Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities.
As with any conventional financial institutions, Islamic banks and Takaful companies (insurance companies) have to address risk management issues such as concentration risk and liquidity risk. In addition, as Islamic finance is asset-based, investing in real estate assets appears logical but also presents a risk.
Mazars Mashoura’s Comprehensive Risk Management strategy can assist in forming an integrated work plan for our clients which can effectively monitor their business risks. Services we can provide in this regard include:
- IT global review and audit
- IT risk mapping
- Risk mapping
- Design and implementation of anti-money laundering frameworks
- Evaluation of the Internal Audit function
- Assistance in creating an Internal Audit Department
- Evaluation of Governance Frameworks
- Design and implementation of Governance Frameworks
- Assistance in ad hoc compliance with regulation
- Creation of procedures manuals etc.