Risk Advisory | Driving financial confidence
Corporate Governance
Navigating business in an uncertain world
Corporate governance is nowadays critical to any large organization. Solid reputations built up over many years dissolved overnight in the high-profile collapses of the 2008 financial crisis. Tougher corporate governance regulations are being introduced to challenge creative accounting, poor internal controls, inadequate challenging of business strategy, excessive pay unmatched to performance, and ineffective non-executive directors.
Globally many regulations were enacted that force organizations to focus on corporate governance processes, particularly internal controls with some requiring CEOs and CFOs to certify as being effective. Stringent new rules mean that CEOs and CFOs could face significant fines or jail terms if they make unsupportable representations.
At We Audit we can assess your organization’s governance processes, measure them against best practice, and ensure they meet the needs of the business. We can also make sure you comply with the rapidly changing country and financial market-specific regulations. Senior executives need to ask themselves when they last studied their organization’s corporate governance framework and whether they’re confident that it’s robust and underpinned by integrated, resilient processes. They need to question the effectiveness of the organization’s controls and their comfort level in signing off the annual internal controls statement. We can help businesses evaluate the effectiveness of their organization’s governance processes, develop solutions to close the gaps, and enable change to minimize risks and maximize benefits.
Our corporate governance services include:
- Continuing board or board committee education
- Governance and risk oversight
- Assessment of corporate governance
- Development of corporate governance
Internal audit
Your risk adviser
Senior management’s need for timely and reliable business intelligence has never been so acute whether worldwide or in the Middle East. The ripple effects of financial scandals that destroyed global brands overnight mean that business leaders have to divert time from executing their strategy to the tactical defense of their corporate governance. Investors, analysts, and regulators are applying pressure on executives over poor business performance and questionable decisions, while they have to deal with more competitive markets, less loyal customers, and increased demands for online access to products and services.
Management must therefore be in control of all aspects of the organization’s operations – from finance and accounting, health and safety, environmental impact, IT, customer relationship management and dealings with suppliers. They need to be able to quickly spot areas of potential risk and deal with them before they arise. It’s a tall order – but a professionally run, vigorous internal audit function cannot only identify the risks, but it can also uncover previously hidden opportunities that can make organizations more successful.
We can help you establish an internal audit function, or extend the scope of your existing team so that it contributes much more to shareholder value. At We Audit, we have professionals ready to fill in the gaps when you need us, and we can benchmark your internal audit function and suggest improvements. Whatever the needs of your organization, we can develop a customized value proposition to meet them.
Our services include:
- Outsourcing or co-sourcing
- IA Capacity building
- Internal audit projects
- IT internal audit
- Risk assessment
- Quality assessment review
- Regulatory effectiveness testing
- Resourcing or loaned staff
- Contract risk and compliance
Technology services
Control your IT risk
Technology risk issues are widely recognized as having a significantly adverse impact on business, resulting in not just financial losses, but damage to reputation and operational downtime as well. In addition, customers, partners, and shareholders alike expect a demonstration of system security, regulatory compliance, and good governance. We Audit is positioned in the marketplace to deliver a broad range of objective and comprehensive technology risk services concisely, leveraging its global network, research, proven methodologies, preferred practices, and client experience.
We Audit credentials show a solid track record in the integration of business, process, people, and technology. We are established and trusted advisors to our clients and work with them to develop comprehensive IT risk programs resulting in real benefits throughout every stage of the business process.
We Audit offers an end-to-end portfolio of services to help you manage technology risks across your organization, bringing together a world-class risk management capability that is trusted by boards and management with a business-led focus that is combined with a deep understanding of technology.
We Audit ERS – Technology Services draw on the resources of a highly skilled and experienced team of professionals. We provide a full range of internally and externally focused technology risk services covering all aspects of business process risk, IT risk, data quality and integrity risk, IT project risk, and information security risk, including:
- IT Governance
- Business process controls
- General computer controls
- Controls automation monitoring & management
- Data quality & integrity
- Project risk services
- Third-party service auditor reports
- Advisory readiness services (Sarbanes Oxley and similar national requirements)
- IT internal audit
- IT due diligence (M&A)
- Application integrity
- Business continuity management
- Identity & access management
- Infrastructure & operations security
- Privacy & data protection
- Security management
- Vulnerability management
- IT Governance
- Vulnerability management
Enterprise Risk Management
Success through intelligent risk-taking
In recent years, more than ever, senior management has been searching for better ways to make informed decisions to achieve their business objectives. This has commonly been assisted through risk management practices. The gradual transition from conventional risk management to all-encompassing Enterprise Risk Management (ERM) has enabled senior management to be aware of the risks to which it is susceptible while developing plans designed to respond to these very risks. ERM has also gained substantial momentum because of the growing importance of solutions for compliance and regulatory norms (including BASEL II) for which ERM lays down the foundations. Triggers for ERM implementation include catastrophic events such as stock market crashes and the current credit crisis, credit rating processes, compliance with regulatory bodies such as the Central Bank and other government regulatory bodies, the introduction of ERM by competitors, challenges posed by new or emerging products and the dynamic nature of business risk.
ERM is a capability that involves identifying, measuring, monitoring, reporting, and responding to risks across an enterprise in a way that is aligned with the enterprise’s objectives and risk appetite. ERM should address all major risk types including compliance, financial, hazard, operational, as well as strategic risks across all major business units and functions within an enterprise. ERM emphasizes value creation as well as value preservation and the application of risk quantification techniques to develop risk portfolios using measures such as Cash Flow at Risk and Earnings at Risk.