Risk Management

In a country like the UAE where compliance procedures evolve every so often, businesses in highly regulated industries such as financial services, health care and education, in particular, face acute challenges.Lately, the country has had a significant rise in regulatory bodies working independently of each other, with respective set of rules, policies and requirements. As these regulations increase, stakeholders expectations rise and businesses are exposed to a greater degree of compliance risk than ever before.Because of the vast number of regulatory guidelines for compliance, it can be easy for business owners to find themselves in violation, leaving their companies open to stiff penalties and even dissolution. Therefore, having a complete and thorough understanding of corporate compliance is crucial to protecting your business for the years to come.

Middle East Corporate Services, we understand that compliance requirements can be complex, and business owners may be aware about the latest rules and regulations but finds it difficult to implement or keep track of changes in laws and regulations. Our objective is to contribute to recognizing the need for action, help you create an imperative towards greater compliance, and protect your business legal and financial standing. After all, when it comes to non-compliance issues, ignorance of the law is no defence.

Risk Management System Policy

In its quest to realize its goals and to fulfil the needs of the stakeholder as well as the requirements thereof, the Ministry of Economy has adopted a proactive approach under which it manages risks with a purpose of reducing the effects of such risks on the Ministry’s operations and activities while supporting the Ministry’s vision of implementing governance and contributing effectively to the process of decision making.

In such quest, the Risk Management System Policy was based upon the adherence to the following:

Identifying, assessing, managing, monitoring, reviewing, reporting and handling risks effectively in accordance with the guidelines of ISO 31001 as well as with the requirements of the work systems applicable within the Ministry.
Applying the Risk Management System and the processes thereof to the work systems applied within the Ministry such as the Asset Management System ISO 55001, Business Continuity System ISO 22301, Effective Governance System BS 13500 as well as the Integrated Management System.
Linking and integrating risk management with the Ministry's policy as well as the objectives, systems, processes and performance indicators thereof.
Predicting potential risks, estimating their prospect, severity and level of threat while implementing treatment plans and providing the resources necessary therefor.
Reviewing risk management systems and their levels of approval periodically while taking informed decisions in order to reduce, eliminate, share or bear such.
Reviewing the policy and the context of the risk management system annually in order to ensure the consistency thereof with the objectives and expectations of senior management and stakeholders.
Defining authorities, responsibilities and accountability towards risk management.
Enhancing the culture of risk management within the Ministry and raising the awareness of employees regarding the importance there of as well as of the responsibility of everyone tmechanisms thereof constantly.herefor.
Improving risk management system as well as the reporting