An effective risk management strategy never slows an organisation down — it makes it go faster. The number of regulations one has to deal with on a daily basis is growing, and if past trends are anything to go by, it is likely to accelerate. Stakeholder, public and investor expectations regarding governance and compliance place an increasing reliance on internal audit to deliver high-quality, focused assurance.
Today, organisations face new, emerging risks across strategic, regulatory, financial and operational business processes. While ORCA recognizes the risks in today’s complex business environment, we strongly believe that the principal challenge lies in identifying the major risks. Once identified, an effective risk management strategy will then provide oversight and guidance to ensure management has proper and effective controls and processes in place to eliminate or mitigate these.
The cornerstone of risk assessment and management is a sound control system. This should forward the organisational objectives of promoting reliability of reporting, the safeguarding of assets, compliance with laws and regulations, and efficiency of operations.