Business Risk Services
Sinomix's business risk services help you minimize risk and allow you the time to work on your business.
Businesses of today are faced with more and more risk.
There are many causes of the increased level of risk: increased competition, demographic and economic pressures, higher levels of customer expectations, reliance on processes and technology, ever-changing legislation and compliance issues.
Achieving your business goals and reducing business stress means that risk needs to be managed appropriately.
At Sinomix our Business Risk Service professionals have the capability and experience to help you minimize risk and allow you the time to work on your business by creating processes and systems to support your expansion and success.
Our capabilities in this critical area include:
Technology risk assurance and advisory
External audit support
Whilst new rules are emerging in Hong Kong for listed companies, all businesses benefit from the application of appropriate corporate governance. Good corporate governance is an important ingredient in the successful delivery of your business strategy, identifying activities that drive financial value and minimize risk.
Our Business risk services team can assist in developing a sound corporate governance structure by providing the following:
Establishing policies and procedures to ensure compliance with corporate governance regulations.
Risk profiling. This involves regular reviews that capture and prioritize your changing risk profile, formulate mitigating strategies and create effective reporting processes.
Governance reviews – covering:
- corporate governance practice
- effectiveness of internal control
- core control assessment
- internal audit effectiveness
- audit committee effectiveness
External Audit Support
Many businesses utilize sophisticated information technology (IT) systems to enhance the efficiency and effectiveness of operations. These IT systems create additional complexities with the performance of the annual external audit. Our Business risk services team has the IT skills and expertise to support your external audit process.
We understand the common IT risks associated with various IT environments. We work with you and the audit team to understand your use of IT assets for accounting processes and help diagram information and process flow charts to highlight risk areas and identify controls.
Specifically, we can provide the following types of services:
General controls reviews
Data analysis (accounts receivable ageing, control totals, etc.)
Segregation of duties analysis
User access reviews
An effective internal audit function provides security against risk exposures such as losses to competitors, damage to reputation, and non-compliance with legislation.
Sinomix's internal audit service can ensure that your business has the necessary protection.
Our business risk services professionals have a wide range of skills and tools to deliver an effective internal audit function that can provide benefits such as
Increased efficiency, effectiveness and overall functionality of the internal audit function.
Reduced costs of hiring, training and retaining quality personnel.
Assessment of the risks including, if required, those associated with the Sarbanes-Oxley Act.
Confirmation that policies and procedures are being followed properly.
Value-added solutions such as reduction in costs and improvements in your revenue stream.
A cost-effective transfer of skills over time.
Access to our developed internal audit software tools, methodologies and intellectual capital.
In addition, we can tailor a solution to fulfil your internal audit needs, whether fully outsourced, joint sourced or a peer review. This is because our methodology is designed to support your needs at any stage, whether this involves setting up and delivering an entire internal audit function, building on work previously performed and providing the resource to complete the strategic audit plan you may already have in place.
We offer a risk-based approach to internal audit to ensure the focus is on the elements of greatest risk within your business. This drives a more effective and efficient internal audit directed to the needs of internal and external stakeholders.