Outsourced Enterprise Risk Assessment and Risk-Based Internal Audit
Al Fakher is a leading manufacturer of tobacco (Mua’ssel) around the world, wanted to establish a risk management function, conduct Enterprise Risk Assessments and
Risk-Based Internal Audits in order to obtain reasonable assurance that the company is complying with the relevant regulations and strengthen the control environment.
Scope of Work
- Conducting Risk Assessment (CRSA workshops) for all business units to:
- Identify and assess potential risks that might negatively impact on the business units objectives.
- Evaluate the strength of controls in mitigating these risks
- Identify weaknesses (uncontrolled risks)
- Develop recommendations to mitigate weaknesses
- Outsourced Internal Audits to independently verify whether Key controls were working as intended.
- An Enterprise Risk Management function was established
- Several control enhancements and opportunities for improving processes were identified and implemented.
- Significant improvement in the control environment
- Periodical reports are now being presented to senior management and the Audit Committee on the status of the control environment.