As stakeholder expectations continuously evolve, organizations are facing a shift in the roles of internal audit and risk management. When internal audit and risk management functions work together, organizations experience improvements in efficiency, risk-monitoring and overall growth.
The role of Internal Audit is to provide assurance to the Audit Committee, Board and management by undertaking independent and objective reviews, and by giving advice and recommendations related to an organization’s strategic, financial, operational, compliance and technology risks. Performing an internal audit is an opportunity to review your organization’s processes, controls, operations and finances in order to monitor risks, improve efficiency and effectiveness, and enhance the infrastructure to support growth.
The Brown Smith Wallace internal audit team provides internal audit or other advisory services to almost 50 percent of the top public companies and dozens of the largest privately owned businesses, governmental institutions, and not-for-profit organizations in the St. Louis metro area. In addition to serving as an organization’s outsourced provider, we also provide the following services to support a company’s internal audit function and capability:
- Developing risk assessments and audit plans
- Establishing an internal audit function and capability
- Strategic planning and coaching for the internal audit function
- Outsourcing and co-sourcing of internal audits and other projects
- Providing data analysis capabilities to support audit efforts
- Providing expertise related to specialized subject matter such as IT, construction, fraud and forensics, and insurance programs
- Performing quality assessment reviews of the internal audit organization
We take great pride in being your trusted advisor. Our role as your advisor does not just include performing the identified assignments. It also includes providing leadership to your organization in the areas of risk management and process improvement. The depth and breadth of our internal audit experience along with the active involvement of our most senior team members allows us to bring ideas to help you improve your organization.
Enterprise Risk Management
Board members, stakeholders, management and company personnel have grown to expect more out of organizations in terms of their approaches to strategic planning and risk identification and mitigation. With technology constantly changing, businesses need to shift their focus quickly and often to stay up and running.
Today, many companies are incorporating Enterprise Risk Management (ERM) programs and concepts because it helps promote open discussion at various levels of the organization to identify and approach risks that could impact the day-to-day business as well as the strategic plans. Brown Smith Wallace professionals have the expertise to help you develop and conduct a cost-effective enterprise risk assessment that will help you:
- Understand the significant risks facing the organization
- Prioritize these risks in terms of severity of impact and probability of occurrence
- Assist with management and Board alignment in understanding and approach to risk
- Increase focus on managing risks associated with strategic objectives
- Identify opportunities to improve risk monitoring and mitigation activities
Through our methodology and approach, the Brown Smith Wallace advisory team is able to evaluate risk and identify opportunities to improve our clients’ processes.
Learn more about how an internal audit or enterprise risk assessment can help your organization identify and approach risks. Contact Ted Flom today.