Enterprise Risk Management & Business Continuity Planning
Business Continuity and Enterprise Risk Management are becoming more closely aligned, and organizations will benefit from a more efficient and more effective investment by adopting an integrated approach. An enterprise risk management approach typically identifies potential risks and evaluates their likelihood and impact, and ensures that organizations have the proper controls and mechanisms to manage these risks. Business continuity management is viewed as one such control, applicable to a class of risks causing business interruption.
A business continuity management led approach prioritizes key products, processes and services delivered by a business, identify dependencies, and assess the impacts of disruption. Business continuity plans ensure the business is able to recover from such disruptions. Specific risks are a secondary issue. Enterprise Risk Management in UAE can be seen as only applying to business strategy, not processes or value chains.
Enterprise Risk Management and Business Continuity Management are ‘two sides of the same coin’. Both consider threats, impacts, and controls. They just do this in a different sequence using different language.
The historic separation of these two disciplines has potential adverse consequences:
- High impact low probability risks are often filtered out and not dealt with adequately (eg the Credit Crunch)
- The quantification of impact is imprecise, often done by simple voting
- Risks identified lower down in the organization are aggregated and the specific nature of many risks is lost
- The nature of risks can vary greatly across a value chain, and this can be missed
- Some processes can become ‘bogged down’ at the operational level, missing the ‘big picture’
- Both types of programs can be expensive, demand time and resources from the business
Quantum Auditing’s enterprise risk management services in Dubai are an integrated approach that eliminates these gaps and overlaps whilst still recognizing the desire for the two disciplines to have separate identities but with a common goal – to achieve the optimal balance between organizational performance and risk governance, thereby allowing a more efficient allocation of capital and risk adjusted decision making.
Quantum Auditing customizes its services and makes adjustments throughout the engagement to focus on your business challenges. Our high degree of professionalism, expertise, and personal commitment help you to prioritize and manage your risks across enterprise.
Our practical and targeted approach to enterprise risk management in Dubai helps a client to identify areas in which incorporating risk management functions can benefit our client’s business. On the contrary, our teams of experts help organizations by conducting enterprise risk assessment to expose inherent risks and linking those risks to organization’s objects and business processes.
You can rely on our enterprise risk management in UAE, which combines all the professional expertise and range of auditing services, which are essential for your organization’s long-term viability.