DUBAI, 19th February, 2018 (WAM) -- The UAE Internal Auditors Association, IAA, in association with Protiviti Member Firm for the Middle East Region organised a joint session with Bob Hirth, Immediate Past COSO Chair & Senior Managing Director of Protiviti, on the theme of ‘Emerging Risks for Business in 2018 and the New COSO Enterprise Risk Management, ERM, Framework’ at the Westin Hotel in Dubai.
The session led by Bob emphasised the importance of having a sound Enterprise Risk Management, ERM, framework in strategic and operational planning to counter the effect of risks emanating from geopolitical and regulatory changes, promulgation of new accounting standards rapid technological advancements like blockchain, emergence of crypto currencies, and proliferation of cyber threats.
He added, "The updated COSO ERM Framework offers a fresh perspective on current and evolving concepts and application of risk management to meet the ever growing business needs. It clarifies the importance of the connection between risk, strategy and enterprise performance, and focuses on preserving and creating enterprise value with an emphasis on managing risk within the entity’s risk oversight".
Commenting on the session, Abdulqader Obaid Ali, IAA Chairman, said that the Internal Auditing community has greatly benefited from the session as it dealt with important topics of multi-dimensional risks owing to rapid technological advancements, regulatory changes, new accounting standards and cyber threats.
"We are also looking forward to more stimulating sessions at the forthcoming International Internal Audit Conference in Dubai in May 2018. The Institute of Internal Auditors, IIA, along with the IAA, will hold the high profile global conference with the theme "Connecting the World Through Innovation," at the Dubai International Convention and Exhibition Centre from May 6 to 9, 2018, featuring more than 100 global speakers in over 70 sessions and more than 3,000 professionals from 110 countries."
Sanjeev Agarwal, Managing Director, responsible for Member Firm operations in Middle East & India, said, "Resistance to change is perhaps the most pertinent risk that the organisations face today. While the wave of disruptive technologies promises to transform our personal lives, business models and organisational practices, it also brings along with it new challenges for risk professionals. Advances in analytics, machine learning and technological capabilities can prove effective to not only to manage emerging risks but also to bring about efficiency and effectiveness in the way we look at more traditional risks. Protiviti’s Data Analytics and Digital Transformation Solutions open up various paths for Risk and Internal Audit Leaders to transform the way they identify, evaluate and manage risks".
Interacting with business leaders at the event, Arindam De, Country Managing Director, Protiviti UAE, said, "The UAE economy continues to take rapid strides towards high growth trajectory and attract global corporations. We at Protiviti are partnering with the government, UAE companies and MNCs to help them build a strong Risk Management Framework to ascertain the most effective ways to integrate risk within their core management processes. The firm assists with both assessing and improving the entity’s ERM approach, as well as implementing strategies, tactics and success measures for managing and reporting specific strategic, financial, operational, technology and other risks".
To emphasise the need of ERM in today’s business environment, Protiviti recently published survey on Executive Perspectives on Top Risks for 2018 in collaboration the Enterprise Risk Management (ERM) Initiative in the North Carolina State University Poole College of Management.