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With rapid changes in the business environment, it is imperative that management needs to accept certain business risks in order to meet its business objectives. Managing growth expectations along with multi-faceted business risks and compliance requirements is a delicate balancing act. With a team of professional and experienced specialists, Nexia TS’s Governance, Risk Management and Internal Audit division can assist you to manage your business risks so that you can focus on the bottom-line.
Enterprise Risk Management (ERM) includes the methods and processes used by organisations to manage risks and seize opportunities related to achieving their objectives. By identifying and addressing risks and opportunities, your organisation is able to protect and create value for your stakeholders, including owners, employees, customers, regulators, and society overall.
We are able to assist with the following approach:
• Table a framework for risk management
• Assess risks and opportunities in terms of likelihood
and magnitude of impact
• Determine a response strategy
• Monitor the response strategy’s progress
Control Self-Assessment (CSA) is a method used to allow staff and business units in the organisation (those directly involved in business units, functions or processes) to participate in assessing the organisation’s risk management and control processes.
We can facilitate CSA programs to:
• Gather relevant information about risks and controls
• Focus audit work on high risk, unusual areas
• Forge greater collaboration with operating managers and work groups
• Allow managers to utilise CSA programs to clarify business objectives, identify and deal with the risks in
achieving those objectives
The primary value of internal audit is to help management identify innovative ideas and recommend best practices to empower businesses in refining their competitive edge, while at the same time continue to meet both the traditional and evolving expectations of the audit committee. The traditional internal audit approach is very much compliance-based and often results in limited scope being covered and/or failure to address key risks.
Our risk-based integrated approach helps to:
• Define key risks from the start
• Protect important business functions/drivers and ultimately achieve organisational objectives
• Flag out all significant risks early and address them in a timely manner to help achieve business objectives
We could work independently (outsourcing) or in tandem with your existing internal audit department (co-sourcing) to supplement your organisation’s requirements.
Often, private companies seeking to list on the stock exchange would be required to demonstrate that there is a robust system of internal controls in the daily business operations. These include internal controls to address operational, financial and compliance risks. Being a frequent partner of listing projects, we have an experienced team who understands the stringent requirements to carry out such reviews.