DEWA develops corporate risk management practices through strategic partnership with IRMJun 26, 2012 - 08:40 -
WAM Dubai, 26th June 2012 (WAM) -- As part of Dubai Electricity and Water Authority's (DEWA) efforts to achieve its vision to be a sustainable world-class utility by enhancing its risk management capabilities, Strategy and Business Development Division at DEWA has just signed a Memorandum of Understanding with one of the leading global risk-management education organizations, the UK-based Institute of Risk Management (IRM).
The strategic alliance between DEWA and IRM will raise awareness about the importance of risk-management capabilities in meeting today's challenges and opportunities. In addition, this cooperative effort will generate potential partnerships among local UAE institutions, regional, and international organizations, exchange expertise and promote corporate risk management practices.
"As a world-class utility, DEWA's risk management development activities are closely-integrated with strategic planning and are conducted proactively, with an eye on how risk management capabilities can help us be successful and pursue other evolving global best practices, enabling growth and sustainability in accordance with DEWA's strategy, which is aligned to Dubai's Strategic Plan to promote the Emirate's position as a global hub for finance, business and tourism," said Saeed Mohammed Al Tayer, Managing Director '&' CEO of DEWA.
"With the growing demand for risk management best practices in the UAE, we are establishing a solid working relationship with IRM that will enable us to offer vital education merits and research opportunities not only for the utility industry but increasingly across all sectors," added Al Tayer.
As a non-profit global organisation, IRM has emerged as a leader in risk management education for the past 26 years and has members in over 50 countries. Its partnership with DEWA has the potential to be used as a launch platform for joint publications and presentations at renowned international conferences supporting the industry's growth.
The agreement, which will provide and promote IRM's risk management professional programmes, will enable DEWA to offer workshops in cooperation with IRM or on its behalf to its respective stakeholders. The IRM will also work with DEWA to conduct research on risk governance, and the role of auditors in the Enterprise Risk Management field (ERM).
ERM activities at DEWA are consistent with the utility's overall corporate strategy. Regular communication with DEWA's senior management enhances accountability and reinforces the importance of risk management.