What are Business Risk Services and why are they important?
Grant Thornton Malta's Business Risk Services (BRS) support Maltese and foreign companies in understanding and managing risks to seek an appropriate balance between risk and opportunities. BRS looks beyond financial risks to consider wider stakeholder issues concerning corporate governance, risk management and internal controls.
The importance of proper risk management and internal controls
Unprecedented change is reaching organizations of all sizes and across all industries, leading to an array of fast emerging and complex risks. Against a backdrop of growing responsibilities stemming from increased compliance expectations by regulators and other stakeholders, organizations are required to fully identify, assess, respond and monitor each of these risks in a timely manner such that risk and opportunities are appropriately balanced to achieve and expand strategic objectives.
We leverage our risk and internal audit capabilities to provide a holistic and tailored approach to risk management solutions. Our methodology follows a systematic and disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes as follows:
- Identifying strategic objectives and key business and enterprise-wide risks;
- Understanding and determining the audit universe appropriate to the organisation’s business and environment;
- Carrying out an independent risk identification and assessment process;
- Identifying and assessing mitigating controls;
- Mapping objectives to risks and conduct risk-ranking exercise to identify key audit areas;
- Formulation of the internal audit plan and design and execution of the respective internal audit cycles.
Grant Thornton Malta's BRS function provides a range of tailored value-added services on the effective function of an entity’s risk management, governance and internal control processes. Our offering includes:
- Regulatory and compliance reviews;
- First level controller;
- Review of design and effectiveness of internal control environment;
- Co-sourced and outsourced internal audit solutions;
- Risk identification and management.