Government KSA

MODON

Deliverables
Deliverables

Enterprise Risk Management and Risk-Based Internal Audit.

background
Background

MODON is a governmental entity in Saudi Arabia that was looking forward to implementing an Enterprise Risk Management System and a Risk-Based internal audit methodology for the purpose of enhancing controls and reducing the number and value of incidents.

scope
Scope of Work
  • Aldar International implemented CAREweb ERM and Risk-based Internal Audit Modules
  • Trained the Risk Management and Internal Audit teams on the methodology and software
  • Conducted Risk Assessment workshops for a selected business unit
  • Where weakness was identified, recommendations (remedial actions) were agreed to mitigate these weaknesses
  • Self-Assessment and Internal Audit compliance test programs were developed for regularly checking whether the identified controls are working as intended.
  • MODON’s Risk Management and Internal Audit teams were also trained on how to roll-over the methodology across the organization.
  • Standard sets of reports were agreed for a MODON’s senior management and the Board
outcomes
Outcome
  • Successful implementation of CAREweb
  • MODON’s Risk Management and Internal Audit teams were properly trained on the methodology and software and managed to implement them across the organization’s entities.
  • An effective risk-based Internal Audit function was established
  • Risks facing MODON were closely monitored across the Group

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