Risk management and internal control system
Businesses today are faced with vastly greater complexity than in the past, as economic, technological and legal interdependencies become more prevalent and pronounced. Due to Due to this development, risks may go unidentified too long, and early warning indicators go ignored. Risk management practices have to become more sophisticated due to such factors as
- Greater global interrelationships between firms
- Inter-company integration of IT systems
- Progressive de-verticalization leading to loss of control
- Faster and more dynamic processes
- Use of increasingly complex financial instruments
- Changes in Regulation (Sarbanes Oxley (SOX), 8th EU Directive, Accounting Law Reform Act (BilMoG) etc.)
Cirquent: Partner for more effective and efficient internal monitoring
Cirquent supports companies with the implementation of more efficient and effective internal monitoring systems. We help customers identify and assess key risks on the basis of a defined risk strategy, critically examining and modifying existing controls and organizational structures as necessary. Early warning mechanisms are incorporated into the monitoring system to facilitate advanced risk recognition. We bring to the table extensive project experience in outlining strategy, designing monitoring systems, optimizing monitoring processes and IT realization and support.
Service portfolio
- Define a risk strategy
- Identify and assess key risks
- Implement control, avoidance and early warning measures
- Optimize monitoring processes
- Integrate monitoring controls into IT systems
- Establish effective system for constant risk monitoring
- Conception and realization of effective reporting
- Help set up audit-proof monitoring documentation system
