Risk Management & Financial System Review

In today’s increasingly complex commercial environment, more and more emphasis and reliance is being placed on risk management processes.

An organisation’s ability to identify significant business risks and introduce controls to help mitigate those risks can be crucial to its success.

However, having the available time and expertise required to undertake a robust risk review process internally is an issue for many owner-managed businesses and charitable organisations, many of which are required by a regulator to undertake such reviews on a regular basis.

Risks can be categorised in many different ways and often vary considerably from business to business. They can be linked to, for example:

• the general legal and economic environment in which a business operates
• the technological environment
• the volume and complexity of transactions
• the nature of the key business processes
• KPI’s used by the business
• the size and quality of the management team
• the quality of the management reporting systems
• the frequency of management reporting
• pricing methodologies/payment terms specific to a particular industry or sector
• time recording systems
• methods of staff remuneration

At Geoghegans, we have the necessary objectivity, technical expertise and practical experience required to carry out risk-based audits, document financial systems/key business processes and make recommendations to help strengthen the control environment and, ultimately, improve financial performance.

Contact Iain Binnie or Paul Marshall to find out more about our audit and assurance services.