MODON
MODON
Deliverables
Enterprise Risk Management and Risk-Based Internal Audit.
Background
MODON is a governmental entity in Saudi Arabia that was looking forward to implementing an Enterprise Risk Management System and a Risk-Based internal audit methodology for the purpose of enhancing controls and reducing the number and value of incidents.
Scope of Work
⦁ Aldar International implemented CAREweb ERM and Risk-based Internal Audit Modules
⦁ Trained the Risk Management and Internal Audit teams on the methodology and software
⦁ Conducted Risk Assessment workshops for a selected business unit
⦁ Where weakness was identified, recommendations (remedial actions) were agreed to mitigate these weaknesses
⦁ Self-Assessment and Internal Audit compliance test programs were developed for regularly checking whether the identified controls are working as intended.
⦁ MODON’s Risk Management and Internal Audit teams were also trained on how to roll-over the methodology across the organization.
⦁ Standard sets of reports were agreed for a MODON’s senior management and the Board
Outcome
⦁ Successful implementation of CAREweb
⦁ MODON’s Risk Management and Internal Audit teams were properly trained on the methodology and software and managed to implement them across the organization’s entities.
⦁ An effective risk-based Internal Audit function was established
⦁ Risks facing MODON were closely monitored across the Group
