Advith

Risk Advisory

About Risk Advisory

As businesses grow and expand their footprint, an area that is often neglected is the requirement to bring in discipline in areas of finance, human resource management operations. At Advith Consulting, we follow a 4-step EASE Approach.

E – Understand existing processes

A – Analyze the gaps

S – Set up SOP’s

E – Effective Implementation

Risk Advisory

Need for Risk Advisory

Often, it is not until something goes wrong that an organisation realises that it is has ineffective internal controls. Further, there is also a misconception among organisations that internal controls are needed only to satisy the statutory auditor. Strong internal controls play a crucial role in the success of any organisation. They enhance efficiency, ensure compliance, streamline operations & facilitate growth. Irrespective of the size of your organisation, defining processes, identifying risks & establishing controls are essential. At Advith, we understand the business of the entity and build strong yet agile processes to ensure that they stand the test of time.

How we do it?

4 Step Process for Risk Advisory

Below is our 4 step process for Risk Advisory

E – Understand existing processes

Understand the business of the entity & identify the requirements of the entity with respect to the finance function

A – Analyze the gaps

Analyze past financial data to uncover trends and obtain insights

S – Set up SOP’s

Establishing the Modus Operandi of the finance function

E – Effective Implementation

Implement financial strategies and manage day-to-day operations

E – Understand existing processes

Understand the business of the entity & identify the requirements of the entity with respect to the finance function

A – Analyze the gaps

Analyze past financial data to uncover trends and obtain insights

S – Set up SOP’s

Establishing the Modus Operandi of the finance function

E – Effective Implementation

Implement financial strategies and manage day-to-day operations

How we do it?

Components of our Deliverable

Understanding Common Terms

By establishing a common vocabulary, it promotes consistency, minimizes ambiguity, and enhances communication, thereby facilitating accurate interpretation and execution of the procedures outlined in the SOP.

Organisation Structure

This matrix outlines reporting relationships, hierarchical structures, and communication channels among different departments or personnel involved in the SOP processes.

Process Flow Chart & Detailed Process Notes:

A flow provides a visual representation of the sequential steps in the process. The detailed process notes that accompany the flow chart provide a more in-depth explanation of each step in the process

Risk Control Matrix:

Risks associated with each step in the process are Controls may be categorized as System (automated), Manual (human intervention), or Hybrid (combination of both).

Version Control

With identifiable version numbers, dates, and authorship details, it enhances accountability and transparency during audits. Effective version control streamlines collaboration, allowing multiple contributors to work simultaneously.