Service delivered:
Co-sourcing Internal Audit and Risk Management Functions and implementing AIGC’s recommended 3 lines of defense system

Background:
Our client wanted to conduct Enterprise Risk Assessments and co-source the Internal Audit and Risk Management functions. The key objectives of the assignment were: to build strong Internal Audit and Risk Management functions and to transfer knowledge to the company’s Internal Audit and Risk Management teams.

Work Conducted by our team included:

• Establish an Enterprise Risk Management function.
• Implement a Risk Based Internal Audit methodology. This included Risk-Based Internal Audit planning, execution and reporting.
• Conduct Risk Assessment (CRSA) workshops for all key business units.
• Co-source the audit of all key functions.
• Develop appropriate policies and procedures to strengthen the control environment. These included developing a whistle-blowing policy, document retention policy…etc.
• Participate in conducting Fraud investigations.
• Conduct Fraud Awareness sessions.

The outcome

• Several weaknesses in the control environment and opportunities for improving processes were identified and implemented.
• An Enterprise Risk Management system was successfully implemented.
• Strong Risk Management and Internal Audit teams are now implementing AIGC’s recommended 3 lines of defense methodology.