Control framework has a valuable purpose in effectively managing the business, mitigating the risks and increasing the value of the business. Over the last few years, discussions about control frameworks and building a robust system of controls have substantially increased. The main points of discussion were: simplifying and reducing costs; standardisation, streamlining and simplification across the business; and avoiding significant control risks. Our role is evolved here. Spot On offers the following support to clients in building a robust and resilient controls framework to minimise the risk, control costs and to bring standardisation and simplification across the business:
Review of current control framework “As Is” to identify gaps and control optimisation opportunities
Design and implement a robust internal control framework based on COSO principles and coding ensuring that all Finance, IT and operational activities are effectively controlled and monitored
Develop guidelines on key control areas e.g. end-user applications, finance and IT control design, testing and remediation for client’s staff and stakeholders
Conduct training workshops and sessions for the client’s key staff and teams
Support client in achieving standardised or optimised control rating from external auditors
Spot On Consulting Team will help your organization better meet its strategic goals and objectives. Spot On Consulting Team process review expertise can assist in streamlining your operations, eliminate process inefficiencies and reducing related costs. Our professional approach focuses on:
Document current processes and data flow (specific processes)
Improve the processes (analysis, prototype, or simulation)
Implement & manage the process (measurements, accountability, communication)
CONTROL TESTING AND REMEDIATION
Robust internal controls strengthen the first line of defence against internal and external risk and threats. If controls are deficient, it needs to be either remediated or adequately redesigned.
Spot On offers internal control testing and remediation service. It focuses on the adequacy and effectiveness of the controls to make sure they are operating effectively as designed in line with the business objectives and in addition, for any control failures appropriate remediation/ mitigation plan is put in place.
Our team conducts an independent review of the effectiveness and efficiency of the live controls: front to back end in an organisation; across a product set; across an entity; or within a specific function. We can provide a deep dive review to perform a root cause analysis and remediate specific control breakdowns that has been identified by management or internal audit.
With special focus on the processes and controls within Financial Control or Financial reporting space, Spot On Consulting Team provides their expertise to support businesses to comply with Internal Control over Financial Reporting (ICFR) requirements. The service remit covers both SOX and Non-SOX regulated organisations.
Governance provides an exemplary structure for an organisation to work with. It promotes ethical behaviour, accountability and openness. It encourages economic and financial stability, social and environmental responsibility and ethical investment policies and products and accountability.
Spot On Consulting Team offers range of services which cover; constructing an overall Governance, reviewing your governance arrangements, benchmarking them against the best practice; recommending improvements and providing required training.
Enterprise Risk Management (ERM) is a structured, consistent, and continuous risk management process applied across an entire organisation that allows companies to better understand and address material risks. ERM can facilitate better capital resource allocation decisions, increase operational efficiency, and enhance a company’s risk control efforts to support critical strategic, compliance, and governance initiatives.
Spot On Consulting Team can help your entity apply an integrated approach to identifying and assessing business-critical risks, evaluating existing risk management infrastructure elements, and constructing ERM processes to in line with your business needs.