Risk Management System Policy
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Risk Management System Policy
Risk management is everyone’s responsibility and a cornerstone of sustainability and institutional excellence.
In an ever-changing business environment marked by increasing challenges, the "Ministry of Economy and Tourism" recognizes the importance of risk management as a strategic tool that supports decision-making and a means to achieve strategic objectives efficiently and effectively.
Accordingly, the Ministry adopts an integrated approach to risk management in line with the guidelines of the international standard ISO 31000, ensuring that risks are identified, analyzed, assessed, and treated within the framework of corporate governance and the Ministry’s operational systems.
In this regard, the Ministry is committed to embedding a culture of risk identification and assessment at all levels, and to strengthening institutional capabilities to anticipate risks and respond to them with flexibility and effectiveness—thereby safeguarding resources and interests, enhancing stakeholders’ confidence, and achieving sustainable performance and leadership in institutional excellence.
In order to achieve these directions, the Risk Management System Policy focused on the following:
- Identifying, assessing, monitoring, reviewing, reporting, and effectively addressing risks in accordance with a clear governance and accountability framework, including defining risk tolerance and risk acceptance.
- Anticipating potential risks and their level of impact on operations and services, developing treatment plans, and conducting periodic reviews of risk management and risk acceptance levels, while making well-informed decisions to mitigate, treat, share, or accept risks.
- Linking and integrating risk management with the Ministry’s policy and objectives, systems, processes, and performance indicators across all management systems applied within the Ministry (ISO 9001, ISO 14001, ISO 45001, ISO 31000, ISO 37000, ISO 55001, ISO 22301).
- Integrating risk management principles into strategic and operational planning and decision-making processes at various levels of work.
- Providing the human, technical, and financial resources necessary to implement the risk management framework effectively and sustainably.
- Reviewing the Risk Management System Policy and framework annually to ensure their effectiveness, continuity, and alignment with the objectives and expectations of senior management and stakeholders.
- Defining responsibilities, authorities, and accountability for risk management, balancing innovation and change with the risks associated with them, and preventing conflicts of objectives.
- Enhancing risk management awareness and encouraging the reporting of emerging threats and how to address them.
- Ensuring continuous improvement of the risk management system by reviewing performance, monitoring efficiency indicators, and applying lessons learned from previous events.
