📧 info@akwconsultants.com   📞+971 54 582 1550
📧 info@akwconsultants.com   📞+971 54 582 1550

Enterprise Risk Management has gained substantial momentum because of the growing importance of solutions for compliance and regulatory norms. It has laid down the foundation of underprice risk management. It is a plan based business strategy aiming to identify, prepare, assess and analyse the dangerous hazards and any other potential disaster for both physical and symbolic that may interfere with an organisation’s operations and objectives.

At AKW consultants, we provide enterprise risk management solutions, manage risk, and ensure our clients the most comprehensive solution. ERM is an evolving management discipline that has changed along with the last decade’s corporate and regulatory landscape. ERM has yet to be defined, and its friendly companies can be found by searching dedicated ERM websites. At AKW consultant, we provide cloud-based software, which helps businesses identify and monitor financial, strategic and operational risk to assist and mitigate the impact of risk. We also provide IT risk management in the UAE. Five essential steps to manage risk are:

Establish Risk Architecture

1. Determine risk appetite  and risk tolerance

2. Define risk limits  and identify risk buffer

3. Develop ERM objectives & KPIs

4. Ensure compliance with COSO, ISO and Local standards

Risk Identification & Assessment

1. Review and streamline existing risk register

2. Identify and assess new risks if gaps are identified

3. Evaluate existing controls

4. Develop risk response strategies

5. Put in place tools to measure risks, such as liquidity risks through gaps, etc.

Develop Monitoring Framework

1. Design Key risk indicators and loss ratio parameters

2. Design risk heat maps and set up limits for all key risks which can be monitored

3. Develop incident reporting framework

4. Develop QA and assessment framework

Reporting

1. Develop reporting framework

2. Develop risk monitoring dashboard

Training

1. Conduct awareness sessions and training to Board members, executive management and key stakeholders