SALAMA Cooperative Insurance
Implementing Risk-Based Internal Audit methodology CAREweb™ Risk Based Internal Audit Module
After successfully Implementing AIGC’s ERM methodology and System, SALAMA Company wanted to enhance the efficiency of its Internal Audit function by linking it to the overall risk management framework.
Scope of Work
- Aldar International for Governance Consultancy professionals implemented CAREweb Risk-Based Internal Audit module
- A Risk Based Internal Audit Methodology was implemented.
- Formal and on the job RiBIA training was provided to the company’s Internal Audit team.
- The Internal Audit reports generated by CAREweb were customized to meet the company’s needs.
- SALAMA successfully managed the change from a traditional internal audit to a Risk-Based internal audit approach.
- The work of the Risk Management and Internal Audit department was integrated and a synergy was created between both departments which led to an Enhance control environment and reduced the occurrence of events (incidents).