ENTERPRISE RISK MANAGEMENT
Enterprise Risk Management (“ERM”) provides organizations a structure or framework to identify key strategic and operational risks, assess the severity and potential impact of these risks, prioritization of resources, assist in the management of the uncertainty of said risks, and report on risk trends and effectiveness of related key controls.
OMNIA Advisors can assist in the following:
- Establish the fundamentals of an ERM program and methodology, including Policy, Standards and Procedure
- Create and refresh departmental risk registers, risk universe and risk appetite statements
- Identification of top strategic risk and associated mitigation plans
- ERM Maturity Assessments
- ERM Training
Internal Controls over Financial Reporting (“ICFR”)
Certification of the effectiveness of organizational ICFR is required by senior business leaders is required under the SOX and NI52-109 regulations. Aside from the compliance requirements, having an effective ICFR program promote an organizational culture around protection and safeguarding of assets, operational efficiency, and adherence to company policy and procedures and local regulations.
OMNIA Advisors can assist in the following:
- Assess the effectiveness of key financial reporting controls
- Control rationalization
- Financial Reporting Risk Assessment
- Establishing ICFR processes and controls
- ICFR Training
OPERATIONAL REVIEWS
All organizations faces strategic / operational risks on a day to day basis. To manage these risks appropriate mitigating actions must be put in place so that the residual risk level is within the organization’s risk appetite level. Therefore, it is critical to have regular reviews on the effectiveness of said controls to ensure risk levels are still properly mitigated. Operational reviews are typically part of an organization’s annual internal audit plan, though projects can arise on ad-hoc basis too.
OMNIA Advisors can assist in the following:
- Perform operational risk assessments to identify key areas of focus
- Execute operational audits and reviews
- Operational Process Improvement
- Assist Internal Audit functions with their annual audit plan
INTERNAL AUDIT TRANSFORMATION
As the business world continues to evolve and operate in a challenging and competitive environment, the role of Internal Audit has never been more vital to your organization’s success. As such, Internal Audit leaders are always exploring opportunities to better serve their stakeholders, and to provide more robust independent assurance to the overall governance and internal control processes.
OMNIA Advisors can assist in the following:
- External Quality Assessment (required by IIA)
- Internal Audit Agile transformation
- Other quality assurance / improvement initiatives
- Internal Audit Training
