Control & Risk Assessment
Need to evaluate risks and controls? Let us help you by providing assessments and checks to identify and manage risks, implement stronger controls, to protect your business operations.
An organisation's stability and performance depend on its capacity to manage financial risks and uphold strong internal controls. To detect, evaluate, and reduce risks within your company, our Control and Risk Assessment Services provide a thorough analysis of your internal control systems. Protecting assets, guaranteeing the accuracy of financial reporting, and upholding adherence to important laws, such as the Companies Act of 2013, SEBI rules, and industry standards like ISO/IEC 27001, all depend on this procedure. We concentrate on assessing risks associated with finances, operations, IT, and compliance to give a comprehensive picture of possible weaknesses and guarantee that your controls are efficient and effective.
We guarantee that your internal controls are in line with industry best practices by utilising well-known frameworks like COBIT for IT governance and COSO's Enterprise Risk Management. To assist you in improving your risk management infrastructure, our team of professionals provides practical insights. Whether dealing with operational inefficiencies, cybersecurity concerns, or financial fraud, our services are designed to improve governance, expedite procedures, and shield your company from fines, harm to its reputation, and monetary loss.
Our Services
To assist companies in reducing risks, strengthening internal controls, and guaranteeing complete regulatory compliance, we provide a wide range of control and risk assessment services. Our services are tailored to meet the particular needs of different industries, offering all-inclusive solutions that improve operational effectiveness and protect against hazards associated with finances, operations, and IT. An outline of the main services we offer is given below:
| Service | Description |
|---|---|
Risk Identification & Analysis |
We start by identifying potential risks across all sectors, including financial, operational, compliance, and IT. Through thorough risk analysis, we prioritise these risks based on their likelihood and potential impact, ensuring that critical areas are addressed first. This approach minimises exposure to threats such as fraud, regulatory violations, and cyber vulnerabilities. |
Internal Control Evaluation |
Our team conducts a detailed evaluation of your internal controls, examining key areas like approvals, verifications, reconciliations, and segregation of duties. We ensure that these controls effectively prevent errors and fraud, promoting a strong control environment. Both automated and manual activities are assessed to confirm they work harmoniously to mitigate risks. |
IT Risk Management |
We provide a comprehensive assessment of your IT environment, focusing on cybersecurity threats, data breaches, and system reliability. By evaluating and implementing IT controls such as access management, data encryption, and incident response plans, we ensure your IT infrastructure is secure and aligned with frameworks like COBIT and ISO/IEC 27001. |
Risk Mitigation Strategies |
After assessing identified risks, we develop tailored mitigation plans that include preventive, detective, and corrective controls. For instance, we may enhance access control mechanisms or streamline approval workflows to prevent risks, while detective and corrective measures address any issues discovered during audits or incidents. Our goal is to establish a resilient and proactive risk management system. |
Compliance & Regulatory Adherence |
Ensuring regulatory compliance is a priority. We assist in adhering to standards such as the Companies Act, SEBI regulations, and IT governance protocols like ISO/IEC 27001. Our team documents and reviews policies and procedures to maintain consistent compliance, helping your organisation avoid penalties and legal issues while fostering good governance practices. |
Ongoing Monitoring & Reporting |
We implement continuous monitoring mechanisms that use real-time dashboards and periodic reporting to track control performance. These tools allow for the timely identification of emerging risks, ensuring your organisation remains compliant and aligned with risk mitigation strategies. Our ongoing support provides peace of mind, with risks managed proactively. |
Management Review & Continuous Improvement |
The final step involves reviewing assessment findings with your management team and providing recommendations for ongoing improvement. We conduct workshops and offer comprehensive reports, enabling your team to apply best practices and maintain a proactive approach to risk management. This continuous improvement cycle ensures your organisation adapts to new challenges effectively. |
Why Choose Benchmark
At Benchmark, we manage the risks and internal controls of your company with a proactive strategy and a lot of knowledge. Our team of risk management experts are dedicated to providing customised solutions that improve operational effectiveness and long-term resilience in addition to guaranteeing regulatory compliance. We give you thorough, data-driven insights using industry-leading frameworks and cutting-edge risk assessment tools, making sure your company is always ready to take on new challenges.
- Expertise in risk management and internal controls
- Proactive, tailored solutions for diverse industries
- Comprehensive compliance with regulatory standards
- Use of advanced risk assessment frameworks (COSO, COBIT)
- Continuous monitoring and real-time risk reporting
- Client-centric approach with transparent communication
Documents Required
To conduct a Control and Risk Assessment, we require specific documents that provide insights into your organisation's financial, operational, and compliance frameworks. Below is a list of the key documents needed for our assessment process:
| Documents | Description |
|---|---|
| Financial Statements | Provides an overview of your organisation's financial health, including Balance Sheet, Income Statement, and Cash Flow Statement. |
| Internal Audit Report | Offers insights into previously identified risks, weaknesses, and recommendations from internal audit processes. |
| Risk Management Policies | Details existing risk management strategies and controls implemented within the organisation. |
| Operational Data & Procedures Manuals | Helps assess the effectiveness of day-to-day operations and internal procedures related to risk management. |
| Regulatory Compliance Reports | Verifies adherence to laws and regulations, ensuring the organisation meets external regulatory requirements. |
| IT Security Policies and Incident Reports | Evaluates IT controls and any past incidents related to cybersecurity, data breaches, or system outages. |
Our Process
Here's our comprehensive Control & Risk Assessment process, carefully crafted to identify, evaluate, and strengthen controls to mitigate organisational risks:
- Establish Risk Control Objectives
- Identify Internal and External Risk Sources
- Evaluate Existing Control Framework
- Perform Risk Scoring and Control Gap Analysis
- Assess Effectiveness of Current Controls
- Design Enhanced Control Mechanisms
- Develop a Risk Mitigation Plan
- Implement Continuous Monitoring and Reporting
Types of Business Risks & Compliance Frameworks
In India, businesses may face several risks that can impact financial stability and it’s operational efficiency, so it important to mitigate these risks efficiently. To do this your business must strictly follow legal and compliance frameworks including the Companies Act, 2013, SEBI LODR Regulations, Income Tax Act, 1961, GST Laws, FEMA, 1999, IT Act, 2000, and industry-specific governance standards.
Below is a detailed overview of the different types of business risks in India and the relevant compliance frameworks that govern them.
| Type of Risk | Key Compliance Frameworks | Risk Factors | Mitigation Strategies |
|---|---|---|---|
Financial Risk |
Companies Act, SEBI LODR, ICAI Auditing & Accounting Standards | Fraud, misstatements, weak financial controls | Internal audits, reconciliations, robust financial controls |
Operational Risk |
ISO 31000 (Risk Management), COSO ERM | Supply chain failures, inefficiencies, process failures | SOPs, process automation, business continuity planning (BCP) |
Compliance & Legal Risk |
Companies Act, Income Tax Act, GST Act, FEMA, SEBI LODR | Non-compliance with corporate, tax, and labour laws | Compliance audits, legal reviews, regulatory reporting |
IT & Cybersecurity Risk |
IT Act, 2000, ISO 27001, RBI Cybersecurity Guidelines | Data breaches, cyberattacks, IT system failures | IT audits, cybersecurity assessments, incident response planning |
Taxation & GST Compliance Risk |
Income Tax Act, GST Act, GAAR | Incorrect tax filing, GST mismatches, evasion risks | Tax audits, GST reconciliation, automated tax compliance |
Reputational Risk |
SEBI LODR, Companies Act, Consumer Protection Act | Negative PR, legal disputes, ethical issues | Crisis management, ethical governance, media monitoring |
Workforce & HR Compliance Risk |
Labour Laws, EPF Act, Industrial Disputes Act | Employee grievances, non-compliance with HR laws | Employee training, HR compliance audits, workplace policies |
Non-Compliance Issues
Ineffective risk management and a lack of strong internal controls can result in serious non-compliance problems that affect an organisation's reputation and financial stability. Some of the main problems that result from non-compliance are listed below:
- Financial penalties and fines from regulatory bodies
- Reputational damage and loss of stakeholder trust
- Increased risk of fraud and financial misstatement
- Legal action and potential litigation
- Operational inefficiencies due to weak internal controls
- Loss of business opportunities and market share
Conclusion
Maintaining strong internal controls and skilfully managing risks are crucial in today's intricate and dynamic business environment to protect your company's finances, operational effectiveness, and reputation. Our Control and Risk Assessment Services are intended to assist you in spotting possible weaknesses, fortifying internal controls, and guaranteeing regulatory compliance. You can be confident that your company will be prepared to reduce risks, improve decision-making, and attain long-term resilience if you work with us.
Get in Touch
Don't wait for risks to turn into costly problems. Reach out to our expert team now to schedule a comprehensive risk assessment and take the first step toward protecting your organisation.
FAQs
What industries benefit the most from Control and Risk Assessment services?
Control and Risk Assessment services are beneficial across various industries, including financial services, healthcare, manufacturing, technology, and retail, helping organisations manage industry-specific risks.
How often should a company perform a risk assessment?
Ideally, companies should conduct a risk assessment annually or whenever there are significant changes in operations, regulatory requirements, or market conditions.
Can Control and Risk Assessments help with fraud prevention?
Yes, by identifying weak internal controls and implementing preventive measures, our assessments can help reduce the likelihood of fraud and financial misstatements.
How does IT Risk Management differ from general risk management?
IT Risk Management focuses specifically on risks related to information technology, such as cybersecurity threats, data breaches, and system outages, ensuring that your digital assets are protected.
Are there specific regulatory standards that guide Control and Risk Assessments?
Yes, regulatory standards such as the Companies Act, 2013, SOX, SEBI regulations, ISO 31000, and COSO Framework guide these assessments, ensuring alignment with legal and industry requirements.