Risk Advisory
At KKC, we provide Risk Advisory Services to empower businesses with effective governance, risk management, process optimization, and compliance.
Key Service Areas1. Assurance Services :
- Risk-Based Internal Audits (RBIA)
- Testing and Reporting of Internal Controls over Financial Reporting (ICoFR)
- IT Infrastructure & Application Audit
- BRSR Report Audit
- Management Audits
- Forensic Audits and Concurrent IT Audits
2. Consultancy :
- Drafting SOPs, RCMs, and Policies
- IFC Testing and Design Gap Analysis/Recommendation
- Standardization of Processes across geographies
- ESG and BRSR Setup related consultancy
- Benchmarking and Process Redesigning
3. IT Advisory :
- ITGC Testing
- Data Analytics and Automated Control Testing
- Suggesting ERPs available for process automation
4. Fixed Asset and Inventory :
- Fixed Assets Tagging through RFID
- PV of Inventory & Warehousing Controls
Approach to Internal Audits
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Phase I - Understanding :
- Review of organizational vision, GRC framework, and competitive landscape.
- Define the internal audit scope and finalize the charter.
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Phase II - Opening Meetings :
- Engage with process owners to discuss scope, team structure, and timelines.
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Phase III - Execution :
- Perform data analytics, risk register reviews, and IT/manual control tests.
- Conduct walkthroughs and verify source data authenticity.
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Phase IV - Reporting :
- Deliver audit reports with observations, root causes, impacts, and recommendations.
- Facilitate discussions on management responses and CAPA (Corrective and Preventive Actions).
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Phase V - Presentation :
- Highlight high and medium-risk observations to boards or audit committees.
Core Principles
- Risk-Based Approach : Focus on high-impact and evolving risk areas.
- Independence : Unbiased assessments.
- Value Addition : Recommendations to optimize processes and controls to identify revenue leakages or cost optimisation opportunities.
- Extensive Analytics & Benchmarking : Performing data analytics using tools and benchmarking at industry level.
- Experienced Team : Insightful and objective reviews.
At KKC, we ensure risk advisory services are designed to enhance governance, streamline processes, and drive sustainable business performance.