Enterprise Risk Management
It is a known fact that as organizations grow the element of risk in business increases in direct proportion. Successful companies manage these risks/ exposures effectively to emerge as leaders. Quite often Risk Management is seen as a separate activity and not embedded in operations. This creates an artificial environment within the entity that forces all employees to 'adhere' instead of 'practice' risk management in their sphere of activity.
Many organizations are also grappling with the term 'Enterprise Risk Management' and how it is different from Risk Management. The enterprise element in Risk Management is elusive.
We at BlueRidge believe that Enterprise Risk Management is more an 'Organizational Culture' and this culture supports the framework / structure of Risk Management to effectively operate. Enterprise Risk Management is a holistic approach to risk management, moving away from a silo'd functional approach.
We believe that moving from a functional approach to an Enterprise approach to risk management has several distinct advantages from a strategic, operational, cost, compliance and reporting standpoint. A well-synchronized cross-functional decision making process keeping in perspective the enterprise risks would lower the chances of failures, help manage the risks better, optimize cost, facilitate compliance to laws and regulations and ensure accurate and timely financial reporting to stakeholders.
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Elevate Your Brand with Strategic Marketing
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Risk Based Internal Audits
Although conceptually Risk Based Internal Audit (RBIA) is in practice for a very long time, quite often we find internal audit teams / external consultants drawing out an audit plan / audit charter without undertaking risk assessment in a meaningful way.
Often internal audit is considered to be under the purview of finance / audit function and the scope is decided by the CFO in a small and medium size company and by CFO / CEO / Head Audit in consultation with Audit committee and external auditors in large companies. Not all the functional heads are involved during the scoping exercise.
In a large number of organizations both large, medium and small, linkage between Risk Management activities and internal audit scope is not clearly established. Quite often Risk Management and internal audit functions are headed by different individuals who again work in silo’s
Organizations are finding it difficult to understand the value / ROI from investing in internal audits mainly due to
- Lack of tangible benefits directly attributable to internal audit
- Disconnect in understanding internal audits role by different functional heads / top management and the board
- Internal audit's focus on policy / procedural compliance instead of business issues
- Audit observations being transactional in nature
- Difficulties in implementation of recommendations of internal Audit
- Absence of integration between IT and process audits
We at BlueRidge are well versed to ‘truly’ undertake Risk Based Internal Audits. We devote a good amount of time in understanding your business and the associated risks, discuss the pain areas with all functional heads, the audit committee, executive management and draw up a comprehensive audit scope and plan
We believe that organizations should be able to see tangible benefits from internal audit
Contract Risk Management
‘We did not know that we had to comply with privacy laws of another country’, ‘We were caught unawares when the client stated that as per contract the Indian entity had to comply with US/UK laws’, ‘We had to incur a huge loss as neither we, nor the subcontractor had taken an insurance cover on our inventory at subcontractor location’..these are examples of typical complications that arise due to contractual relationships.
Large organizations enter into hundreds of contracts with suppliers, contractors, and other third parties in and outside their state / country. There are numerous contractual obligations arising from laws of the land as well as internal policies of the contracting / contracted company.
Many large, medium and small organizations lack an appropriate governance system to mitigate contractual risks. There is no single point of assessment as the risks are generally spread across various functions within the organization such as legal, function contracting, finance, etc
We believe that having a holistic approach to Contract Risk Management is essential in today’s scenario where most organizations work on a contracting/sub-contracting business model.
Entity Level Controls Assessment / Implementation assistance
‘As the King, So are the Subjects’ this phrase resonates well with the topic ‘Entity level controls’. Quite often organizations struggle to implement controls at the operational level and one of the primary reasons is poor ‘tone at the top’.
Entity level controls are all pervasive and form the basis on which the operational, financial and compliance related controls operate. Many of the recent large scale corporate frauds are mainly due to systemic deficiencies in the entity level controls. Sarbanes Oxley Act, Clause 49 of listing agreement and many other corporate laws increasingly stress upon the need to have strong entity level controls.
We at BlueRidge have formulated an approach for rapid assessment of Entity level controls. We combine a survey based approach with face to face interviews and / or field visits to provide you insights on your strengths and weaknesses
Governance framework Development
Organizations are addressing risk in a tactical manner individually as they emanate. Governance framework helps organizations to take a GRC (Governance, Risk and Compliance) approach and address the risks in a holistic manner.
Building a governance framework that provides the necessary structure and direction to employees at large is critical to the success of the business.
Code of Conduct/ Whistleblower policy development
Organizations are finding it increasingly important to publish a Code of Conduct for executive management and employees at large. Both management and staff sign off the code of conduct and agree to abide by it every year.
Organizations need a comprehensive whistle blower policy to address grievances from all stakeholders. The policy should also be supported by a system to record and capture all details for a complete analysis.
At BlueRidge, we help organizations build a robust whistle blower policy and also advise in implementing a system to cater to their needs. For example, we assist in maintaining a voice based system to capture and retrieve calls, analyze the nature of support required to address the query and also develop a framework that establishes guidelines for investigation and resolution.
To understand how BlueRidge can assist your enterprise please contact :
Giridhar – Giridhar@blueridge.co.in