LAMAH Consulting

Corporate Integrated Risk Management (IRM) 

  Services

Corporate Integrated Risk Management (IRM) 

  Services

LAMAH Consulting’s GRC Strategy and Frameworks service focuses on creating a cohesive strategy for Governance, Risk, and Compliance that aligns with the organization’s objectives. We utilize industry standards such as ISO 31000 for risk management, COSO for internal control and enterprise risk management, and ISO 19600 for compliance management systems. Our approach includes conducting a thorough assessment of the current GRC landscape, identifying gaps, and developing a tailored GRC framework that integrates governance, risk management, and compliance processes. We provide guidance on implementing these frameworks effectively across the organization, ensuring that all elements of GRC are interconnected and support each other. Continuous monitoring and periodic reviews are conducted to ensure the framework remains relevant and effective in the face of evolving risks and regulatory requirements.

Business Benefits:

  1. Integrated approach to governance, risk, and compliance.
  2. Enhanced alignment with organizational goals.
  3. Improved risk identification and mitigation.
  4. Streamlined compliance processes and reduced duplication of efforts.

LAMAH Consulting offers comprehensive services to develop and enhance corporate governance frameworks. This includes corporate governance assessments, governance policy development, and board governance and effectiveness services. We adhere to standards such as the OECD Principles of Corporate Governance and ISO 37000 for governance of organizations. Our corporate governance assessments evaluate the current governance structure, policies, and practices against best practices and regulatory requirements. We assist in developing robust governance policies that define the roles and responsibilities of the board, management, and stakeholders. Our board governance and effectiveness service focuses on enhancing the performance of the board through training, evaluations, and the establishment of best practices.

Business Benefits:

  1. Stronger governance structures and policies.
  2. Enhanced board performance and accountability.
  3. Improved transparency and stakeholder trust.
  4. Compliance with governance standards and regulations.

Our ERM service helps organizations develop and implement comprehensive risk management frameworks. We follow ISO 31000 and COSO ERM frameworks to identify, assess, and manage risks. The service includes the development of ERM frameworks that align with the organization’s risk appetite and tolerance levels. We conduct risk assessments to identify potential threats and vulnerabilities and develop mitigation strategies to address these risks. Our approach includes continuous monitoring and reporting to ensure risks are managed proactively. We also provide training and support to ensure that employees understand and can effectively manage risks within their areas of responsibility.

Business Benefits:

  1. Comprehensive risk management framework.
  2. Proactive identification and mitigation of risks.
  3. Alignment of risk management with organizational goals.
  4. Enhanced organizational resilience and decision-making.

LAMAH Consulting’s Regulatory Compliance service helps organizations establish or transform their compliance functions to meet regulatory requirements effectively. We use standards such as ISO 19600 for compliance management systems and ISO 37301 for compliance management systems guidelines. Our service includes developing and managing compliance programs, handling regulatory change management, and maintaining legal compliance 360 obligations registers. We conduct compliance risk assessments to identify potential areas of non-compliance and implement monitoring and reporting mechanisms to ensure ongoing adherence to regulations. Our approach ensures that organizations can manage compliance risks efficiently and stay ahead of regulatory changes.

Business Benefits:

  1. Effective and comprehensive compliance management.
  2. Proactive management of regulatory changes.
  3. Reduced risk of non-compliance penalties.
  4. Improved organizational reputation and trust.

At LAMAH Consulting, we provide expert services for establishing and transforming internal audit functions to meet the evolving needs of modern organizations. Our service begins with a thorough assessment of your current internal audit capabilities and identifies areas needing improvement or development. We work with your leadership to design an internal audit structure that aligns with your strategic objectives and industry best practices. This includes developing internal audit charters, creating comprehensive audit plans, and implementing robust audit methodologies. For organizations looking to transform their existing internal audit function, we offer tailored solutions to enhance audit effectiveness, efficiency, and responsiveness to emerging risks. Our goal is to build a proactive and data-driven internal audit function that utilizes cutting-edge technologies to support your organizational goals and enhance governance, risk management, and control processes.

Business Benefits:

  1. Customized Audit Framework: Provides a tailored internal audit framework that meets your organization’s unique needs and challenges.
  2. Improved Risk Management: Enhances your ability to manage and mitigate risks through comprehensive and effective audit processes.
  3. Operational Efficiency: Identifies inefficiencies and opportunities for operational improvements, contributing to overall organizational efficiency.
  4. Strengthened Governance: Bolsters your governance structures and compliance with regulatory requirements.

At LAMAH Consulting, we help your organization seamlessly adopt and implement the IIA’s new Global Internal Audit Standards. We start with a comprehensive evaluation of your current internal audit practices to identify any gaps in alignment with the new standards. Afterwards, we use our proprietary Risk Reliance Assurance Framework (RRAF) methodology to assess your company’s risk management processes, culture, and overall alignment with internal audit expectations. Lastly, we provide you with a tailored action plan to ensure full compliance with the new standards, and we assist in revising your internal audit charter, policy and procedures to align with the latest guidelines, ensuring your internal audit function operates at the highest level of professional excellence. As a value add, we provide training and support to your internal audit team to understand and apply the new standards effectively. By aligning your internal audit processes with these global standards, you ensure consistency, quality, and adherence to best practices, ultimately enhancing the value and impact of your internal audit activities.

Business Benefits:

  1. Compliance with IIA Standards: Ensures that your internal audit function meets the Institute of Internal Auditors’ standards, aligning with global best practices.
  2. Enhanced Effectiveness and Efficiency: Streamlined internal audit processes, resulting in improved performance and productivity.
  3. Increased Stakeholder Confidence: Builds greater trust and credibility with management and external parties regarding your audit processes.
  4. Standardized Methodologies: Ensures more consistent and reliable audit outcomes, with standardized procedures and reporting mechanisms that improve transparency and accountability.

LAMAH Consulting offers internal audit strategic planning services designed to align your audit activities with the broader strategic objectives of your organization. Our service includes a thorough analysis of your organizational goals, risk environment, and current audit capabilities. We develop a strategic audit plan that prioritizes high-risk areas and aligns with your business objectives. This plan is tailored to provide a roadmap for your internal audit function to add value, improve processes, and support your organization’s strategic initiatives. We ensure that your internal audit team is equipped with the necessary tools, methodologies, and training to execute the strategic plan effectively. Our strategic planning process also includes regular reviews and updates to adapt to changing business environments and emerging risks, ensuring your internal audit function remains relevant and impactful.

Business Benefits:

  1. Strategic Alignment: Ensures internal audit activities are in sync with organizational strategy, providing relevant and timely insights.
  2. Optimized Resource Use: Enables more effective allocation and utilization of internal audit resources.
  3. Enhanced Risk Management: Improves the ability to identify, assess, and mitigate risks through strategic audit planning.
  4. Improved Stakeholder Communication: Facilitates better communication and reporting to stakeholders, highlighting the value of the internal audit function.

Our Internal Audit External Quality Assessment (EQA) service at LAMAH Consulting is designed to provide an objective and comprehensive evaluation of your internal audit function. We conduct a detailed review of your internal audit processes, methodologies, and performance against industry standards and best practices. Our team of experienced professionals assesses the effectiveness and efficiency of your internal audit activities, identifying strengths and areas for improvement. We provide a thorough report with actionable recommendations to enhance your internal audit function’s performance and ensure compliance with the IIA standards. This service helps you achieve and maintain a high standard of internal audit quality and stakeholder trust. Our EQA service includes follow-up support to help you implement recommended improvements and continuously enhance your internal audit function.

Business Benefits:

  1. Compliance with IIA Standards: Ensures your internal audit function complies with the Institute of Internal Auditors’ standards and best practices.
  2. Comprehensive Evaluation: Delivers a thorough assessment of your internal audit processes and performance against industry standards and provides practical and actionable insights to improve the effectiveness and efficiency of your internal audit function.
  3. Enhanced Stakeholder Confidence: Increases trust and confidence among stakeholders in the internal audit function’s capabilities.
  4. Benchmarking: Offers benchmarking against industry best practices, helping you stay ahead in internal audit excellence.

LAMAH Consulting’s Fraud Risk Management service is dedicated to helping organizations identify, assess, and mitigate the risks associated with fraudulent activities. We utilize industry standards and frameworks such as COSO, ACFE, and ISO 37001 to design and implement comprehensive fraud risk management programs. Our services include conducting detailed fraud risk assessments to pinpoint vulnerabilities and potential fraud schemes. We develop and implement anti-fraud programs tailored to the specific needs of the organization, encompassing policies, procedures, and controls. We employ Forensic accounting to investigate financial discrepancies and support litigation efforts if fraud is detected by gathering and analyzing evidence, preparing reports, and offering expert testimony. We also provide training and awareness programs to educate employees about fraud risks and preventive measures.

Business Benefits:

  1. Enhanced Fraud Detection: Identify and address potential fraud risks before they materialize.
  2. Regulatory Compliance: Ensure adherence to relevant fraud-related regulations and standards.
  3. Improved Internal Controls: Strengthen organizational controls to prevent fraudulent activities.
  4. Litigation Support: Provide robust support for legal actions related to fraud cases.

LAMAH Consulting’s Anti-Bribery and Corruption (ABC) service is focused on helping organizations develop and maintain robust anti-bribery and anti-corruption programs. We follow global standards such as the Foreign Corrupt Practices Act (FCPA), UK Bribery Act, and ISO 37001 to create effective frameworks. Our services include developing anti-bribery frameworks that outline clear policies, procedures, and controls to prevent bribery and corruption. We assist organizations in ensuring compliance with anti-bribery and anti-corruption laws, conducting risk assessments to identify and mitigate corruption risks. We perform third-party due diligence to evaluate the integrity and compliance of business partners, vendors, and other third parties. We also provide training programs to raise awareness and educate employees about bribery and corruption risks and compliance requirements.

Business Benefits:

  1. Regulatory Compliance: Ensure adherence to anti-bribery and anti-corruption laws and regulations.
  2. Risk Mitigation: Identify and mitigate risks associated with bribery and corruption.
  3. Enhanced Reputation: Foster a culture of integrity and ethical business practices.
  4. Third-Party Assurance: Assess and manage risks related to third-party relationships.

LAMAH Consulting’s Ethics and Compliance service aims to build and sustain ethical cultures within organizations. We develop comprehensive codes of conduct and ethics programs that reflect the organization’s values and standards. Our services include implementing whistleblower programs that provide safe and confidential channels for reporting unethical behavior. We assist in establishing compliance frameworks that ensure adherence to regulatory requirements and internal policies. We perform regular assessments to evaluate the effectiveness of ethics and compliance programs and identify areas for improvement. We also provide training and awareness programs to educate employees about ethical standards and compliance obligations.

Business Benefits:

  1. Ethical Culture: Promote a culture of integrity and ethical behavior.
  2. Regulatory Adherence: Ensure compliance with relevant laws and regulations.
  3. Enhanced Reporting: Provide secure channels for reporting unethical conduct.
  4. Employee Awareness: Educate employees about ethical standards and compliance requirements.

LAMAH Consulting’s Anti-Money Laundering (AML), Counter-Financing of Terrorism (CFT), and Sanctions Compliance service helps organizations comply with AML/CFT regulations and sanctions requirements. We follow global standards such as FATF Recommendations, OFAC, and local regulatory guidelines to develop robust AML/CFT programs. Our services include developing AML/CFT programs including sanction screening and transaction monitoring strategies. We assess the effectiveness of the sanctions screening system, and provide rule tuning and optimization to enhance the effectiveness of transaction monitoring systems. We also provide training programs to educate employees about AML/CFT and sanctions compliance requirements.

Business Benefits:

  1. Regulatory Compliance: Ensure adherence to AML/CFT and sanctions regulations.
  2. Effective Monitoring: Detect and report suspicious activities promptly.
  3. Risk Mitigation: Minimize the risk of financial crimes.
  4. Employee Awareness: Educate staff on AML/CFT and sanctions compliance.

LAMAH Consulting’s AML/CFT Risk-Based Approach service focuses on identifying and managing AML/CFT risks across the organization. We conduct firmwide business risk assessments to evaluate the exposure to money laundering and terrorist financing risks. Our services include customer risk profiling to categorize customers based on their risk levels, enabling tailored due diligence and monitoring. We perform product, interface, and jurisdiction risk assessments to identify and mitigate risks associated with specific products, channels, and geographic regions. Our approach ensures that AML/CFT efforts are proportionate to the identified risks, optimizing resource allocation and enhancing compliance.

Business Benefits:

  1. Proactive Risk Management: Identify and manage AML/CFT risks effectively.
  2. Tailored Compliance: Customize due diligence and monitoring based on risk levels.
  3. Enhanced Efficiency: Allocate resources based on risk priorities.
  4. Regulatory Compliance: Meet regulatory expectations for a risk-based approach.

LAMAH Consulting’s Third-Party Risk Management service helps organizations manage risks associated with their vendors, suppliers, and other third parties. We develop risk management frameworks based on standards such as ISO 31000 and ISO/IEC 27036. Our services include conducting vendor risk assessments to evaluate the security and compliance posture of third parties. We perform due diligence, audits, assessments, and continuous monitoring to ensure ongoing compliance and identify and mitigate potential risks. We provide contract management services to establish and enforce compliance requirements and performance standards. We also provide training programs to educate employees about third-party risk management practices.

Business Benefits:

  1. Risk Mitigation: Identify and manage risks related to third parties.
  2. Enhanced Compliance: Ensure third-party compliance with relevant regulations and standards.
  3. Improved Oversight: Monitor and manage third-party performance and compliance.
  4. Resource Optimization: Allocate resources efficiently for third-party risk management.

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