Project: Institutional Risk Management Framework Development for the Cyprus Tax Department
Conquest Business Advisors successfully completed a strategic consultancy project for the Cyprus Tax Department, focusing on enhancing institutional resilience and aligning risk management practices with international standards.
The project involved conducting an overall institutional risk assessment and developing a comprehensive risk management action plan based on the assessment’s findings. The core objectives of this initiative were:
- To identify all areas of institutional risks within the Cyprus Tax Administration, covering both operational and strategic dimensions that could impact the department’s efficiency, credibility, and service delivery.
- To propose an overarching institutional risk management action plan designed to mitigate the risks identified. Special attention was given to risks associated with information management, beyond the scope of IT systems alone. These were thoroughly described and evaluated in the Action Plan to ensure effective monitoring and mitigation measures.
- To recommend, at a high level, the development of relevant policies, procedures, roles, and responsibilities aimed at addressing the identified risks. These recommendations were structured around best practices and international standards, with particular reference to ISO 27001, the globally recognized framework for information security management systems.
This engagement reflects Conquest Business Advisors’ commitment to supporting public sector institutions in Cyprus by introducing structured, best-practice-driven approaches to governance, risk, and compliance.
