Risk management and internal control
Risk has always been a part of business—an enduring reality that every company must address. To compete, grow, capture and retain benefits, organizations must accept risk.
Today, risk is larger, less predictable, more varied and more ubiquitous. And the nature of risk is different. Risk is magnified by supply chain complexities, shorter product life cycles, tumultuous financial markets, sudden demand shifts, emerging competitors, global collaborations, expanding regulations and technology advances.
Risk also has many more faces: cash flow crises, supply disruptions, quality failures, cyber intrusions, financial fraud and technology breakdowns.
Clearly, companies are exposed to more risk—and more kinds of risk—than ever before. This is why THIMPL strategy help organizations’ management to understand why risk management is a higher priority for their company.
Forward thinking companies—the kind THIMPL strategy calls high-performance businesses—recognize that a changing risk environment requires them to change also. So instead of depending on reactive, insurance- and compliance-based approaches, many of these organizations are proactive and build subsequent strategies. The idea is to make risk management less about obligation and more about opportunity for efficiency.
THIMPL strategy professionals enable organizations with all of the technical and expert resources they require on-demand, without the need to hire full-time staff, on Internal Control. Our systematic and disciplined approach aligns stakeholder expectations with leading internal control practices and ensures the internal control activities are operating at an appropriate level of performance that provides the highest value to the organization.
Why THIMPL strategy ?
Effective risk management requires—THIMPL strategy delivers—a unique combination of functional depth, sector knowledge, technology skills such as data mining, risk analytics and systems integration; and business transformation experience.
We have developed a proven methodology to:
- Adopt risk-focused decision making;
- Model and analyze business information;
- Develop early warning solutions that can detect emerging threats and opportunities;
- Promote risk management capabilities across the organization
- Help organizations transform risk management into a growth-enabling capability and a source of sustainable competitive advantage.
No company is an island. Every organization, no matter its industry, is surrounded by a vast sea of regulations. Local, regional and state regulations. National regulations. International regulations. Industry-specific regulations. Regulations that govern financial transactions… trans-border data flow and other cybersecurity matters… ethics… and much more.
Today, most organizations must comply with regulations in these four areas:
- Industry/vertical: An organization must comply with its industry’s unique regulations. A healthcare company, for example, must follow regulations on patient privacy. An energy supplier must adhere to regulations for safety and environmental protection. And a government agency faces stringent regulations regarding the ethical behavior of its staff.
- Financial practices: Differing by country, these regulations govern a wide range of activities, including financial accounting practices, reporting transactions, mergers and acquisitions, even executive compensation.
- Data security: These regulations govern the storage, use and transmission of sensitive data; the ability to control access to internal applications and systems; even protecting information on mobile devices against loss and theft. Again, these regulations vary among countries; companies that operate in more than one country may find that their practices in one region violate the regulations of another.
- Quality control; because all previous areas will be efforts to make by all stakeholders in the organizations, the quality control framework will structure in a top-down way the efficient markers.
Complying with this vast panoply of regulations is both mandatory and challenging. Regulatory compliance is complicated and time consuming at best. Further, regulations change and evolve constantly, rendering yesterday’s compliance solution obsolete and in need of renewal. What’s more, because every organization’s regulatory situation is unique — depending on its areas of operation, activities and more — there is no one-size-fits-all compliance solution.
Why THIMPL strategy ?
THIMPL strategy can help you transform regulatory compliance from a headache to a competitive advantage. Our consultants can help take a “snapshot” of your current compliance profile. THIMPL strategy can then help you design and build systems that improve your compliance efforts.