Risk Advisory Services
The most successful organizations effectively balance governance, risk and compliance with daily operational needs and long-term strategic goals. Oditify provides specialized Risk Advisory services designed to do just that.
Our Risk Advisory Services team works with clients proactively to help them identify and mitigate business and functional risks, optimize costs, build efficiencies in processes by strengthening internal controls and systems. We have a large team of qualified professionals who have a deep understanding of industry issues, and provide guidance to public and private companies alike – from startups to big enterprises.
At Oditify, we have the requisite ability to efficiently execute engagements and deliver quality and value for our clients. We specialize in providing risk advisory solutions to our clients in the areas of Enterprise wide risk management, Control assessments, Internal audits, Fraud investigations, Process re-engineering, Governance frameworks, Board evaluations and Research.
Risk Assessments
We carry out a risk assessment of the critical process, preparation of process risk registers, categorization of risks, drafting and deployment of detailed risk mitigation plan. Such Risk Advisory Services enable us to support the client in long term monitoring of operating effectiveness of risk mitigation plans.
Standard Operating Procedures (SOP) Development
At Oditify, we assess, develop and document SOPs and Policies for organizational functions based on the facts of the client, their risk profile, and management objectives. Our SOPs introduce best business practices based on our diverse exposure and knowledge pool created over decades of professional practice.
Process and Operational Audits
We carry out special reviews as directed by the management of the client to appraise the effectiveness, efficiency, and sufficiency of systems and controls of a specific process or division of the Company. Accordingly, based on observations, the risk is assessed, gaps are identified and suggestions are discussed with management to minimize these risks.
Internal Financial Controls (IFC) Compliance
We offer professional assistance to our clients in complying with IFC requirements for financial reporting as per applicable guidelines of Companies Act 2013. We perform design and testing of IFC Framework which includes documenting Risk & Control matrices, testing, and validating controls from a design and effectiveness perspective to safeguard the interest of various stakeholders.
Internal Audit Services
Our team performs internal audits to provide an independent and objective review on the functioning of an organization’s systems, processes, and controls to management. We identify risks in each business function, perform process walkthroughs, documentation review, data analytics, identifying areas of risk due to gaps in the process and scope of improvement in operations. Basis this, we suggest practical recommendations to management to introduce relevant controls, improve operational efficiency, and minimize risk.
Cost Optimization
We evaluate critical processes as identified by the management of the Company and assist the clients in eliminating activities that don’t create value, enhance process optimization, and identify areas and tools for saving cost.