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Risk Management Audit Services in UAE

Risk consulting services help evaluate a company’s culture, systems, and processes to identify and resolve problems. This can help make decisions, support business objectives and prevent loss, damage, or harm to the business. Business improvements require risk management integrated into the organization’s management, processes, and technology. Our efficient team leads risk management projects in all aspects of a business, from risk assessment to any extension.

Administrators alone cannot establish and maintain effective risk management audit services practices. As we have heard, employees are the backbone of a company, therefore, by involving all levels of your team. The responsibility and accountability in corporate risk management are shared, comprehensive, and pragmatic.

One tool we use in some risk management projects is data analysis. By combining accounting, business, and information management skills. Our data analytics team can query the numbers that matter to a business and extract. Analyze and report data inputs from a risk management perspective. We offer you more than 06 years of risk management experience across all industries. Providing solutions for all economic sectors, from agriculture to life sciences, mining to finance.

Risk Management Audit in UAE

International Risk Management Standards:

Our broad range of risk management services is fully compliant with international risk management standards and includes:

  • Risk management planning
  • Risk identification
  • Quantitative and qualitative risk analyses
  • Risk handling
  • Management of residual risk
  • Independent third-party research, surveys, market studies, feasibility studies, and due diligence assessments
  • Equator principles monitoring
  • Project monitoring and management
  • Product and cargo quality and quantity surveys
  • Collateral management
  • Trade risk management

Risk Management Audit in UAE:

A risk audit is a process that involves identifying, analyzing, and evaluating potential risks and threats to an organization’s operations, assets, and reputation. In the United Arab Emirates (UAE), risk auditing is an essential component of risk management and governance practices. Here are some key points to consider when conducting a risk audit in the UAE:

  1. Identify the scope and objectives: Determine the scope and objectives of the risk audit, including the risks to be assessed, the methodology to be used, and the timeframe for completion.
  2. Assess the regulatory environment: Understand the regulatory environment in the UAE and how it impacts the organization’s risk management practices. This includes understanding the laws and regulations related to risk management and governance, such as the UAE Federal Law No. 2 of 2015 on Commercial Companies and the UAE Central Bank’s regulatory guidelines.
  3. Evaluate the organizational structure: Evaluate the organization’s structure, including the roles and responsibilities of key personnel involved in risk management, such as the board of directors, risk management committee, and internal audit function.
  4. Identify key risks: Identify and prioritize the key risks faced by the organization, such as strategic, operational, financial, and compliance risks.
  5. Assess risk management processes: Evaluate the effectiveness of the organization’s risk management processes, including risk identification, assessment, mitigation, and monitoring.
  6. Review internal controls: Review the organization’s internal controls, including policies, procedures, and systems, to ensure they are adequate and effective in mitigating identified risks.
  7. Develop risk mitigation recommendations: Develop recommendations for mitigating identified risks and improving the organization’s risk management practices, including specific actions to be taken and timelines for implementation.
  8. Monitor and report on risk management: Develop a monitoring and reporting framework to track the implementation of risk mitigation recommendations and report on the organization’s overall risk management performance.

Conducting a risk audit in the UAE requires a thorough understanding of the regulatory environment, organizational structure, and key risks faced by the organization, as well as a comprehensive assessment of risk management processes and internal controls.

Why choose MASAR?

MASAR one of the best Auditing Firm in Dubai, UAE, offers a wide range of risk advisory services. Therefore, for different needs, it will not be necessary to visit multiple consulting firms. We have experience working in different industries which is a bonus. Whatever sector your business belongs to, we can serve you with a highly personalized service.

MASAR and Partners experts know no limits to talent. They are well-trained and experienced in risk advice and have a track record that is second to none. They saved several companies from risks that could have caused financial loss and reputational damage. Our clients are very satisfied with the risk advisory service we have provided. We assure you that you will receive the same level of service for each of your needs. MASAR Also Provides the services of Corporate tax in UAE, Vat services in UAE, Excise Tax in UAE, and Accounting and Bookkeeping services in Dubai, UAE.

We are offering professional audit services in the UAE, Including: