With the ever-changing business environment, business growth and diversification, the nature and implications of business risk also change. Hence it becomes even more important for the management to review their business risks and controls on an ongoing basis and steer the business accordingly.
Business risks are broadly classified in two distinct categories – ‘organisation level’ risks and ‘process level’ risks. There is an inherent need for management to constantly assess and monitor the situation to ensure that appropriate control initiatives are in place to prevent, detect and manage such risks. Business risks are not only internal but also include other risks such as from natural disasters, competition, legal and regulatory compliance, changing customer needs, and fast changing information technology.
Our team devotes time to understand a client’s industry dynamics, business requirements, reporting and control systems. This helps us identify key operational and risk areas to which a business is exposed. Thereafter we develop a structured approach to risk identification and control that fits within the business’s broader objectives. PKF UAE offers innovative strategies and cost- effective solutions to identifying effective controls and providing advice to mitigate business risk.