The UAE Internal Audit Association (UAE IAA) and the Institute of Risk Management (IRM) have signed a Memorandum of Understanding to promote and improve good risk management within the internal audit profession.

The memorandum outlines the areas of cooperation between the two organisations to promote risk management and corporate governance reforms. It also describes more specific potential project objectives, scope of cooperation, and the respective roles of the parties.

IRM, the world’s leading professional body for risk management, supports the development of risk management skills and standards of professional education in the Mena region.

“The internal audit profession is faced with greater uncertainty as the demand and challenges of the profession continue to evolve,” said Abdulqader Obaid Ali, chairman of UAE IAA.

“By developing a standard of risk management within the organisation we can more readily understand, evaluate and address the risks to be able to minimise or avoid any negative consequence, therefore achieving our objectives. We have chosen to partner with IRM to ensure our auditors are trained and qualified to manage any relevant risks.”

Richard Anderson, chairman of IRM, said: “The Middle East is home to world class utilities, infrastructure, transport, banking and business services as well as established oil & gas businesses.”

“All these industries recognise that risk management is a fundamental building block in creating sustainable business operations, from strategic intent to delivering value on the ground. All of these industries bring their own challenges and opportunities and IRM is pleased to be helping UAE IAA to improve their effectiveness through continuing professional development and higher professional standards,” he added.

IRM will also work with IAA to conduct research into risk governance, corporate risk management and the role of auditors in Enterprise Risk Management (ERM). – TradeArabia News Service