Risk Management and Internal Control

Risk management

Risk management is one of the most important functions of any organisation. Enhanced efficiency of the risk management function contributes to optimisation of the decision-making process and may become a powerful competitive advantage in the conditions of economic turbulence. Implementation of effective and efficient risk management systems will help you optimise the decision-making process, reduce operating expenditures, prevent direct financial and reputational damage from malpractice of employees and counterparties.

Our risk management services:

• Development and implementation of a risk management system
• Assessment of the risk management system efficiency
• Risk assessment by business process or line of activity
• Development of methodological and/or regulatory risk management documentation
• Creation and/or improvement of operations of risk management divisions
• Conducting risk management training workshops for management and employees
• Preparation for automation of risk management system implementation projects and their support

Internal control

Internal control is a process designed to provide reasonable assurance that your company can:

• conduct efficient and effective operations;
• prepare reliable and timely financial statements and other reports;
• ensure compliance of its business transactions and accounting records with applicable laws and regulations.

In accordance with Article 19 of the Federal Law “On Accounting”, a business entity shall set up and maintain internal control over its daily business activities. The Russian and foreign legislations have established mandatory internal control requirements covering accounting and financial reporting, which are mandatory for certain types of legal entities.

Our internal control services comprise:

• Creation of internal control systems in compliance with the Russian and international standards
• Assessment of effectiveness of the current internal control system and its modernisation
• Building and/or optimisation of the internal control function
• Independent assessment of the internal control system and development of recommendations for further improvement
• Development of the methodological base and/or regulatory documentation related to internal controls
• Building and implementing internal controls for IT systems, drawing on the best practices and time-proven methodologies and standards (COBIT, ITIL, ISO)
• Preparation and support of projects for automation of the internal control system
• Delivery of trainings how to build an effective internal control system

In order to get detailed advice and clarify the cost of our services, please send us a commercial inquiry.

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