Growth in Saudi Arabia rewards companies that see their risks early. Innovant’s risk advisory practice gives management a clear, prioritised view of financial, operational and compliance exposure, and the controls to keep each one inside appetite.
Explore the specialised services below, from risk assessment and internal controls to anti-money laundering, fraud analytics and internal audit.
Who needs risk advisory
Risk advisory is most useful at points of change: a company entering Saudi Arabia, a family business separating ownership from management, a firm preparing for financing or a listing, or a regulated entity facing closer supervision. It also helps when management senses exposure but cannot rank it, for example after a fraud incident, a difficult audit or growth that has outpaced controls.
How an engagement typically works
- Scoping: agree the entities, processes and risk categories in scope, and who will own the result.
- Risk identification: interviews, workshops and document reviews to build a risk register covering strategic, financial, operational, compliance and technology risks.
- Assessment: score each risk for likelihood and impact against the board’s risk appetite, and record the controls already in place.
- Control design and testing: close gaps with practical controls, then test whether they operate as designed.
- Reporting and monitoring: a dashboard for management and the board or audit committee, with owners, actions and review dates.
Regulatory touchpoints
Requirements depend on the entity. Companies follow the Companies Law administered by the Ministry of Commerce; listed companies follow CMA governance rules; banks, finance and payment companies follow SAMA requirements; and organisations within their scope must meet NCA cybersecurity controls and personal data rules overseen by SDAIA. Financial reporting and audit matters follow the standards endorsed by SOCPA.
Common mistakes
Treating the risk register as a one-off document, assigning risks to departments rather than named owners, designing controls that are never tested, and ignoring third-party risk from key suppliers and outsourced services. Innovant can lead the assessment and help the internal team keep it current.
Frequently asked questions
What is the difference between risk advisory and internal audit?
Risk advisory helps management identify risks and design controls. Internal audit independently tests whether those controls work and reports to the board or audit committee. The same people should not do both for the same area.
How often should a risk assessment be updated?
On a regular cycle agreed with the board, and whenever the business changes materially, such as entering a new market, launching a product, replacing a core system or signing a major contract.
Is risk management mandatory for Saudi companies?
Listed companies and regulated financial institutions face specific governance and risk requirements from the CMA or SAMA. Other companies are not always bound by the same rules, but lenders, investors and large customers often expect a documented approach.
