Risk

Risk

In a country like Oman where compliance procedures evolve every so often, businesses in highly regulated industries such as financial services, health care and education, in particular, face acute challenges.

Lately, the country has had a significant rise in regulatory bodies working independently of each other, with respective set of rules, policies and requirements. As these regulations increase, stakeholders’ expectations rise and businesses are exposed to a greater degree of compliance risk than ever before.

Because of the vast number of regulatory guidelines for compliance, it can be easy for business owners to find themselves in violation, leaving their companies open to stiff penalties and even dissolution. Therefore, having a complete and thorough understanding of corporate compliance is crucial to protecting your business for the years to come.

At Crowe, we understand that compliance requirements can be complex, and business owners may be aware about the latest rules and regulations but finds it difficult to implement or keep track of changes in laws and regulations. Our objective is to contribute to recognising the need for action, help you create an imperative towards greater compliance, and protect your business’ legal and financial standing. After all, when it comes to non-compliance issues, ignorance of the law is no defense.

We offer appropriate, tailored, transparent and easy-to-understand compliance advice that provides a sense of comfort, knowing that your business is running without the risk of non-compliance issues.

Risk overview

Today, more than ever, your business is exposed to significant risks that could have a long-term adverse effect on your assets, financial situation or profitability.

According to the 2016 Global Risks Report,risks are becoming increasingly imminent and materialising in new and sometimes unexpected ways. Existential threats confronting companies today are multiplying, such as new competitors, regulatory complexities, supply chain fragility and cyber-threats, to name just a few. Understanding the drivers of these global risks will help to boost policies and strengthen risk governance.

And as the economy moves to ensure fairness, transparency and accountability across all industries, the country continues to witness fresh regulatory enhancements with each passing day. Fast-evolving regulatory changes and enhancements are of paramount importance to both businesses and citizens as well as the government authorities, as they offer better levels of protection to consumers and service providers.

At Crowe, our major service offerings are designed to support your overall risk management efforts, particularly in the areas of;

  • Enterprise risk
  • Regulatory and compliance risk
  • Technology risk
  • Fraud risk
  • Business and operational risk
karl
Karl Jackson
Associate Partner – Audit and Assurance
Crowe Oman