Manufacturing

The manufacturing industry is a cornerstone of global economic progress and technological innovation. As manufacturers navigate the complexities of rapid technological changes, heightened competition, and stringent regulatory landscapes, effective risk management, compliance assurance, and operational efficiency are crucial. Key challenges faced by the industry include supply chain disruptions, cybersecurity threats, quality management, and environmental regulations. AIGC's industry-focused GRC solutions are specifically designed to address these unique challenges, providing the essential tools to establish a resilient foundation for long-term growth and success.

In the manufacturing industry, effective risk management and compliance are crucial for maintaining a competitive edge and safeguarding company assets. AIGC's team of experts assists manufacturing companies in identifying, assessing, and mitigating risks, while also ensuring compliance with relevant regulations. Our services are designed to help clients improve their internal control environment, optimize operational efficiency, and protect their reputation in the market.

Background:

Al Fakher is a globally renowned manufacturer of tobacco (Mua’ssel). With a strong commitment to quality and a vast international presence, the company has become a market leader in its industry. In order to maintain its competitive edge and comply with the relevant regulations, Al Fakher sought to establish a risk management function, conduct Enterprise Risk Assessments, and performRisk-Based Internal Audits, with the aim of strengthening the control environment and ensuring the company's ongoing success.
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Scope of Work:‍

AIGC partnered with Al Fakher to provide a comprehensive risk management and internal audit solution. Our team of experts conducted Comprehensive Risk Assessment (CRSA) workshops for all of Al Fakher's business units. These workshops were designed to identify and assess potential risks that could negatively impact the company's objectives, evaluate the strength of existing controls in mitigating these risks, identify uncontrolled risks or weaknesses, and develop recommendations to address them. Additionally, AIGC provided outsourced Internal Audit services, independently verifying whether key controls were functioning as intended and ensuring compliance with relevant regulations.

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Outcome:‍

With AIGC's guidance and support, Al Fakher successfully established an Enterprise Risk Management function that effectively monitors and manages risks across the organization. The implementation of our recommendations led to several control enhancements and process improvements, resulting in a significant improvement in Al Fakher's overall control environment. Periodic reports on the status of the control environment are now presented to senior management and the Audit Committee, ensuring transparency and ongoing oversight. This collaboration with AIGC has enabled Al Fakher to further solidify its position as a market leader in the tobacco industry while maintaining compliance and minimizing risk.

The manufacturing industry is marked by constant change, increasing competition, and the need for innovation to stay ahead. With a unique set of challenges, including regulatory compliance, supply chain management, production efficiency, and environmental considerations, manufacturing companies must have a reliable partner with the necessary industry-specific expertise. AIGC's specialized expertise in the manufacturing sector equips us to deliver tailored GRC solutions that address the industry's unique challenges, such as supply chain disruptions, cybersecurity threats, and regulatory compliance. Our team of seasoned professionals possesses extensive experience in assisting manufacturing clients to navigate the ever-evolving landscape, ensuring that they are prepared to effectively manage and mitigate risks. Partnering with AIGC means gaining access to our comprehensive suite of services, including risk management, compliance, internal audit, and governance solutions, all customized to the manufacturing industry's specific needs. Our approach empowers clients to identify potential risks, establish robust controls, optimize processes, and achieve sustainable success. By leveraging our expertise and industry insights, you can trust that your manufacturing business will be well- equipped to excel in a competitive and dynamic environment.