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Risk Management and Internal Audit

 

There are a multitude of risks that are faced by organisations. Therefore it is extremely important to ensure that you have a sound strategy in place to not only manage and mitigate risk, but to ensure you have the most efficient business systems and processes in place to capitalise on opportunities.

Our team of specialists are able to accurately assess the scale and complexity of your operations as well as the effectiveness of your risk management framework, working alongside your Management and Board to implement strategies that are appropriate for your business or industry sector. Our attention to detail and years of experience will offer you peace of mind that your organisation is prepared for any operational, financial and reporting risks that may surface.

We have assisted Boards and Management teams by validating the existence and effectiveness of mitigation strategies as well as reviewing existing policies and frameworks. Our experiences with a wide range of organisations ensures our team are able to make recommendations that are practical and best fit your organisations’ own governance processes.

Internal Audit

A key objective of an effective internal audit function is to provide a sustainable, responsive, risk-based and cost effective service.

With changes frequently occurring, Boards and Management teams are constantly revising their strategies and the systems that deliver and monitor business outputs.

Our extensive industry experience means we are able to accurately and effectively assess the key risks associated with your organisation to develop an internal audit plan. Our process will offer feedback on your current policies and procedures, the risks assessed for your organisation and any gaps between them.

Our internal audit objectives include:

  • Testing that Board approved policies are embedded in day-to-day operations
  • Providing assurance that the identified safeguards and controls are in place
  • Reporting the scope, coverage and results of each audit project to the Audit and Risk Committee
  • Reporting any gaps between policy and controls
  • Identifying overlap of controls and inefficiencies with plans to resolve them
  • Providing assurance that the risk management framework is effective in identifying and rating inherent and residual risks
  • Maintaining flexibility in our audit plan to complete targeted audit projects, address emerging risks and validate Management's assessment of business opportunities