Risk Assessments

To manage a business successfully, risks and opportunities must be identified and managed appropriately. Identifying, assessing, and addressing risks are critical success factors for all types of organizations. Risks can take on many forms including the areas of:

• Financing, investing, and financial-reporting risks
• Legal and regulatory risks
• Information-technology and systems risks
• Operational, supply-chain and process risks
• Strategic, market and industry risks
• Integrity, reputation, and political risks

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Having the knowledge and tools to assess your risks and opportunities is important for survival. Candela Solutions has the expertise through:

• Educating and training regarding top-down and risk-based audit approaches for both internal and external auditors
• Conducting independent risk assessments that are results oriented rather than overly complex deliverables that fall on deaf ears
• Applying COSO's Enterprise Risk Management - Integrated Framework (ERM)

A top-down approach evaluates controls in a sequential manner, starting with company-level controls and significant activities, and then working down to relevant individual controls at the process, transaction, or application levels. A risk-based approach simply focuses resources in the highest risk areas. These approaches are interrelated, and when appropriately used, can be a powerful tool in managing risks.

The benefits of independent risk assessments include:

• Independent confirmation of risks and opportunities
• Enable faster risk response decisions
• Minimize operational surprises and losses
• Identify and manage cross-enterprise risks
• Develop integrated responses to multiple risks

The Candela Solutions' team can help at several junctures:

• Enhance awareness of risks and opportunities through Risk Assessments
• Mitigate the risk of fraud through Anti-Fraud Controls and an effective Compliance and Ethics Program
• Strengthen due-diligence and regulatory compliance through IPO and M&A preparedness efforts
• Ensure that policies and procedures are operating effectively through independent Internal Auditing services
• Reduce the risk of technology infrastructure meltdowns by conducting IT Risk and Control Assessments
• Empower directors and management teams through Training and Support
• Improve deployment of capital through an Enterprise Risk Management process

Refer to related in-house training sessions:

• Corporate Compliance and Ethics Programs: A Detailed Look at Federal Guidelines
• Corporate Governance: Protecting Shareholder Interests through Strong Stakeholder Relations
• COSO Frameworks and Guidance to Meet Operational, Reporting & Compliance Objectives
• Decision Rights and Information Flows: Understanding Two Common Causes for Failure
• Governance, Risk and Compliance (GRC): Putting it all Together
• IT Auditing
• IT SOX Compliance
• Occupational Fraud: Understand Schemes, Red Flags, and how to Prevent & Detect Fraud
• Risk Assessments in Action: Understanding Enterprise Risk Management Frameworks
• Sarbanes-Oxley (SOX) 404 Workshop
• Top-Down, Risk-Based Monitoring