Minimise risk, maximize opportunities and improve business performance
Organizations of all sizes face a plethora of ever-changing risks to their businesses, typically a blend of the below:
Strategic Risk: The potential impact of strategic decisions, or of a defective or inappropriate strategy.
Financial Risk: Financial risk is the possibility of losing money on an investment or business venture such as credit risk and market risk.
Operational Risk: Often included under Financial Risk, Operational risk is the potential for loss resulting from inadequate or failed internal processes, people and systems or from external events.
Regulatory Risk: Regulatory risk is the risk of a change in regulations and law that might affect an industry or a business.
Reputational Risk: Reputational risk is a threat or danger to the good name or standing of a business or entity, which may occur as the result of the actions of the company itself or due to the actions of an employee or employees.
Technology Risk: Technology risk is any potential for technology failures to disrupt a business such as information security incidents or service outages.
The Institute of Internal Audit defines a risk as “the possibility of an event occurring that will have an impact on the achievement of objectives.
The definition allows therefore that the management of risk can drive a competitive advantage by having a positive impact on the achievement of objectives.
Managing these risks effectively helps to support delivery of your organisation's strategic objectives and can drive better performance.
Conversely, poor risk intelligence and awareness can have the ability to compromise your growth introduce avoidable complexity and issues into daily business.
We help our clients understand their business risks. With an objective and expert approach, we advise businesses of all size and sectors on their risk management approach and procedures.
We can provide simple, independent assurance on your operations, suppliers, major projects and key transformation programmes.
Working under all applicable professional frameworks including COSO and the Institute of Internal Audit, by linking risks to strategy and objectives we can improve organizational processes, governance and performance.
We deploy our diverse pool of qualified internal auditors, controls professionals, IT auditors, compliance specialists, cyber security and forensics professionals, to meet the complexities of our clients risk universe.
This is how we can help:
1. Internal Audit Services
Internal audit provides independent oversight and review of an organisation's control environment to manage key risks, inform good decision-making and improve performance. It evaluates and improves an organisation’s risk-management controls, governance processes and procedures and assesses key functions and support services to ensure goals, objectives are supported effectively, and that regulatory responsibilities are met.
Fully compliant with the International Standards for the Professional Practice of Internal Auditing (Standards) our offering includes:
- Setting up an Internal Audit function
- Full outsourcing and co-sourcing of internal audit including IT Audit
- Supplementing your existing team with qualified and experienced resources and subject matter experts as and when you need them
- Internal Audit Quality Assurance and Advisory
2. Internal Control Services
Grant Thornton helps organizations transform their operations and operational risk programs by designing, strengthening and internal controls to safeguard assets and develop cost-effective programs.
We can help address Sarbanes-Oxley Act and other regulatory controls and reporting requirements, while enhancing internal audit and organizational performance.
3. Risk Management
An effective risk management framework provides organisations with the confidence to act on future business decisions. A rigorous and disciplined approach to risk management helps safeguard business assets and achieve growth objectives covering:
- Risk Identification
- Risk Assessment
- Risk Treatment
- Risk Monitoring
- Risk Reporting
Grant Thornton’s team of risk management specialists help organizations strategically and practically transform risk management programs to strengthen risk insights and to drive enhanced resilience in an increasingly complex and volatile marketplace.
4. Compliance Assurance
Today’s organizations are operating in an increasingly complex regulatory environment. Our experienced team of regulatory and compliance specialists provide technical knowledge on emerging regulations and help organizations achieve robust, effective and on-going compliance. Examples of compliance areas:
- Know your Customer (KYC)
- Data Protection regulations
- Third party supplier compliance and assurance
- Anti-Money Laundering