MODON
Deliverables
Enterprise Risk Management and Risk-Based Internal Audit.
Background
MODON is a governmental entity in Saudi Ariba 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 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
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
