Risk management is a key component to our approach to ensure that risks are sufficiently measured, monitored and managed across our company.
Our Board of Directors holds the ultimate responsibility for establishing our risk culture and ensuring that a robust risk management framework is in place. The Board of Directors has delegated these duties to the Board Audit & Risk Committee (BARC), which is responsible for assisting the Board in identifying and managing the principal risks of the company and monitoring the adequacy of risk reporting processes. The Risk Management Department, Compliance function, and Internal Audit work closely to ensure that the various risks to which Mumtalakat could be exposed are sufficiently measured, monitored, and managed in accordance with Board approved policies.
This is supplemented by regular updates where a quarterly risk report is submitted on a biannual basis to our Executive Management Committee and the BARC. The Quarterly Risk Report presents the range of risks that Mumtalakat faces, or could potentially face, classifies those risks into the major risk categories and rates those categories from low to critical. The Risk Assessment Report presents a semi-annual position of Mumtalakat’s risks at an enterprise level, also showing the individual assessment of each of those risks, controls in place, and any changes in rating.