Process and Risk Consulting
Process and Risk Consulting
Enterprises are facing increased challenges for business leadership to succeed in the face of market dynamics, competition and increasing regulatory burdens. Today, risk management is a leadership instrument which is a global necessity in governing an enterprise. All over the world, companies are increasingly required to report not only financial numbers but also on how they monitor changes in market conditions and related risks and opportunities, and how they are dealing with them (including the provision of indicators on their stability) in order to obtain market credibility. Application of risk management techniques such as Enterprise Risk Management (ERM) identifies risks, and opportunities helping to align and focus limited company resources on core objectives.
ERM provides management with enhanced capabilities to align risk appetite and strategy, link growth, risk and return, minimize operational surprises and losses, identify and manage cross-enterprise risks, and rationalize capital. Managing risk more successfully will enable an organization to achieve its performance and profitability targets, prevent the loss of resources, and ensure effective reporting and compliance.
PKF can help organizations to establish the policies, structure, processes, capabilities, tools and techniques necessary to effectively manage risk. Our specific services include:
- Assist organizations in designing and implementing an Enterprise Risk Management program.
- Risk Assessments to identify and assess an organization’s strategic, operational, financial and compliance risks.
- Assess the current risk management framework and capabilities of the organization, analyse gaps and recommend.
- Automating risk identification, assessment and monitoring and reporting across the organization.
- Risk Profiling assessments for senior management and the Board.
- ERM training and awareness programs.
- Third party vendor risk management reviews including vendor site reviews.
Business Processes form one of the key levers in implementing the business strategy. It forms the core that governs “how things work” in an organization. Process are often cross functional which means they span departmental boundaries and in its good practice format should typically subscribe to three key elements–time, cost and quality. While in some cases, processes in an organization typically evolve over time out of ways of working, in several other cases, changes in business conditions due to market practices, company culture and even technology require an organization to adopt “shortcuts or workarounds” that affect one or more of the key elements of time, cost and quality leading to processes becoming cluttered, inefficient and stale.
It therefore becomes imperative that organizations either as part of reviews initiated due to internal or external events or due to changes imposed due to regulation and/or technology adoption, explore options to reconsider its current way of working to improve its process performance. In addition to the traditional focus on time, cost and quality, facets to consider may include quality and consistency of data used in the process, reducing the risks within the process, among others.
PKF can assist organizations to help in process standardization and process improvement through the following service offerings:
- Create Standard Operating Procedures (SoP) to achieve consistency and standardization in the way people and systems work.
- Process Analysis and Process improvement engagement to improve process cycle time, efficiency (productivity & cost), control and flexibility.
- IT enabled process improvement studies aimed at optimizing process performance through adoption of IT solution.
- Process Control studies to identify and optimize process control points.
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For more information on how our services can help your business get in touch.