Internal Audit

Risk Advisory Services

A risk is described as an event or occurrence that, if left unnoticed and unaddressed, might prevent an organization from achieving its goals or objectives in internal audit and risk advisory services UAE. As one of the leading internal audit companies in the UAE, Our risk advisory team includes a team of professionals who help organizations in several areas of risk advisory services in Dubai. Businesses around the globe recognize risk as a source of competitive advantage. Organizations can unlock their full potential by better understanding and managing risk, producing and safeguarding value for all of their stakeholders.

Compliance Risk

A compliance risk is a risk to a company’s reputation or finances that’s due to a company’s violation of external laws and regulations or internal standards. A compliance risk can result in a company paying punitive fines or losing customers

Strategic Risk

A strategic risk occurs when a company’s business strategy is faulty or its executives fail to follow a business strategy at all. A company may fail to reach its goals due to strategic risks

Reputation Risk

A reputational risk threatens a company’s standing or public opinion. Reputational risks can result in a profit decrease and lack of confidence among company shareholders

Operational Risk

Operational risk occurs when a business’ day-to-day activities threaten to decrease its profits. Internal systems or external factors can cause operational risks for companies. Here are a few specific types of operational risks

Employee Errors -A business can experience a threat to its operations if employees make significant mistakes at work.
Damage to Asset -A natural disaster can damage a company's physical assets, which is an operational risk.
External Fraud - When a company experiences external fraud such as a theft by a third party, the theft poses an operational risk to the company.
Financial Risk

Financial risks can occur when a company doesn’t perform debt management or financial planning tasks. Market changes or losses can threaten a company’s financial standing. Here are a few types of financial risks for businesses.

Currency Risk -A business can experience currency risks in international business dealings because a foreign currency's value can depreciate unexpectedly
Default Risk -Taking out a business loan with greater interest than a company can afford can put a company at risk of defaulting, or not paying, the loan
Liquidity Risk -A company faces a liquidity risk when it can't quickly convert its assets into cash
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How to Identify Business Risk How to minimize Business Risk
A: Analyze Business Process The first step to identifying business risks is to analyze processes. You can perform a SWOT analysis to evaluate the company's performance in the following areas
  • Strength - Identifying your company's strengths can help you learn what the company is doing
  • Weakness - When you identify your company's weaknesses, you can develop strategies for strengthening the company in those areas.
  • Opportunities -You can perform market research to learn about your company's potential for growth or other opportunities to improve.
  • Threats -You can review internal and external factors that can threaten the business' bottom line, or its risks
B: Survey for Risk at Every stage After you analyze workflows and processes, you can look for risks at every level of the business. Anonymously surveying employees from management to entry-level staff can help you identify threats to each business area C: Identify Common Risk in your industry You can perform market research to identify the strengths, weaknesses and risks of your competitors in your industry or area. Looking for common risks for similar businesses can give you ideas for policies and processes that reduce these risks D: Record Risk, Communicate and Evaluate You can create a record for each risk to learn about recurring threats to the business' reputation or profits. If a business experiences the same risks repeatedly, you can create policies that help protect the business against the threat Proper Evaluation, communication is also necessary , appropriate benchmarking tools and tolerance levels to be set.

Once have identified risks for your business, you can use these strategies to minimize them

A: Hire A Business Risk consultant

You can hire a risk consultant to help you identify areas of risk, calculate their likelihood and help develop plans to address them

B: Hire an Accountant

A certified public accountant can help your company avoid compliance and financial risks.

C: Develop a Risk management Strategy

After identifying risks, you can devise a plan for ways to mitigate current and future risks to your business.

D: Buy an insurance plan to transfer Risk

You can research and purchase an insurance plan that can help protect your business from risks

E: Perform research before committing to Loan

A business loan can be a financial risk to a business if its interest or payment are too high. You can mitigate this risk by researching available loans and taking a loan that is financially viable for your business' performance

F: Document All relevant financial information

Documenting finances can help you keep your records organized and lower the risk of fraud or theft.

G: stay informed of all Laws and Regulations

Performing research on applicable corporate finance laws and rules in your area can help you avoid compliance risks.

H: Analyze risk and rewards of your choices

You can quantify the potential risks of a business choice and compare them to the potential rewards to help you mitigate risks and maximize rewards.

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