Abu Dhabi Fund for Development (ADFD), the leading national entity for international development aid, has received the ISO 31000 – Risk Management certification from the British Standards Institute (BSI). As the first financial institution in the emirate of Abu Dhabi to obtain the accreditation, the ISO 31000 – Risk Management framework will help ADFD accelerate its efforts to achieve its wider strategic objectives, and identify opportunities and threats well in advance to effectively allocate and use resources to mitigate risks.
In line with best international practices, the ISO 31000 – Risk Management guidelines are set to contribute to improving the operational efficiency of the Fund. The guideline principles include applying preventive risk management, enhancing confidence levels of stakeholders and partners, as well as boosting the effectiveness of responses to threats that have the potential to affect key ADFD operations including financial, strategic and credit risks.
Speaking on the occasion, His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, said: “We are proud to be the first financial institution in Abu Dhabi to comply with the internationally recognised ISO 31000 – Risk Management accreditation issued by the British Standards Institute (BSI). The certification represents an important step in our endeavours to continuously improve performance in line with the highest international standards and risk management protocols.”
The Fund implements a risk management system for all its core operations including loans, grants, and investments.