Risk management is a key component of 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 the risk reporting processes. The Risk Management Department, Compliance function, and Internal Audit work closely to ensure that the various risks Mumtalakat could potentially be exposed to are being sufficiently measured, monitored, and managed in accordance with Board approved policies.
This is supplemented by a quarterly risk report that is submitted to our Executive Management Committee and BARC, presenting risks that Mumtalakat faces, or could potentially face, and classified into risk categories from low to critical.