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Enterprise Risk Management

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Uncertainty plays a major role in business decision making, and never more so than in these fast-changing times. Business leaders seek better knowledge and insight on which to base their decisions. As recent events have shown, a comprehensive view of risk is all important. Which is why organizations are now transiting from conventional risk management to an Enterprise Risk Management (ERM) approach.
As an enterprise risk management consultant, MBG uses in-depth understanding of strategic, business and operational risks to establish, review and enhance the ERM frameworks of businesses, aligning them with the latest standards such as COSO. Our consultative approach comprises interviews, surveys and risk workshops.

What is the regulatory environment surrounding Enterprise Risk Management?
  • ADAA resolution no. 1 – There solution mandated organizations to test effectiveness of internal controls and compliance with laws.
  • IFRS 17 (Insurance Contract) – IFRS17 will bring new and challenging obligations to the UAE insurance market in terms of further open and transparent financial reporting set against the existing legal obligations under Section (6) and (7) of the Regulations issued on 2014.
  • Board of Directors’ Decision Number (25) of 2014 Pertinent to Financial Regulations for Insurance CompaniesThe Regulations provide a solid prudential platform for risk management and risk mitigation where UAE insurance companies established new internal governance structures.
  • Insurance Authority’s board of Directors’ Decision No. (19) of 2020 – The Circular mandates that it is the insurance companies ‘obligation to create the job of risk management in a manner that it be structurally regulated to enable the application of the risk management system in the company.
  • Risk Management and Internal Controls Regulation and Standards for Insurance Companies – Article (3): Effective Risk Management System – A Company’s Risk Management system must be designed to operate at all levels to allow for the identification, assessment, monitoring, measuring, controlling, reporting and mitigating of all risks of the Company in a timely manner.
  • The Standards for Exchange Business in the UAE (Version 1.10) – February 2018 – 10.1 Risk Management Framework – The ultimate responsibility for the formulation and implementation of an effective risk management framework lies with the Board of Directors (or with the Owner/Partners where there is no Board of Directors).
How can ERM services help your business?
  • Improved decision-making: ERM enables better-informed decision-making by providing a comprehensive view of the organization’s risk landscape.
  • Enhanced risk awareness: ERM fosters a culture of risk awareness throughout the organization.
  • Mitigation of financial losses: ERM helps identify and prioritize risks that could lead to financial losses.
  • Regulatory compliance: ERM service assists in ensuring compliance with regulatory requirements
  • Resource allocation: ERM helps allocate resources more effectively by focusing on the most significant risks.
  • Early warning signs: ERM allows for the identification of early warning signs of emerging risks, enabling the company
How can we help you?
  • Framework development and review of ERM
  • Development and review of risk appetite statements
  • Risk assessment workshops and trainings
  • Development and review of key risk indicators (KRIs)/(KRAs)
  • Risk reporting templates based on the COSO and the leading risk management standards

 

 

 

 

Explore more Risk Advisory services:

Account Reconciliation

Corporate Governance Services

Internal Audit- Controls Testing and Monitoring (CTM)

Financial Reporting- Compliance Risk

Financial Reporting- Financial Risk Management

Crisis Response Strategy

Capital Management Advisory

Banking Regulatory Compliance Services

Asset & Liability Management- Balance Sheet Management

Accounting Advisory Services- IFRS Implementation

Accounting Advisory Services- GAAP to IFRS Conversion

Accounting Review Services

Accounting Advisory Services – Outsourced Accounting

Forensic Audit- Fraud Risk Assessment

Forensic Audit- Forensic Investigation

Business Continuity Planning (BCP)

Anti-Bribery Compliance

Anti Money Laundering

Consolidation and Reporting

Internal Control Over Financial Reporting (ICFR)

Forensic Audit- Cyber Forensics

Standard Operating Procedure

Internal Audit

What can we help you achieve?

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