Risk Management Framework for Administration

Risk Management Framework

1. Risk Management Policies

1.1 General Risk Management Policy

Risk Identification & Mitigation:

• Establish a proactive risk management system aligned with BEC Arabia’s strategic goals.

• Identify, assess, and mitigate risks related to administrative operations.

Regulatory & Compliance Risks:

• Ensure compliance with Saudi labor laws, data protection regulations, and company policies.

• Implement controls to monitor adherence to internal and external regulations.

Financial & Operational Risks:

• Minimize financial exposure related to procurement, contracts, and payroll management.

• Ensure administrative functions support business continuity and operational efficiency.

1.2 Legal & Compliance Risk Policy

Regulatory Compliance Monitoring:

• Ensure all administrative functions adhere to Saudi Arabian laws and Vision 2030 requirements.

• Conduct regular internal audits to ensure policy adherence.

Contract & Document Control:

• Maintain legally compliant contracts for vendors, employees, and service providers.

• Store official records securely and restrict unauthorized access.

1.3 Cybersecurity & Data Protection Policy

Data Security & Confidentiality:

• Implement cybersecurity measures to safeguard sensitive company and employee information.

• Enforce access control protocols to prevent unauthorized data access.

Business Continuity & IT Risk Management:

• Maintain backup systems and disaster recovery plans for critical administrative functions.

• Conduct regular cybersecurity training for employees handling sensitive data.

1.4 Workplace Health & Safety Risk Policy

Employee Safety & Well-being:

• Ensure compliance with Saudi occupational safety regulations in office and facility management.

• Conduct regular safety drills and provide necessary training for employees.

Emergency Response Planning:

• Develop emergency evacuation and crisis response plans.

• Assign designated safety officers within administrative departments.

2. Risk Management Procedures

2.1 Risk Identification & Assessment Procedure

Risk Evaluation:

• Conduct regular risk assessments for administration-related activities.

• Classify risks based on severity, likelihood, and impact on operations.

Stakeholder Involvement:

• Engage department heads in identifying and addressing potential risks.

• Maintain an open communication channel for risk reporting.

2.2 Compliance & Legal Risk Monitoring Procedure

Regulatory Audit & Compliance Check:

• Schedule periodic internal audits to assess compliance levels.

• Maintain a checklist of legal and contractual obligations.

Incident Reporting & Resolution:

• Establish a system for reporting compliance breaches.

• Implement corrective actions and update policies as needed.

2.3 Data Security & Cyber Risk Procedure

Data Protection Measures:

• Encrypt sensitive administrative data and restrict access to authorized personnel.

• Conduct routine cybersecurity assessments to identify vulnerabilities.

Response to Data Breaches:

• Develop an incident response plan for data security breaches.

• Notify relevant authorities and affected parties in case of a security incident.

2.4 Workplace Safety Risk Procedure

Safety Compliance Monitoring:

• Conduct periodic inspections of office facilities and work environments.

• Ensure first aid kits and emergency equipment are accessible.

Incident Management & Reporting:

• Implement an incident reporting system for workplace hazards.

• Investigate workplace safety incidents and take corrective actions.

3. Standard Operating Procedures (SOPs)

3.1 SOP for Risk Identification & Assessment

Objective: To establish a standardized approach for identifying and assessing risks.

Procedure:

1. Conduct quarterly risk assessments in administrative functions.

2. Classify risks into financial, operational, legal, and safety categories.

3. Assign risk mitigation responsibilities to relevant personnel.

4. Document findings and implement necessary preventive measures.

3.2 SOP for Compliance Audits & Legal Risk Management

Objective: To ensure all administrative operations comply with Saudi laws and company policies.

Procedure:

1. Schedule compliance audits every six months.

2. Review contracts, employee records, and operational procedures.

3. Report any non-compliance and recommend corrective actions.

4. Maintain documentation of audit findings and resolutions.

3.3 SOP for Cybersecurity & Data Protection

Objective: To safeguard company data and mitigate cyber risks.

Procedure:

1. Conduct periodic cybersecurity awareness training for employees.

2. Regularly update security software and firewalls.

3. Restrict access to sensitive information based on authorization levels.

4. Monitor and investigate any suspected data breaches.

3.4 SOP for Workplace Safety & Emergency Preparedness

Objective: To establish a safe working environment and effective emergency response.

Procedure:

1. Conduct regular workplace safety drills.

2. Maintain emergency exit plans and first aid stations.

3. Assign safety officers to oversee risk mitigation strategies.

4. Investigate and report workplace safety incidents.

Conclusion

The Risk Management Framework for the Administration Department ensures that BEC Arabia maintains operational resilience, regulatory compliance, and workplace safety. By implementing structured policies, procedures, and SOPs, the department mitigates risks associated with administrative functions, cybersecurity, and legal compliance. This structured approach enhances efficiency, security, and overall risk preparedness.