Al-Fakher Company
Al-Fakher Company
Deliverables
Outsourced Enterprise Risk Assessment and Risk-Based Internal Audit
Background
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.
Outcome
⦁ 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.
