Introduction

The Enterprise Risk Management policy defined as a set of practices that include the identification, assessment and prioritization of risks in the Finance of Department and the subsequent use of resources to minimize, control or control the likelihood or impact of risks to benefit of opportunities.

Scope

This policy is applicable across the Department of Finance and each employee has a role in identifying and managing risk by taking risks into account in all day-to-day operations.

Purpose

The objective of this policy is to clarify the Department's methodology for effective and efficient risk management and to optimize the utilization of available resources at various levels. And ensure leadership's commitment to corporate risk.

Terms & Conditions:-

The corporate risk management policy of the Department of Finance is as follows:

 

1. The Director General obligations
   
   • The Director General obligations.
   • Dealing with conflicts of interest regarding internal or external parties risks.
   • Provide resources to enable staff to identify and mitigate the risks impact’s associated with their operations.
2. In the Department of Finance obligations of organization Units
   
   • Identify, evaluate, process, monitor and review the risks associated with their operations.
   • Implement the ERM framework within the departments Heads, Risk Champions and other stakeholders are responsible to provide the integrated information about risks to ensure that the risks are properly identified across all the business units.
   • Implement periodic evaluation and reporting of risk records, in line with the ERM Manual, depending on the level of risk acceptance arising from the analysis of the internal and external environment of the department.
3. General obligations
   
   • The corporate risk management policy in the department is in line with the laws of the Government of Dubai.
   • Risk management performance is measured annually on the basis of predefined performance indicators that are linked to organizational unit objectives in general.
   • The corporate risk policy is reviewed in the department every two years or when necessary to ensure that it is consistent with the objectives and aspirations of the stakeholders and the department’s executive management is committed to executing the policy on an ongoing basis.