions.
Risk identification, prioritization (strategic, operational, financial, compliance)
Assessment of risk management structure and risk appetite statement that have been board endorsed.
Considering the roles and responsibilities of risk management officers and committees.
Evaluation of internal controls strategy and risk reduction measures, reporting systems.
Ensuring Audit and risk management independence.
Audits on risk management can be done by the in-house audit team, external third-party auditors or registered risk and compliance audit firms. The auditor must be conversant with local regulations of the UAE and international risk management schemes.
The main regulator of listed companies is the Securities and Commodities Authority (SCA). The Ministry of Economy also has mandates and particular provisions of UAE Federal Law No. 2 of 2015 and circulars.
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