RISK ADVISORY
Risk Advisory Services
In the realm of business, risk is an inherent factor, but with the guidance of a premier risk advisory firm, it becomes a manageable force. By adeptly identifying and managing risks, organizations can unlock their full potential, amplify value creation, and safeguard stakeholders’ interests. Engaging leading risk advisory firms ensures that businesses benefit from expert insights and strategic risk management practices, allowing them to navigate uncertainties effectively and enhance overall performance.
Our Key Risk Advisory Firm Services
Internal Audit
Ensuring regulatory compliance through thorough financial scrutiny.
Enterprise Risk Management, Risk Assessment Service
Preparing for audits to meet regulatory requirements.
Internal control Over Financial Reporting (ICOFR)
Addressing and resolving audit findings for compliance improvement.
Corporate Governance
Addressing and resolving audit findings for compliance improvement.
Entity Level Policies
Addressing and resolving audit findings for compliance improvement.
Policies & Procedures (SOP & Process Flows)
Addressing and resolving audit findings for compliance improvement.
Forensic Investigations
Addressing and resolving audit findings for compliance improvement.
Business Health Check Assessment
Addressing and resolving audit findings for compliance improvement.
Assets Tagging and Physical Verification Services
Addressing and resolving audit findings for compliance improvement.
Mystery Shopping
Addressing and resolving audit findings for compliance improvement.
Internal Audit
Internal audit is a process within an organization conducted by an independent and objective internal audit function. An internal audit aims to provide assurance and consulting services to the organization. It involves evaluating and improving the effectiveness of the organization’s risk management, control, and governance processes. A risk assessment consultant plays a critical role in this process by identifying and analyzing potential risks to help enhance the overall audit function.
The key objectives of internal audit typically include:
Assessing the reliability and integrity of financial and operational information
Evaluating the effectiveness of internal controls
Monitoring compliance with laws and regulations
Assessing operational efficiency and effectiveness
Detecting and preventing fraud
It’s important to note that the specific scope and focus of internal audit can vary depending on the organization and its industry.
Enterprise Risk Management, Risk Assessment Service
Enterprise Risk Management (ERM) is a holistic and comprehensive approach that organizations use to identify, assess, mitigate, and manage risks across the entire enterprise. It involves a systematic process of identifying and analyzing risks, determining their potential impact on the organization’s objectives, and developing strategies to manage and mitigate those risks effectively. A key component of ERM is the risk assessment service, which focuses on evaluating the various risks the organization faces and providing insights to manage them proactively.
Risk Identification
Risk Assessment Service
Risk Evaluation
Risk Monitoring and Review
Integration with Decision-Making
Implementing ERM requires strong commitment from senior management and a supportive organizational culture. It involves effective communication and collaboration across all levels of the organization to ensure that risk management becomes embedded in day-to-day operations. Engaging a risk assessment consultant can greatly enhance this process by providing expert analysis and recommendations tailored to the organization’s unique risk profile. ERM frameworks, such as the COSO ERM framework or ISO 31000, provide guidelines and best practices for organizations to establish and enhance their risk management processes. However, the specific approach to ERM may vary depending on the organization’s size, industry, and risk appetite.
Internal control Over Financial Reporting (ICOFR)
Internal control over financial reporting (ICFR) refers to the systems, processes, and procedures implemented by an organization to ensure the reliability of its financial statements and the effectiveness of its financial reporting. The objective of ICFR is to provide reasonable assurance regarding the accuracy, completeness, and reliability of financial information and to safeguard the organization’s assets.
Control Environment
Risk Assessment Service
Control Activities
Information and Communication
Monitoring Activities
The assessment and testing of ICFR involve documenting and evaluating the design and implementation of controls, as well as testing the operating effectiveness of those controls. This is done to identify any control deficiencies or weaknesses and take appropriate remedial actions. Engaging a risk advisory firm can enhance this process by providing expert guidance and thorough analysis.
Effective ICFR provides confidence to stakeholders, such as investors, creditors, and regulators, that the financial statements are reliable and trustworthy. It helps prevent and detect material misstatements or fraudulent activities, ultimately promoting transparency and accountability in financial reporting.
Corporate Governance
Corporate governance refers to the system of rules, practices, and processes by which a company is directed, controlled, and managed. It encompasses the relationships between various stakeholders, such as shareholders, management, the board of directors, employees, and other parties, and outlines the framework for decision-making and accountability within the organization.
The key principles and components of corporate governance include:
Board of Directors
Shareholder Rights
Transparency and Disclosure
Ethical Conduct and Accountability
Risk Management
Board Independence and Composition
Legal and Regulatory Compliance
Legal and Regulatory Compliance
Effective corporate governance promotes investor confidence, enhances access to capital, and contributes to long-term sustainable growth. It helps align the interests of management, shareholders, and other stakeholders, reduces agency conflicts, and fosters a culture of accountability and responsible business practices. Various guidelines and codes of corporate governance, such as the OECD Principles of Corporate Governance and national governance codes, provide frameworks and best practices for companies to adopt.
Entity Level Policies
Entity level policies, also known as corporate policies or enterprise-wide policies, are overarching policies that apply to an entire organization. These policies set the tone and provide guidance on key aspects of operations, conduct, and compliance across the entire entity. They define the expectations, values, and standards that employees and stakeholders are required to uphold.
Some common areas covered by entity level policies include:
Code of Conduct/Ethics
Compliance
Information Security
Human Resources
Risk Management
Financial and Accounting
The specific policies implemented by an organization will depend on its industry, size, regulatory environment, and specific needs. Entity-level policies are typically developed by management and approved by the board of directors. They are communicated to employees through various means, such as employee handbooks, intranet portals, training programs, and regular policy updates.
Entity-level policies serve as a framework for consistent decision-making, provide a basis for risk management, help foster a positive organizational culture, and demonstrate the organization’s commitment to ethical conduct, compliance, and best practices. Engaging a risk advisory firm can help organizations develop and implement these policies effectively, ensuring they address potential risks and align with best practices.
Policies & Procedures (SOP & Process Flows)
Standard Operating Procedures (SOPs) are detailed step-by-step instructions or guidelines that outline how specific tasks or processes should be carried out within an organization. They provide a standardized approach to ensure consistency, efficiency, quality, and safety in the execution of routine operations.
Key features of Standard Operating Procedures include:
Purpose
Scope
Roles and Responsibilities
Step-by-Step Instructions
Document Control
SOPs help organizations achieve consistency, reduce errors, improve training, knowledge transfer, and facilitate continuous improvement.
Creating effective SOPs involves collaboration among subject matter experts, process owners, and relevant stakeholders. Engaging a risk advisory firm can help identify and mitigate potential risks during this process. It’s important to regularly review and update SOPs to reflect changes in processes, technologies, regulations, or best practices. Additionally, SOPs should be communicated to employees through training sessions, manuals, and other appropriate channels to ensure understanding and adherence.
Overall, SOPs provide a structured framework for organizations to ensure that tasks and processes are carried out in a consistent and efficient manner, contributing to operational excellence and achieving desired outcomes.
Forensic Investigations
Forensic investigations refer to the systematic and scientific examination of evidence and facts to uncover information, determine the truth, and establish the basis for legal action. These investigations are typically conducted by specialized professionals known as forensic investigators or forensic experts.
Key aspects of forensic investigations include the following:
Collection and Preservation of Evidence
Crime Scene Investigation
Data Analysis and Examination
Forensic Accounting and Financial Investigations
Expert Testimony
Collaboration with Legal and Law Enforcement Authorities
Forensic investigations can be applied in various areas, including criminal investigations, civil litigation, corporate investigations, insurance fraud, intellectual property theft, cybersecurity incidents, and accident reconstruction.
The process of forensic investigation requires adherence to legal and ethical standards, as well as scientific methodologies.
Overall, forensic investigations play a critical role in uncovering evidence, establishing facts, and providing expert analysis in legal matters. They help to ensure fairness, justice, and accountability in various domains, ranging from criminal justice to corporate disputes.
Business Health Check Assessment
A business health check assessment is a comprehensive evaluation of the overall performance, strengths, weaknesses, and potential risks and opportunities within a business. It involves assessing various aspects of the organization, including its operations, financial health, market position, human resources, strategy, and compliance with regulations. The purpose of a business health check assessment is to identify areas of improvement, mitigate risks, and develop strategies for long-term success.
Key areas typically covered in a business health check assessment include:
Financial Analysis
Operations and Efficiency
Cost Analysis
Revenue Analysis
The business health check assessment may involve a combination of data analysis, interviews with key stakeholders, surveys, benchmarking against industry peers, and a review of internal documentation and policies. The findings and recommendations from the assessment can help the company prioritize areas for improvement, implement necessary changes, and develop a roadmap for future success.
It’s important to note that a business health check assessment is typically tailored to the specific needs and goals of the organization. It can be conducted internally by the company’s management team or external consultants with expertise in business assessment and strategy.
Assets Tagging and Physical Verification Services
Assets tagging and physical verification services are processes conducted by organizations to systematically identify and verify their physical assets. This involves labeling or tagging each asset with a unique identifier and conducting regular physical inspections to ensure the accuracy and integrity of the asset records.
Overview of assets tagging and physical verification services:
Asset Register and Database
Asset Tagging
Physical Verification
Reconciliation and Data Updates
Reporting
Assets tagging and physical verification services are often conducted by internal teams or outsourced to specialized service providers who have expertise in asset management, tagging technologies, and verification processes. These services can be customized based on the organization’s specific needs, industry requirements, and the nature of its assets.
Mystery Shopping
Mystery shopping is a research technique used by organizations to evaluate the quality of their products, services, and customer experiences. It involves hiring individuals, known as mystery shoppers, who pose as regular customers to assess various aspects of the organization’s operations.
Here’s an overview of how mystery shopping works:
Objective and Scope
Selection and Training of Mystery Shoppers
Assignment and Visits
Data Collection
Analysis and Reporting
Action and Improvement
It’s important to conduct mystery shopping ethically and transparently, ensuring that employees are aware of the program and that data is collected and reported objectively. Engaging professional mystery shopping companies, agencies and risk assessment consultant can provide expertise in designing, executing, and analyzing mystery shopping programs.
A risk advisory firm provides crucial expertise in identifying, assessing, and managing potential risks that businesses face. Their guidance helps organizations develop robust risk management strategies, ensuring resilience and continuity. By leveraging a risk advisory firm’s insights, companies can navigate uncertainties more effectively, protect stakeholder interests, and enhance overall operational efficiency and success.
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