Real Estate and Construction GRC Services | AIGC

The real estate and construction industry plays a crucial role in shaping the urban landscape, driving economic growth, and providing the essential infrastructure for modern societies. As the industry continues to evolve, organizations face a multitude of challenges, such as stringent regulatory requirements, increasing competition, and complex project management processes. AIGC specializes in supporting real estate and construction organizations in navigating these challenges, enabling them to manage risks, maintain compliance, and optimize their operations.

The Middle East has experienced rapid growth and development in the real estate and construction sector, leading to iconic architectural achievements and world-class infrastructure. To ensure the industry's continued growth and success, it is essential for organizations to adopt effective governance, risk management, and compliance practices. AIGC is committed to empowering organizations in the region with the knowledge and tools required to excel in this dynamic industry.

AIGC has a proven track record of delivering successful outcomes for organizations in the real estate and construction industry. Our tailored solutions and services help clients address the unique challenges faced by the industry, ensuring that they can effectively manage risks, maintain compliance with relevant regulations, and optimize their operations. Our case studies demonstrate our expertise in supporting real estate and construction organizations in achieving their strategic goals.

Conducting Risk-Based Internal Audits and Establishing Enterprise Risk Management

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Background:

Knowledge Economic City (KEC) is an ambitious urban development project aimed at fostering a knowledge-based economy and promoting innovation, entrepreneurship, and growth in various sectors. As a large-scale project, KEC faces numerous risks and challenges associated with governance, compliance, and project management.

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Challenge:

KEC sought AIGC's assistance in conducting risk-based internal audits for selected business units, including Finance, Project Management, Maintenance, and Facility Management. Additionally, KEC required support in establishing a robust Enterprise Risk Management (ERM) function to effectively identify, assess, and mitigate risks across the organization.

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Our Approach:

AIGC began by conducting comprehensive risk-based internal audits for the selected business units, evaluating their risk management processes and internal controls. Our team provided recommendations for improvements and collaborated with KEC to implement these enhancements. Simultaneously, AIGC worked with KEC to develop the ERM manual, overall framework, and risk assessment methodologies. We conducted risk assessment workshops with KEC's key stakeholders, helping them to identify, assess, and prioritize risks across the organization. Furthermore, our team assisted KEC in developing a risk monitoring mechanism, which included the creation of Key Risk Indicators (KRIs) and ongoing monitoring processes.

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Results:

As a result of AIGC's support, KEC successfully completed risk-based internal audits for the selected business units, leading to the identification of areas for improvement and the implementation of enhanced internal controls. Our ongoing collaboration with KEC to establish a robust ERM function has facilitated a proactive approach to risk management across the organization. This comprehensive risk management strategy has enabled KEC to navigate challenges effectively, ensuring the successful execution of its ambitious development project. AIGC's real estate and construction solutions enable organizations to navigate the complexities of governance, risk management, and compliance, ensuring the successful completion of projects and the effective delivery of services to their clients. Our expertise in this industry allows us to provide targeted support, empowering our clients to thrive in this competitive market.

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