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With rapid changes in the business environment, it is imperative that management needs to adapt and respond to the changing risk landscape 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 Risk Advisory division can assist and provide deeper insights on your risk management journey.
Enterprise Risk Management (ERM) includes the methods and processes used by organisations to manage risks and seize opportunities related to achieving their objectives. It adds perspective to the strengths and weaknesses of a company’s strategy and how well a strategy fits with the organisation’s mission and vision.
By engaging key stakeholders, we can assist in:
• Tabling a framework for risk management
• Assessing risks and opportunities in terms of likelihood and magnitude of impact
• Determining a response strategy
• Monitoring performance and communicating risk information
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 and 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 protect the organisation against traditional and emerging risks through identifying innovative ideas and recommending best practices to empower businesses in refining their competitive edge. 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.
As partners to your organisation, we assist you in:
• Defining key risks from the start
• Protecting important business functions/drivers and ultimately achieving organisational objectives
• Flagging out all significant risks early and addressing them in a timely manner to help achieve business objectives
We can 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 compliance and information technology risks. Being a preferred partner of listing projects in Singapore and Hong Kong, we have an experienced team who understands the stringent requirements to carry out such reviews.