Internal Audit
Risk Management
Since 20179 Since 2017
- Risks ranked honestly
- Controls that hold
- Reviewed, not filed
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What could go wrong, ranked, and what would have to change to reduce it.
Overview
What is Risk Management?
Risk management refers to taking a holistic view of the culture, systems and processes in place within an organization and identifying potential issues. Good risk management helps executives to make better decisions and achieve their primary business goals, it also prevents companies from unexpected losses or damages. You need to supplement the perception of risk with a solid integrated layer through which you manage risks that
- 5,000+
- Clients served
- 75+
- Professionals in Business Bay
- 9
- years, since 2017
This one is usually asked for after
01
The board has asked for a risk register and there is not one
02
Growth has outpaced the controls that were built for a smaller company
03
An insurer, an investor or a regulator wants to see risk being managed
Scope
In scope
Our Services Include
Are more analytically based and
Have shifted towards management, type processes and technology
Detail
Results for Your Business
Once one has structure in place for risk management, then his business can shift focus towards growth and value creation. The integrated approach at Vigor Accounting & Taxation considers your prior performances, current state and targets to create a solid risk management program of the future.
Why it matters
Why risk management matters
Our accounting firm offers an experienced team who drive risk management programs throughout your entire enterprise – from internal and external operating environments to practical solutions for current issues presented. While directors lead the effort to cultivate an effective risk management program, they cannot accomplish this in isolation as articulation of both accountability and responsibility must rest with all levels of an organization.
For the risk management projects, we use several sophisticated data analysis software. The Data Analytics team brings together expertise in information management along with business and accounting skills to analyze key processes, providing important risk insights.
- The board has asked for a risk register and there is not one
- Growth has outpaced the controls that were built for a smaller company
- An insurer, an investor or a regulator wants to see risk being managed
How it runs
From terms of reference to follow-up
Phase 01
Scope and terms of reference
What is being examined, what it is being measured against, and who receives the findings. Agreed in writing before anything begins.
Phase 02
Walkthrough and testing
The process as documented, the process as performed, and the gap between them. Sampled where volume makes full testing pointless.
Phase 03
Findings and management response
Every finding rated and put to management before it is written up, so the report contains the answer as well as the problem.
Phase 04
Report and follow-up
A report the board can act on, with owners and dates against each action, and a follow-up to confirm what actually changed.
Phase 1 of 4
Scope and terms of reference
Risk, mapped
Where your exposure actually sits
Where do your risks actually sit?
The five by five an audit committee reads. Likelihood across, impact up. Tap the squares that describe your business and the panel says how each one would be handled.
Likelihood
- One person can raise and approve a payment
- Bank reconciliations are behind
- Supplier bank details changed by email
- Access to the accounting system is never reviewed
- Stock counted once a year
- No documented approval limits
Common findings, for orientation. Yours will differ.
Highest band selected
0Nothing selected
Tap the squares where your own risks sit. Nothing is stored and nothing is sent.
The grid is the standard one an audit committee already uses. Where a risk sits on it is your judgement, not a rating of your business, and nothing you tap leaves the page.
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Answers
Questions asked before an internal audit starts
The 6 asked most often about Risk Management.
01Is risk management mandatory for companies in the UAE?
There is no single UAE law that forces every company to run a formal risk management programme, but many regulators, free zone authorities and corporate governance codes expect documented risk controls as part of good practice. Whether it applies to you depends on your sector, licence type and whether investors, banks or auditors require evidence of internal controls.
02How much does risk management cost in Dubai?
The cost depends on the size of the business, the sectors it operates in and the depth of review required, so it is quoted after a proposal rather than as a fixed fee. Bookkeeping support, if needed alongside, starts at AED 599 per month for up to 50 transactions.
03How long does a risk assessment take?
A typical review runs from a few weeks to a couple of months, depending on the number of processes, locations and departments involved. Smaller companies with straightforward operations are usually assessed faster than groups with multiple entities or complex supply chains.
04What does a risk management review actually cover?
It maps out operational, financial, compliance and strategic risks, tests the controls already in place and identifies gaps that could expose the business to loss or regulatory breach. The output is usually a report with findings ranked by severity and practical recommendations to close each gap.
05Which documents do you need from us to start?
We generally need recent financial statements, organisational charts, existing policies and procedures, licence and registration documents, and details of any past incidents or audit findings. The exact list is tailored once the scope of the review is agreed.
06Who actually needs a risk management service?
Companies in regulated sectors, those growing quickly, those preparing for external audit, and businesses that have had control failures or fraud incidents benefit most. Whether it is worthwhile for a particular company turns on its size, sector and how exposed its operations are to financial or compliance risk.
Not here? Ask Vigor, and a specialist picks it up from there.
