How to use risk management tools
to protect assets and increase business value?
to protect assets and increase business value?
How to ensure the shareholders that their money is not abused
Under the current conditions, with increasing competition between businesses, the need for efficient use of all kinds of resources needed for business activities and therefore the need to strengthen control of such use is increasing. Normally-performing control strengthens the capacity to better serve customer needs, making it compatible with the efficient use of capital and resources, as well as ensuring a steady increase in revenue over a certain period of time, regardless of the expansion of the enterprise's capacity. This means that business control, as an integral part of management, needs to be improved to meet all ongoing tasks.
Internal audit, as an independent, objective, reliable and advisory activity, designed to add value and improve the activities of the organization and leads to a general improvement in management. The audit guarantees investors and shareholders that the company is managed in accordance with the principles of sound financial management - efficiency and cost effectiveness. And that the funds will be spent as intended.
Internal audit can also bring other indirect benefits to business - it leads to improved interaction between departments and employees. The internal auditor can tell where there is a duplication of functions or "white fields" in a company, and where there are conditions for corruption.When the auditor identifies such areas with a potential risk of corruption, he places red flags.On the basis of a field study of corporate governance, which showed that in companies where the internal audit function was not developed, up to 6% of turnover is assigned to their employees, either intentionally or not, but the fact is that these funds are lost to the company.
Internal audit, as an independent, objective, reliable and advisory activity, designed to add value and improve the activities of the organization and leads to a general improvement in management. The audit guarantees investors and shareholders that the company is managed in accordance with the principles of sound financial management - efficiency and cost effectiveness. And that the funds will be spent as intended.
Internal audit can also bring other indirect benefits to business - it leads to improved interaction between departments and employees. The internal auditor can tell where there is a duplication of functions or "white fields" in a company, and where there are conditions for corruption.When the auditor identifies such areas with a potential risk of corruption, he places red flags.On the basis of a field study of corporate governance, which showed that in companies where the internal audit function was not developed, up to 6% of turnover is assigned to their employees, either intentionally or not, but the fact is that these funds are lost to the company.
Work principles
Clean sheet
Each project is made up of a "clean sheet." It is our rule - not to offer ready solutions, even if we have managed to deal with such problems before, and there is a high risk that past approaches will not produce the desired effect. Although business problems are the same - "we sell a little, high competition, big spending", there are no identical situations, in each case the problems are solved individually.
Impartiality
We tell the client the truth, especially if he is wrong. For example, a typical problem: "staff are overloaded, people have to work on weekends, it's necessary to review the organizational structure." We study the structure of employees' hours with dedicated IT tools, and we see that some people spend 50% for fun. Listening to the truth is often inconvenient, but it is the only right way to develop. Every client business has a lot of good things, but it does not pay us to talk just compliments.
Vector
We are not just professionals. We enthusiastically explore the labyrinth to find solutions. Success or problems are hidden in small details. We are delighted when we study processes, business models, meet new people. Our vector is optimism, development and change. The road to the best results for the clients and for us.
Key areas of analysis
An entity is a mechanism where everything is interconnected. Searching for non-standard solutions begins with questions - each corporate team has answers inside and our task is to get them to show the real situation and find the best solution.
purchasing
Traditionally, one of the riskiest features in the business. Should the company director personally control this at the expense of time to resolve strategic issues?
Repairs / maintenance
Production needs quality services. The Chief Financial Officer likes to pressure - you need to reduce the budget, buy the services cheaper when the market shortage of contractors. Where is the compromise?
CapEx
Investments and innovation are crucial in competition. Are steps taken to ensure that the company not only survives but will also develop?
FINANCIAL CONTROL
Does your actual cost correspond to the invoices specified in the contracts? What is the responsibility of the performers?
SAFETY AND HEALTH
Can your subordinates confirm that they are always aware of the dangers and that the rules are always strictly observed?
SALES
Two factors that drive the economy of each enterprise are improving sales quality and labor productivity. Sales are seen as a complex concept, including marketing strategy and brand development.
Stages of work
1
1
Current company issues
- we are acquainted with the client's business,
- define priority areas for detailed analysis.
- define priority areas for detailed analysis.
2
2
What do we do?
- we collect a team of experts,
- evaluate the existing internal control system,
- audit key business processes and functions by sharing with you our experience and training your employees,
- we are preparing a report on the audit results,
- we formulate a corrective action plan.
- evaluate the existing internal control system,
- audit key business processes and functions by sharing with you our experience and training your employees,
- we are preparing a report on the audit results,
- we formulate a corrective action plan.
3
3
Our role
- objective look at the situation,
- independent evaluation of processes and quality of risk management (based on ISO 31000:2018),
- choice of best practices and modern problem solving tools,
- assistance in defining priority areas for improvement,
- supporting changes.
- independent evaluation of processes and quality of risk management (based on ISO 31000:2018),
- choice of best practices and modern problem solving tools,
- assistance in defining priority areas for improvement,
- supporting changes.
4
4
Final result
- the weaknesses in the processes or the internal control system have been identified - this means that there is an understanding of where the losses are to be eliminated or how to improve the performance of the operational activities.
- preparation of the report and practical recommendations for improving control, risk management and solving certain problems,
- evaluate the resources needed for improvements.
- prepared corrective action plan.
- preparation of the report and practical recommendations for improving control, risk management and solving certain problems,
- evaluate the resources needed for improvements.
- prepared corrective action plan.
Contact us
We will be happy to meet you and answer your questions in detail.
The first consultation is free.
The first consultation is free.
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