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How to Claim a VAT Refund in the UAE?

All the registered business are required to file a VAT return furnishing the details of sales, purchases output VAT and input VAT paid during the tax period. Here, the output VAT is the amount which is collected on sales and Input VAT is the amount which is paid to the supplier towards purchases/expenses. The eligible input VAT amount will be allowed to be adjusted with the output VAT amount. After adjusting the output VAT and Input VAT, the result will lead to one of the following situations.

VAT Payable: If output VAT amount is higher than the Input VAT, the balance will be VAT payable which needs to be paid to FTA.
VAT Refundable: If output VAT is lesser than the input VAT amount, the excess balance will be VAT refundable.

If you have excess input VAT, an option will be available on the VAT Return to request a refund. The following are the steps to submit VAT refund form ‘VAT311’:

1. Login to FTA e-Services Portal using your username and password

2. To access the refund form, navigate to the ‘VAT’ tab and then to the ‘VAT Refunds’ tab

3. Click ‘VAT Refund Request’

4. On clicking ‘VAT Refund Request’, the refund form will open. Fill the details in all the applicable fields. Mandatory fields are mandatorily to be completed to submit the Refund Form. Most of the details are auto populated. The following are the fields available in the VAT refund form 311:

TRN, Legal name of entity (English) etc.: This section is auto populated based on the information contained in your account user profile. It is therefore very important that the information contained in your profile is both correct and accurate. Please check it before completing the refund form
Total amount of Excess Refundable Tax (AED): This field is auto populated based on the excess refundable tax reported in the last VAT returns less administration penalties due (except for the late registration penalty which is shown separately)
The amount you wish to have refunded (AED): Please enter the amount you wish to have refunded here. This amount must be equal to or less than the ‘Total amount of Excess Refundable Tax’
Remaining amount of eligible Excess Refundable Tax: This field is auto populated and represents the remaining amount of excess refundable tax which you may apply for a refund in the future.
Late registration penalty amount (in AED) : This field is auto-populated depending on whether you have a penalty imposed and have settled the late registration penalty for VAT or not.

5. Authorized Signatory and Declaration: Authorized signatory will be auto populated, and you need to tick the declaration before submitting

6. Once you complete the form, click on the ‘Submit’ button.

The refund form will be processed as per the FTA process. You will receive an email notification from the FTA on the result of your application. Once your claim is approved, the amount will be refunded. You will receive a confirmation email of the refund and you may check your balance in ‘My Payment’ tab -> Transaction History section displaying the amount refunded.

If you are interested in gaining a Certified Diploma in VAT for the Middle East region, then Kaplan Professional Middle East is here to help you achieve it with the support of the industry’s leading taxation trainers.

3 reasons to pursue a professional qualification while still in college?

Studying for professional qualifications while in university can offer numerous benefits and provide a head start in your career. Here are three top reasons to consider starting your professional qualification journey while still in university:

Gain a Competitive Edge: Pursuing professional qualifications alongside your university degree sets you apart from other graduates and demonstrates your commitment to professional development. It showcases your dedication to acquiring practical skills and knowledge beyond academic theory, making you more competitive in the job market. Employers often value candidates who have both academic qualifications and professional certifications, as it indicates a well-rounded skill set.

Accelerate Career Progression: Starting early on professional qualifications enables you to enter the job market with an additional credential that can fast-track your career progression. Many professional qualifications have multiple levels or stages, and by starting early, you can complete the qualification sooner and position yourself for higher-level roles at an earlier stage in your career. This can lead to greater opportunities for advancement and increased earning potential.

Practical Application of Knowledge: Professional qualifications provide practical, industry-specific knowledge that complements the theoretical concepts taught in university. By studying for professional qualifications concurrently, you can reinforce and apply what you learn in your degree program to real-world scenarios. This practical application helps you develop a deeper understanding of the subject matter and enhances your ability to solve complex problems in a professional context.

Additional advantages of starting professional qualifications while the university include building a professional network within the industry, accessing resources and support provided by professional bodies, and gaining exposure to current industry trends and practices.

It’s important to carefully consider the time and resource commitments required for both your university studies and professional qualifications. Balancing both can be demanding, so effective time management and prioritization are key.

Kaplan Professional ME is a training company in Dubai offering professional courses for CFA, CMA, ACCA, FRM and CFAB. Consult with Kaplan’s program advisors, to understand the specific qualifications that align with your career goals and how they can complement your university education.

Can ICAEW CFAB be considered as a first step towards chartered accountancy?

The ICAEW CFAB (Certificate in Finance, Accounting and Business) is a globally recognized qualification offered by the Institute of Chartered Accountants in England and Wales (ICAEW). It provides a solid foundation in finance, accounting, and business principles, equipping individuals with essential knowledge and skills for a career in accounting and finance.

Completing the CFAB can offer several benefits:

Entry Point to the Accounting Profession: CFAB serves as an entry point to the accounting profession, providing a comprehensive understanding of fundamental accounting concepts and practices. It lays the groundwork for further professional development and progression.

Recognized Qualification: CFAB is widely recognized and respected by employers and professional bodies worldwide. It demonstrates a strong knowledge base and commitment to professional development in the field of finance and accounting.

Exemptions and Pathways: Successful completion of CFAB provides exemptions from certain modules of the ICAEW’s ACA (Associate Chartered Accountant) qualification. This allows CFAB graduates to fast-track their progress towards achieving full chartered accountant status.

Flexibility and Versatility: CFAB offers flexibility in terms of study options and allows individuals to balance their studies with work commitments. It covers essential areas of accounting, finance, and business, providing a broad foundation applicable to various roles and sectors.

Professional Network and Support: Pursuing CFAB allows individuals to connect with a professional network of ICAEW members and gain access to valuable resources and support. This network can offer mentorship, career guidance, and networking opportunities.

While CFAB is a valuable qualification on its own, many individuals use it as a stepping stone towards completing the full ACA qualification, which leads to becoming a chartered accountant. The ACA builds upon the CFAB knowledge and covers advanced topics and practical experience requirements.

It’s important to note that specific requirements and pathways may vary based on the jurisdiction and professional accounting body you aim to be associated with. Therefore, it’s advisable to research and understand the requirements of the specific chartered accountancy program or professional body you intend to pursue.

At Kaplan we offer CFAB training with a unique and affordable study option giving you flexibility to study at your own pace. The product is built to help you cover the entire syllabus through pre-recorded videos, focused study materials and tutor support through live questions solving sessions to help you hit the right milestones. Contact us to study with Kaplan is the leading global publisher of financial and accounting study material for hundreds and thousands of students and business professionals around the world.

Careers with CFAB ICAEW

The ICAEW CFAB (Certificate in Finance, Accounting and Business) qualification opens up various career opportunities in the field of finance, accounting, and business. While CFAB itself is a valuable qualification, it is often used as a stepping stone towards further professional development, such as pursuing the full ACA (Associate Chartered Accountant) qualification.

The ICAEW CFAB has no minimum entry requirements, making it the first step in obtaining the ICAEW BFP designation. To qualify, you must fulfill 3 key requirements: to have attained the ICAEW Certificate in Finance, Accounting, and Business (CFAB) certification, to have at least 12 months work experience in a business or finance role with proper validation of essential business skills, and to have completed ICAEW’s Ethics Learning Programme.

Here are some potential careers that individuals with CFAB can pursue:

Trainee Accountant: CFAB provides a strong foundation in accounting principles, making it suitable for entry-level positions as a trainee accountant. This role involves assisting with financial reporting, bookkeeping, budgeting, and other accounting tasks.

Financial Analyst: CFAB equips individuals with knowledge in finance, making them well-suited for roles as financial analysts. Financial analysts analyze financial data, conduct financial modeling, and provide insights to support decision-making.

Audit Assistant: CFAB covers auditing principles and practices, making it suitable for roles as audit assistants. Audit assistants work with audit teams to assess the financial statements and internal controls of organizations to ensure compliance and accuracy.

Tax Advisor: CFAB includes knowledge of taxation, making it relevant for careers in tax advisory. Tax advisors provide guidance on tax compliance, tax planning, and help individuals and businesses navigate complex tax regulations.

Financial Services: CFAB provides a broad understanding of finance and accounting concepts applicable to various roles within the financial services industry. This includes positions in banking, insurance, asset management, or financial consulting.

Business Analyst: CFAB equips individuals with a solid foundation in business principles, making them suitable for roles as business analysts. Business analysts analyze business processes, identify areas for improvement, and recommend solutions to enhance efficiency and profitability.

Management Accountant: CFAB covers management accounting concepts, which can lead to careers as management accountants. Management accountants provide financial analysis, budgeting, and cost management support to help organizations make informed decisions.

Financial Controller: CFAB provides a strong understanding of financial reporting, making it relevant for roles as financial controllers. Financial controllers oversee the financial operations of an organization, including financial reporting, budgeting, and financial analysis.

It’s important to note that while CFAB provides a solid foundation, professional experience and further qualifications, such as the ACA, often enhance career progression opportunities. Additionally, career paths can vary depending on individual interests, industry preferences, and the specific roles and responsibilities available within organizations.

The difference between CFAB and ACA

The ICAEW CFAB (Certificate in Finance, Accounting and Business) and ACA (Associate Chartered Accountant) are both qualifications offered by the Institute of Chartered Accountants in England and Wales (ICAEW). ICAEW CFAB is the same syllabus content as the first six modules of our world-leading chartered accountancy qualification, the ACA. You can study ICAEW CFAB as a stand-alone qualification or as a possible stepping stone to the ACA qualification.

While they are related, there are significant differences between CFAB and ACA. Here are the key distinctions:

Level of Qualification:

CFAB: CFAB is an entry-level qualification that provides a foundational understanding of finance, accounting, and business principles. It is designed for individuals who want to gain essential knowledge in these areas but may not necessarily pursue a full chartered accountancy career.

ACA: ACA is an advanced professional qualification that leads to the title of “Chartered Accountant.” It is a comprehensive and rigorous qualification that encompasses in-depth technical knowledge, practical experience, and professional ethics. ACA is suitable for individuals aiming to become chartered accountants and pursue senior roles in finance and accounting.

Exemptions:

CFAB: Successful completion of CFAB provides exemptions from certain modules of the ACA qualification. CFAB graduates can skip the six CFAB modules when pursuing the ACA, expediting their progress towards achieving chartered accountant status.

ACA: The ACA qualification does not provide any exemptions as it is the final stage of the ICAEW qualification pathway.

Content and Focus:

CFAB: CFAB covers a broad range of fundamental topics in finance, accounting, and business. It provides a comprehensive understanding of key principles in these areas but does not delve into the same level of detail and complexity as the ACA.

ACA: The ACA qualification is comprehensive and detailed, covering advanced technical knowledge across various areas such as financial accounting, management accounting, taxation, audit, business strategy, and financial management. It integrates modular assessments with practical work experience, a professional development programme and ethics training.

Length and Complexity:

CFAB: CFAB is shorter in duration compared to the ACA. The CFAB modules can typically be completed within one to two years, depending on individual study pace and commitments.

ACA: The ACA qualification is more extensive and typically takes three to five years to complete, including practical work experience. It involves passing a series of exams, completing a structured training program, and meeting practical experience requirements.

Career Opportunities:

CFAB: CFAB can open doors to entry-level positions in finance, accounting, and related fields. It provides a solid foundation for roles such as trainee accountants, financial analysts, or entry-level finance positions.

ACA: ACA is a prestigious qualification that enhances career prospects and can lead to senior positions in finance, accounting, and business. Chartered accountants with ACA accreditation often pursue careers as auditors, financial controllers, finance directors, consultants, or even move into leadership roles within organizations.

It’s important to note that CFAB is not a prerequisite for pursuing the ACA qualification. Individuals can choose to start directly with the ACA if they meet the entry requirements. The decision between CFAB and ACA depends on the individual’s career goals, level of commitment, and aspirations within the finance and accounting profession.

Types of Value Added Tax (VAT)

Value-added tax (VAT) refers to a type of indirect tax that is imposed on the supply of most goods and services. The VAT is charged and collected at each stage of the supply chain. It is generally the final consumers who bear the VAT cost while businesses collect and account for the tax.

In the UAE, there are primarily two VAT rates applicable: The standard rate of 5% and the zero rate of 0%. Although VAT is not accounted for in respect of both zero-rated and VAT exempt supplies, there is an important distinction between the two.

What is a Taxable Supply?

Most business transactions are based on the supply of goods or services. To be taxable, some conditions would generally need to be met. Hence, the supply:

should be a good or service
needs to be done for a consideration

VAT may be charged at either the 5% standard rate or the 0% rate for taxable supplies. As mentioned earlier, some supplies are exempted from VAT and hence, are not considered as taxable supplies.

Types of VAT

Depending on the nature of supplies, UAE VAT can be classified into three major categories:

1. Standard Rated VAT

A VAT rate of 5% is applicable to the supply & import of most of the goods & services in the UAE. The country’s law states that when a business is registered for VAT and VAT is charged at the standard rate, the company may be entitled to recover the VAT charged by its supplier (terms and conditions may apply).

2. Zero Rated VAT

The VAT is not accounted for on zero-rated supplies (since the applicable rate is 0%), but such supplies are still treated as “taxable supplies” in all other respects. As a result, the person making the supply has the right to recover the VAT incurred on their own business expenditure in the same way as they would if they made standard-rated supplies. According to Article (45) of. The Federal Decree no. 8 of 2017 on VAT, the zero rate shall apply to the supply of the following goods & services:

A direct or indirect export of goods & services to outside the Implementing States.
International transport of passengers and Goods which starts or ends in the State or passes through its territory, including Transport-related Services.
Supply of air, sea, and land means of transport for the transportation of passengers and Goods.
Supply of Goods and Services related to the supply of the means of transport mentioned above and which are designed for the operation, repair, maintenance, or conversion of these means of transport.
The first supply of residential buildings within (3) years of its completion.
Supply of aircrafts or vessels designated for rescue and assistance by air or sea.
The supply or import of investment precious metals.
The supply of preventive and basic healthcare Services and related Goods and Services.
The supply of educational services and related Goods and Services for nurseries, preschool, school education, and higher educational institutions owned or funded by Federal or local Government.
The first supply of buildings specifically designed to be used by Charities.
The first supply of buildings converted from non-residential to residential.

3. VAT-exempted supplies

Products and services in this category are not subject to VAT. It means they do not incur VAT charges at the time of purchase or sale. In addition, businesses which are in the business of making mixed supplies with varying VAT liability will have to apportion VAT incurred on general costs.

According to Article (46) of. The Federal Decree no. 8 of 2017 on VAT, the following supplies are exempt from VAT:

Financial services which are not conducted for an explicit fee, discount, commission, rebate, or similar type of consideration, such as life insurance and reinsurance of life insurance.
Residential buildings, other than the residential buildings which are specifically zero-rated.
Bare Land.
The local passenger transport.

If you are interested in attaining a Certified Diploma in VAT for the Middle East region, then Kaplan Professional Middle East is here to help you achieve it with the support of the industry’s leading taxation trainers.

Information Source: Creative Zone Tax & Accounting

CMA Exam Grading Scheme

The IMA CMA exam uses a scaled score, so candidates are sometimes confused about their final CMA scores. However, the system is easy enough to follow if you know the basics of US CMA passing marks.

But before going over an average CMA exam score, you must know the format of the exam and the types of questions.

CMA Exam Scores and Question Format

The CMA exam is a two-part test:

CMA Part 1: Financial Planning, Performance, and Analytics
CMA Part 2: Strategic Financial Management

The CMA exam format is the same for both parts, each with 100 multiple-choice questions (MCQs) and two essays. So between Part 1 and Part 2, candidates must answer 200 MCQs and four essays.

On test day, you tackle the MCQs first. If you answer at least 50% of the MCQs correctly, you can move on to the essays. On the other hand, if you incorrectly answer 49% or fewer MCQs, you cannot attempt the essays and will automatically receive a failing CMA score.

Additionally, you are allowed 3 hours for the MCQs and 1 hour for the essay question. If you manage to finish early in the MCQ section, then you can use the extra remaining time on the essays. Once you confirm that the MCQ section is completed, you cannot go back and make changes.

Key Points to Note

All MCQs are weighted equally – A simple question about a definition, counts as much as a long question with a lot of calculations.
There is no penalty for incorrect answers – Never leave a question unanswered, even if you must guess. A 25% chance is better than a 0% chance.
Mark questions to review later – You can come back and look at marked questions later after you have gone through all the questions.
Points are awarded for each step – You get points for every part of your answer that is correct. You do not lose points for anything that is incorrect.
Show your work for partial credit – By showing your work, math errors that get carried through the whole problem won’t be penalized more than once.
Never leave a question blank – Leaving a question blank earns you zero points. If you write something, you have the chance to earn some points.

The CMA is a qualification that requires guts, grit, and significant hard work from aspirants. If you are looking to pursue CMA training in UAE, contact Kaplan to find out how we can help you.

A Career in Chartered Accountancy with ICAEW CFAB

A career in chartered accountancy spans a wide range of sectors and industries as professionals sit on the board of multinational companies, testify in courts, advise governments, as well as support charities and businesses across the globe. Chartered accountants play a vital role in the running of organizations and offer advice, assurance, and information that has incredible potential to shape business-critical decisions.

Why a career in Chartered Accountancy?

Great Earning Potential: Globally ICAEW Chartered Accountants earned on an average of £108,000 in 2018.
Global Recognition: Accountants who have completed the ACA qualification are sought after by employers all over the world.
Chartered Profession: The ACA qualification enables you to use the title ‘chartered accountant’ to distinguish you from other accountants.

Founded in 1880, ICAEW (the Institute of Chartered Accountants of England and Wales) is one of the oldest accountancy bodies in the world and has more than 189,500 members and students in 147 countries.

ICAEW Chartered Accountants are the largest source of business advice in the UK, reaching more than 1.5 million organizations. They undertake a large variety of work which can see them preparing financial statements, developing profit projections one day, and identifying strategic risks or advising on business improvements the next.

How to become an ICAEW Chartered Accountant?

To become an ICAEW Chartered Accountant, one must complete the ACA qualification, which involves three years of on-the-job training, a series of rigorous examinations, and continuing professional development.

These series of requisites ensure that candidates are transformed into highly qualified individuals and are in demand from all types of organizations, all over the world, and command an average annual salary of £51,000 in the first two years after qualifying.

Your first step to begin training for the ACA qualification is through completing ICAEW CFAB, which is made up of the first six modules of the ACA. This must be done before going on to complete the rest of the ACA qualification and offers you a certificate at the completion of each of the six modules.

What is the ICAEW CFAB qualification?

The first six modules of the ACA make up a stand-alone qualification, ICAEW Certificate in Finance, Accounting, and Business (ICAEW CFAB). This can be completed independently of the ACA and is a globally-recognized qualification. It is open to everyone and can be completed via self-study or with a tuition provider.

The six exams can be completed in any order and are assessed via computer-based assessment at local exam centres. As you pass each module, ICAEW will send you a certificate of achievement.

ICAEW CFAB can be achieved in 12 months and upon completion, you will receive your ICAEW CFAB qualification certificate. You can then go on to complete the rest of the ACA qualification and earn the coveted designation of an ICAEW Chartered Accountant.

If you are interested in joining hands with a leading ICAEW CFAB tuition provider to earn the qualification, then Kaplan Professional Middle East is here to offer you the expertise of the industry’s leading finance and accountancy trainers. Get in touch with us today to learn more about our ICAEW CFAB training program.

Top 7 Reasons to Achieve a Professional Qualification

A professional qualification is an advanced vocational credential that provides you with specialized training in a specific profession or industry. Since some types of professional qualifications require candidates to undergo extensive training and pass difficult examinations, many employers accept these credentials as equivalents of a bachelor’s degree, a master’s degree, or a doctorate. Some employers may additionally require you to have relevant work experience too.

Professional qualifications are essential in various career fields to gain work opportunities, advance to senior positions, and receive salary increases and benefits. By understanding the time and effort necessary for obtaining a professional qualification and the job benefits it can bring, you can decide if getting that credential is likely to suit your long-term career plans.

1. Showcase Commitment

You may have a degree, which offers scope for a range of jobs, but a professional qualification provides you with much better chances of getting a specific job. Commitment matters and getting a professional qualification in an area of work you are interested in will show your dedication in that area.

2. Networking Opportunity

With most professional qualifications, candidates are also awarded memberships within the distinguished awarding bodies. These memberships grant you excellent networking opportunities and access to member networks that have incredible potential to help you stay connected with like-minded people.

3. Cost Effective

Professional qualifications are usually more affordable compared to a university degree. Additionally, many employers will sponsor individuals to undertake professional qualifications as they provide a recognizable benchmark of competence. Also, as many courses offer the choice of exclusively online learning, there is no obligation for you to relocate for the sake of your education, which may save you money and stress.

4. Higher Earning Potential

The additional skills and training you get with a professional qualification can make you eligible for well-paying jobs that can enhance your earning potential. For example, a survey conducted by 300Hours in 2022 showed that earning the CFA charter led to a salary raise of up to 153% among charterholders.

5. Stronger Practical Skillset

Today, professionals have to learn, relearn and unlearn in order to thrive in a changing environment. Flexibility and adaptability are crucial in helping professionals and a professional qualification can help you achieve just that. Furthermore, you may have previously studied at university or already stepped into one career path, only to find that you would like to switch careers; undertaking professional qualification is the shortest and most efficient route to gaining foundational knowledge in a new field, learning new skills or expanding your existing knowledge.

6. Short in duration

A professional qualification is generally shorter in duration than a university degree. While the former could range anywhere between a few weeks or months to one year, the latter is generally at an undergraduate level for three to four years and at a master’s level for one to two years. Therefore, professional qualifications are advantageous in helping candidates save significant time and effort as well as assist in an early start to their professional careers.

7. Earn credentials

Employers look favorably on a CV featuring professional qualifications in addition to work experience and many specify them as a pre-requisite for their hiring requirements. It shows initiative on a candidate’s behalf, whether you are just starting your career, or have experience working within the industry and are looking for a new role or a step up to your existing role.

If you are interested in joining hands with a training provider to help achieve a professional qualification, then Kaplan Professional Middle East is here to offer you the expertise of with the industry’s leading finance trainers. Explore our wide range of professional qualifications, and begin your career progression journey today.

Challenges in Risk Management (FRM)

The process of identifying, assessing, responding, and monitoring the threats to an organization’s industry position is commonly referred to as risk management. The process is often ultimately the roadway to drawing an estimate of total earning predictions for organizations. The risks to companies can stem from a range of various sources, such as technology, natural disasters, internal systems, legal liabilities, company branding, compliance needs, etc. The insights into these potential threats is crucial in helping businesses make informed decisions about future investment decisions along with the preparation for long-term decision-making. It also allows for the better positioning of a company and for strategic planning that avoids unexpected last-minute costs.

What Are the Biggest Challenges in Risk Management Today?

Currently, the top challenges in risk management are ESG risks that include climate, social, and regulatory issues, ongoing concerns about the global supply chain, and the ever-present fraud, tech, and systems risks. Here are the top challenges to look for:

1. ESG Risks

ESG risks are the environmental, social, and governance-related risks that may influence a company. There are a lot of elements that fall into ESG, including climate change impacts and mitigation, environmental management practices, employee working and safety conditions, a company’s anti-bribery and corruption practices, and an organization’s overall compliance regarding industry-specific laws and regulations. When evaluating risk in this space, it’s useful to recall that every problem may also hold an element of opportunity. For example, the IMF reported last year that sustainability initiatives are a growth area in Asia. In addition, Fast Company shared that in 2021 ESG investments hit an all-time record at an estimated $120 billion — more than double the 2020 $50 billion commitments.

2. Supply Chain Issues

COVID’s disruption to the global supply chain continues to impact a range of industries. Marketplace reported on why industries are still facing snarls. Risk assessors need to factor in what those supply issues mean for them. It’s a good idea to understand if high-priority assets for your business have outside dependencies, and to build back-up plans. Unfortunately, supply chain risks aren’t going away any time soon.

3. Fraud Concerns

Those supply chain gaps have created holes that fraudulent companies are quick to fill. There has been deceit regarding PPE gear since COVID first emerged, and it continues into 2022. The New York Times recently reported on how consumers can find quality KN95 masks due to the prevalence of counterfeits. Due to an early outpouring of government assistance during the COVID outbreak in the United States, there was an increase in loans and loan forgiveness. Some scams pose as government agencies offering aid, and the FTC has a list of warning signs to look out for if your business has been approached with unsolicited outreach. It’s recommended that companies conduct fraud risk assessments, and review for both external and internal fraud.

4. Cyber Risk

Cyber risk is always top of mind when prioritizing issues amongst the many challenges facing risk management. The pandemic has exacerbated issues, with a mostly-remote workforce for many companies. This has elevated risk due to less device control and increased points of potential exploitation resulting from at-home assets being used by employees. As Forbes reports, work-from-home employees are at a greater risk of hacking than those in offices. Home connections are less secure, and the increase of online tools for team collaboration and productivity often have minimal login security settings. The prominence of remote teams has also slowed the roll-out of new technologies, which could expose companies to more security gaps.

5. Inadequate Processes

Risk assessments need to go beyond a standard checklist. It’s important to review the basics, but risk management must also suss out gaps and uncover information that teams are missing — working to determine what they don’t yet know. Make sure that your risk assessment process takes into account steps to investigate and probe for the potential concerns you aren’t even aware of yet, enabling you to uncover every issue.

*Information Source: AUDITBOARD

If you are interested in joining hands with a leading FRM training provider to help achieve the Financial Risk Manager certification, then Kaplan Professional Middle East is here to offer you the expertise of with the industry’s leading finance trainers. If you are looking for FRM training, join us as a student to kickstart your FRM exam preparation.