Clients need to know ahead as to what risks might throw obstacles in achieving their corporate goals and vision. Identification of these risks helps them build adequate control systems. Controlling these risks could imply total elimination of the risk, or risk reduction, or risk acceptance and/or risk transfer.

Sometimes, risk assessments are carried out to perform rational allocation of Internal Audit Department (IAD) resources. It assists the IAD in getting a better understanding of the existing control environment and facilitates developing an audit strategy.

The Indian Corporate governance prescribes key responsibilities of the Internal Audit department. This is applicable to all the quoted companies and public limited companies in India. The expectations may be listed as under:

• Managing Risks of every process in the company,
• Assured working of internal controls,
• General audit reporting on a timely basis,
• Report on white collar frauds, and
• Participation in disclosure requirements compliance

B’Risk Value-Add

• We embrace a Risk-based Internal Audit plan
• We perform identification of high risk areas for Audit
• We perform Enterprise Risk Assessment and Enterprise Risk Management

Methodology

• B’Risk, has designed a special tool named B’Risk Profiler (Business Risk Profiler) to help identify risks.
• The Profiler profiles a portfolio of risks basis the industry segment the organization belongs to.
• This helps in complete mapping of all possible risks that an organization from a particular industry segment may be exposed to.
• Subsequently, specific risks for the organization are mapped.
• Risks are also profiled on a matrix of importance.