Enterprise Risk Management


ERM is a holistic approach to risk management and helps in identifying, quantifying and treating all risks facing an organization. It is a critical pillar of corporate governance and takes into account dependencies of risks across various activities of an organization. This process improves clients efficient capital deployment and Managements understanding of the risks and thus supports in informed decision making.

With the increased focus of Regulators and Rating Agencies in the recent times, Enterprise Risk Management has gained prominence in the region.

We at Lux provide tailor-made solutions to our clients to support their profitability, growth and regulatory compliance.

Some of our main offerings include:

  • Developing and implementing successful ERM frameworks, within a considered Corporate Governance and Internal Control environment. These include:
    • Developing a risk register by identifying, assessing and prioritizing risks at individual and corporate level
    • Assessing risk likelihood, impact and control effectiveness.
    • Developing risk appetite statements including key risk metrics and risk tolerances and limits
    • Developing risk dashboards to aid risk monitoring and reporting
  • ERM training and workshops for the Senior Management and the Board
  • Supporting insurance companies with their proposition to the rating agencies for potential upgrades, including training and presentation for the rating agency meetings
  • Supporting Risk Management audits
  • Risk quantification using capital modelling techniques
  • Developing an Internal Capital Model to assess solvency and current and future capital needs
  • Developing Own Risk and Solvency Assessment (ORSA) framework including stress and scenario testing


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Model Management Standards and Guidance for UAE banks

On 23 December 2022 the Central Bank of the UAE published Model Management Standards and Guidance. The Standards present mandatory modelling practices to be implemented by banks in the UAE and cover general standards applicable to all models as well as specific requirements for the application of these standards. The supplementary Guidance contains recommended principles related to technical aspects specific to certain model types.

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