Protiviti hosts global leader Bob Hirth in session on emerging risks for business in 2018

The event was held at the Four Seasons Hotel, Riyadh.

Protiviti Member Firm for the Middle East region organized an interactive session with Bob Hirth, immediate past COSO chair and senior managing director of Protiviti, around the theme of “Emerging Risks for Business in 2018 and the New COSO Enterprise Risk Management (ERM) Framework” at the Four Seasons Hotel, Riyadh.
The session led by Hirth emphasized the importance of having a sound enterprise risk management (ERM) framework in strategic and operational planning to counter the effect of risks emanating from geopolitical and regulatory changes, promulgation of new accounting standards, rapid technological advancements like blockchain, emergence of crypto currencies, and proliferation of cyber threats.
Hirth said: “The updated COSO ERM framework offers a fresh perspective on current and evolving concepts and application of ERM to meet the ever-growing business needs. It clarifies the importance of the connection between risk, strategy and enterprise performance, and focuses on preserving and creating enterprise value with an emphasis on managing risk within the entity’s risk oversight.”
Saad Al-Sabti, country managing director, Protiviti Saudi Arabia, said: “The pace at which the risks are evolving themselves owing to the rapid technological innovations and regulatory changes, it is up to the organizations to face the challenges head on. While advances in analytics, machine learning and technological capabilities can prove effective in managing emerging risks, they also bring about efficiency and effectiveness in the way we look at more traditional risks. Protiviti helps organizations identify, evaluate and manage risks through implementation of sound risk management techniques thereby preventing any potential ramifications.”
Interacting with business leaders at the event, Adnan Zakariya, managing director, Protiviti Saudi Arabia, said: “The transformation of the Saudi economy currently underway will require business leaders in the region to retain risk management at the top of their agenda. At Protiviti we assist boards and executive management across industries in helping them build a strong risk management framework to ascertain the most effective ways to integrate risk within their core business processes. The firm helps organizations identify and prioritize their risks, including emerging regulatory compliance and geopolitical risks that can impact the strategy and business model for creating value.”
The event also had an insightful session by Amit Ray, managing director — data analytics solutions at Protiviti, who demonstrated how risk and assurance leaders can leverage technology and data analytics to bring about a paradigm shift in the way they identify, assess and mitigate risks.