Risk Governance & Framework
Establishing sound and reliable governance practices is integral for every organisation. As companies continue to expand their services, grow and evolve over time, it is imperative to always focus on efficiency in risk management, the development of an effective control environment and delivery of strategic goals to meet the expectations of both internal and external stakeholders.
The creation of comprehensive and supportive governance, risk and control frameworks should therefore be a top priority for all organizations, but the presence of strong governance can no longer be viewed as a reactive process. Instead, when faced with increasing uncertainty, organizations must take a proactive stance to manage risk and realize those opportunities that align with their stakeholder needs.
Ultimately, implementing effective governance, risk and control frameworks will facilitate this process and it is an area where BDO can provide assistance.
Organisations should implement governance, risk and control frameworks that address:
- structural or internal processes that have changed within the organization;
- increased risk/complexity that has emerged within the organization’s sector;
- failures within the organization’s existing framework; and/or
- a new/updated regulation or legislation that affects the organization.
BDO can assist organizations by providing a range of services designed to provide greater clarity on Governance, Risk and Control Frameworks, as well as to support best practice in this area. BDO can offer the following services:
- Risk assessment and monitoring
Identification of internal and external risk factors, including ‘horizon scanning’.
Design and implementation of governance frameworks that ensure effective support and delivery of organisational priorities and strategy.
- Control environment support
Identification of expected standards of conduct and internal controls on processes.
Training to improve risk and control capabilities.
BDO aims to help organizations in achieving:
- clear accountability;
- increased efficiency and cost control;
- greater visibility; and
- increased agility through a sustainable model.
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