Sumood

Strategic Risk Management

At Sumood, we enable organizations to make informed decisions and face the future with confidence, through advanced analytical and advisory solutions.

Enhancing Resilience and Ensuring Business Continuity

Organizations adopt a comprehensive strategy for resilience, preparedness, and adaptability by understanding their internal and external strengths, weaknesses, opportunities, and threats. This is supported by:

The availability of effective frameworks and governance for risk management, emergency response, and business continuity
Effective emergency response plans and procedures, supported by scenarios and exercises
Effective business continuity plans and procedures, including scenarios and exercises for business recovery
A specialized team for risk management, emergency response, and business continuity, with expertise in identifying, assessing, and mitigating risks
Collaboration with internal and external partners to develop and update risk mitigation strategies and ensure continuity of operations
Access to best technical practices and emerging technologies for managing risks, emergencies, and business continuity
A strong risk-aware culture and broad awareness among organization members
Availability of training programs and resources for risk management, emergency preparedness, and business continuity
The capability to conduct studies, perform analysis, and anticipate future scenarios

The business resilience cycle in any organization consists of three key phases: readiness, response, and stabilization.Risk management, emergency response, and business continuity are managed across all stages of the resilience cycle, including:

Prediction and Assessment
Prevention and mitigation
Preparedness
Response
Recovery
Business continuity

At Sumood, we help organizations build an integrated resilience system with effective frameworks and processes, guided by the goals of Saudi Vision 2030, the organization's strategic direction, the guidance of the National Risk Council of the Kingdom of Saudi Arabia, relevant laws, regulations, and international best practices.

To ensure the effectiveness of resilience management in any organization, we focus on building a comprehensive methodology for risk management, emergency preparedness, and business continuity, covering the following four main components:

All Hazards

By having a dedicated risk management function responsible for identifying and assessing all potential risks that may face the organization and affect the achievement of its strategic, operational, financial objectives, or its reputation. This is based on historical, current, future, and emerging events and conditions.

All Phases

By implementing risk management, emergency preparedness, and business continuity across all phases of the resilience cycle, including: anticipation and assessment, prevention and mitigation, preparedness, response, recovery, and business continuity.

All Impacts

By studying, assessing, and addressing all expected impacts and consequences and their levels related to risks and their outcomes, such as emergencies, crises, or disasters. These impacts may affect: • Human life, safety, and health • Community well-being • Public and private properties • Continuity of critical infrastructure in delivering essential services and supplying vital goods • The Kingdom’s economy, resources, assets, and reputation • Public order • The environment and cultural heritage

All Stakeholders

By establishing a comprehensive and effective governance system with clearly defined roles and responsibilities. This system ensures communication, coordination, cooperation, and integration, when needed, with all internal parties within the organization and all relevant external stakeholders.

Prediction and Assessment

The ability to identify, understand and effectively manage the risks and threats facing the organization that affect its business performance, as well as seize opportunities to achieve the organization’s strategic objectives. The process supports the identification of risk acceptance, limits and controls, frequency of monitoring and reporting to enable the organization to achieve its objectives.

Prevention

The ability to analyze risks and identify the necessary procedures and measures to prevent or reduce the likelihood of their occurrence, and mitigate the resulting impact if they occur. Risk analysis includes details of uncertainty, risk drivers, impact, probabilities, scenarios, current response and its effectiveness, risk classification, etc.

Preparedness

The ability to prevent or mitigate the effects of risks and the resulting emergencies, crises or disasters, such as the impact on human life, safety and health, the welfare of society, public and private property, the continuity of critical infrastructure in providing basic services and the provision of necessary products and goods, the Kingdom's economy, resources, gains and reputation and the environment.

Response

The ability to provide detailed crisis management requirements in order to ensure a consistent and effective crisis management approach across all organization departments with the aim of saving lives, ensuring public health and safety, meeting the basic needs of those affected, and mitigating negative impacts. Response actions include: warning, search and rescue, evacuation and treatment, relief and shelter, and protection of public and private property.

Recovery

The ability to protect its property and activities, public property, economic, social and environmental activities around us from any of the most dangerous, during emergencies, crises and disasters, while applying the necessary measures to avoid or mitigate the negative effects resulting from them and restore the conditions of property, business and environment around us - in the affected areas - to normal or better.

Business Continuity

The ability to provide the resources, capabilities, and procedures that are necessary to ensure organization continues to provide essential products and services during unexpected disruption or shocks within an acceptable timeframe with a specified capacity. Interruption may be partial or complete to organization’s day-to-day operations resulting in financial loss or loss of reputation.