OVERVIEW

Internal Controls & Risk Management are essential for organizations as they safeguard assets, ensure financial accuracy, and aid compliance with laws and regulations. An effective system of internal controls and risk management enhance operational efficiency, manage risks, prevent fraud, and support better decision-making.

The continuous improvement of these practices and the development and implementation of standard operating procedures will build stakeholder confidence, ensure long-term sustainability, and promote accountability and transparency in organizational governance.

PROCESS

Velricon Solution

Velricon’s CFO team will examine your organization’s operations and identify, understand, and evaluate the likelihood and impact of each identified risk. For each risk area identified, specific internal control processes and procedures will be developed to mitigate or manage the identified risks.

A system will be established for ongoing monitoring of internal controls, in order to regularly assess their effectiveness and generate reports to track compliance and risk mitigation efforts. All internal control procedures and risk management strategies will be documented, and training will be provided to all employees to ensure understanding and compliance.

In summary, internal controls and risk management procedures are integral components of good governance and management practices. They contribute to the overall health and sustainability of an organization by promoting accountability, transparency, and the ability to navigate uncertainties in the business environment.

HOW
By following this systematic process, organizations can develop and implement robust internal controls and risk management procedures to safeguard their interests and achieve long-term success.

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