We believe that a focused risk assessment discipline can help companies understand their risk universe and, more importantly, ensure that an appropriate risk mitigation plan is created and deployed in both a timely and cost-effective manner. We customize our model for each individual client. We have found that a flexible approach adds more value, as the deliverables are right-sized to our clients’ specific needs and budget.
WeiserMazars' Risk Assessment methodology includes the following:
- We review and evaluate business plans, financial reports, operating models, marketing plans, and the like, to gain an understanding of the business.
- We create a risk evaluation matrix that segments the business consistent with how the Company manages the enterprise, as opposed to a boilerplate template.
- We interview key management across multiple operating disciplines, focusing on where they perceive risk and the related impact on the Company.
- We evaluate the data points gathered and score the risk using our proprietary risk assessment model.
- We summarize the risks and make recommendations for a focused, internal audit plan, designed to help manage the risks.
CASE STUDY:
A leading manufacturer engaged our team to prepare a Risk Assessment as they migrated from an in-sourced internal audit function to a fully outsourced solution. Our task involved re-evaluating the Company’s risk with a fresh perspective. The result: We helped Management to readjust its tactical internal audit plan based on the then-current set of circumstances. Our flexible model helped Management to shift strategy based on changes that occurred both internally and externally, within the industry. In short, the risk profile changed, so the internal audit plan had to be adapted accordingly.
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