Risk management is not the responsibility of a single individual or a department - it is the responsibility of everyone, from the chief executive to the accountant. Corporate failures in the past have been attributed to lack of accountability, strategy and transparency.
Tougher expectations from regulators and other stakeholders now mean that corporate and financial institutions should demonstrate better discipline, control and responsibility. Failure to keep on top of and comply with existing and emerging regulations could jeopardize reputations and livelihoods. How robust is your governance, risk and compliance programs?
Financial risks have probably never been more acute. Capital reserves, credit portfolios, investment policies and capital and debt profiles all demand constant scrutiny to adequately manage and mitigate risk.
Companies should also be vigilant about risks presented by suppliers. A counterparty who defaults on a contract, or whose business collapses, can have serious financial and reputational ramifications for connected parties.
Fraud risks can also increase when cash is tight. Some employees become more opportunistic — and external hackers more resourceful. They find security lax in areas of the business that used to be better resourced … and they strike. Are your systems and policies sufficiently robust to ward off the risk of fraud?
At the same time, many companies are more likely to pursue litigation for losses that they would otherwise endure in more prosperous times. Disputes arise as they seek to apportion blame to other parties for inappropriate or negligent behavior that results in financial or business loss. Could you end up as an instigator or a defendant in a litigation case?
With these demands, internal audit is, in many companies, often elevated from pure compliance to a function that regularly reviews the risk profile for emerging risks and identifies trends as it keep its finger on the pulse of business performance. The chief risk officer, meanwhile, becomes increasingly involved in strategic decision-making where the emphasis is as much on risk as it is on growth.
Fortify your business – Our professionals provide the experience to help companies stay on track and deal with risks that could unhinge their business survival.
Some of the Risk Advisory Services we provide include:
- Internal audits and management audits
- Internal Controls Over Financial Reporting
- Business Risk and technology risk reviews
- Review and restructuring of internal reporting mechanisms (‘MIS’)
- XBRL reporting
- IND AS Convergence & Advisory
- Business Support Services
Our teams serve clients in diverse industries including manufacturing, financial services, telecommunications, information technology, healthcare, media & entertainment and consumer businesses.
Download Consark’s firm profile here