RISK ADVISORY SERVICESIn today’s complex – and increasingly borderless – business environment, investors, regulators and stakeholders demand clarity and accountability from public and private companies, as well as not-for-profits. Evaluating financial risk is not enough; it’s important to identify and to manage all company risk. Smart organizations are now expanding their view to identify all areas of vulnerability, including reputation loss, occupational hazards and strategic risks. Once identified, it’s important to put a plan in place to implement controls and to continually manage those risks with the objective of enhancing transparency, efficiency and stakeholder value. Risk Advisory Services include:
Sarbanes-Oxley Compliance With the passage of the Sarbanes-Oxley (SOX) Act in 2002, public company accountability took on a whole new meaning. Due to the complexity of the law, and the sheer time and knowledge it takes to become compliant, many companies choose to hire an outside firm. During SOX engagements, financial and IT controls are identified, assessed and tested with a focus on the organization, but also the people and processes that run the organization. Stages of a typical engagement include:
Reaching and maintaining SOX compliance should be viewed as an investment in its long-term success and as a way to add value for all organization stakeholders. Internal Audit Internal audits can add true value and improve operational efficiency at any organization. An organization’s goals can best be reached through a systematic evaluation of the effectiveness of its management, control and governance programs. Typically, internal audits:
Put simply, internal auditors provide audit committees and senior management with the tools and matrixes needed to carefully monitor their organization. This then creates a platform to support responsible performance. As business risks never remain static in this fast-paced business environment, the link between internal audit departments and senior management is essential because it ensures that ongoing business vulnerability is constantly addressed.
Enterprise Risk Management Enterprise Risk Management (ERM) is a risk-based methodology for managing an enterprise. ERM integrates strategic planning, operations management and internal control. It helps organizations to control risks and to seize opportunities related to their overall business objectives. ERM reviews typically:
By following these steps to reduce risk, enterprises protect their assets and reputation and create long-term value for their stakeholders.
Forensic & Fraud Accounting Through the application of audit and investigative skills, forensic accounting provides financial analysis and expert witness credentials suitable for legal proceedings. Forensic engagements focus on the detection and investigation of fraud at all levels of an organization. Engagements can also determine organizational vulnerabilities and recommend policies and procedures to prevent deception. Forensic accounting engagements:
Forensic accountants look beyond the numbers, and through discovery procedures can provide evidence about how a financial crime has been committed and provide litigation support to recover assets, should that be necessary.
Information Technology (IT) Solutions IT systems can be a tremendous business tool, but companies often find they are not maximizing its potential. Our IT partners utilize a structured methodology to establish sustainable technology solutions. It recognizes the critical roles that people and processes play in the development and maintenance of technology based on business solutions. Services include:
By integrating IT best practices, clients quickly see the long-term value and create an atmosphere where IT is a strategic business tool that supports organizational goals. At Windham Brannon, we have the experience necessary to take a strategic view of your risk exposure. Our consultative approach allows us to take an overall look at your risk and then drill down into the areas where specific attention needs to be focused. We can then create a manageable and measurable plan, so you can avoid pitfalls and continue to grow and to thrive. Call our risk advisory services principal, Dave Peacos, today at 404-898-2000 to discuss how our risk advisory services can help you and your organization. info@windhambrannon.com |
