Enterprise Risk Management (ERM)

KPMG's Enterprise Risk Management Services (ERM) in the UAE can help an organization implement a sustainable ERM program by conducting an enterprise risk assessment, assessing current state of risk management practices, developing a practical road map to achieve desired state of risk management, transferring knowledge and providing training to ultimately support a successful ERM initiative.

Our ERM service is not a one-size-fits-all proposition — KPMG's methodology and framework in the UAE takes into consideration the varied maturity of organizations and applies a phased approach aligning to the organization’s culture and timeline. Our methodology acts as a guide to help our member firms’ clients to identify, help manage and communicate key risks, thereby providing an opportunity to formalize accountability and risk oversight responsibilities of the Board and other monitors (e.g. internal audit, compliance, SOX etc). It also allows companies to implement a sustainable program that continually achieves and maintains compliance and acts as a strategic, monitoring and reporting tool.

With wide experience gained from working across several industries, KPMG’s ERM teams in the UAE have assisted large multinational businesses and public sector organizations to implement sustainable ERM initiatives.

Implementing and enhancing ERM can help :

• protect corporate brands and value proposition
• meet stakeholder needs (e.g. regulatory compliance, more transparent communications, etc)
• provide a useful strategic tool
• embed risk and control awareness into decision making
• prepare Board and management for surprises (i.e. emerging risks)
• improve accountability among various levels of management and Board
• rationalize the monitoring functions

Many corporate executives are under pressure to better understand the risks facing their organizations and how risks may affect corporate strategy.

Analyst ratings agencies and regulators are placing increased importance on ERM programs at the companies they follow. Our ERM services in the UAE are designed to provide a reliable framework to identify, analyze and monitor risks to meet the needs of stakeholders and make better informed decisions based on risk.

KPMG have launched an ERM Maturity Assessment Tool to support organizations in determining the maturity of their risk management practices. The Tool considers a broad spectrum of parameters including but not limited to risk appetite, risk governance, risk culture, risk identification and assessment, risk monitoring, risk reporting, and usage of data and technology in risk management.

The risk maturity model is based on KPMG’s ERM framework, comprising seven key components. It is aligned with COSO and ISO 31000: 2018 ERM framework. The maturity model is industry agnostic.

If you would like to conduct a self-assessment of the maturity of risk management practices in your organization, please access the tool from the link below: