SERVICES / ADVISORY

Risk Advisory

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Mitigate Risks Across Your Organization

As part of sound organizational governance, risk management focuses on how organizations can successfully achieve strategic business objectives and effectively function with an optimal level of risk-taking. Companies need to address risks in all facets of the organization in a balanced manner, weighing both opportunities and threats as management deploys resources to achieve enterprise goals.

Bennett Thrasher’s Risk Advisory Services team can help you understand the risks relevant to your company and develop strategies to respond to these risks in ways that promote enterprise-wide success. You can trust our experienced team to help you navigate the complex issues facing your business, including industry-specific challenges and applicable regulations.

GET EXPERT ADVICE

Safeguarding Your Organization’s Success

Your organization needs to ensure its financial and operational processes are functioning efficiently and effectively to promote the achievement of strategic objectives. This requires strong internal controls to help promote integrity within business processes, deter fraud, minimize errors, and pass regulatory scrutiny. Business risk consulting professionals can help your organization identify, assess, and manage potential threats to your organizational goals.

Our Risk Advisory Services professionals can assist your organization with designing or evaluating internal controls based on the results of a risk-based evaluation of the entire organization or a specific business function.

SOLUTIONS:

  • Process Design Reviews
  • Process Mapping
  • Current vs. Future State Gap Assessments
  • Process Narrative & Internal Control Documentation
  • Business Continuity and Impact Analysis

Our team will work collaboratively with your organization to obtain a comprehensive understanding of your environment and develop a risk management strategy tailored to your operations, goals, and identified risks. By drawing on our collective experience as both business consultants and past members of operational and executive management teams of both private and public companies, our team can help you better align operational practices with risk management strategies to improve performance.

UNCOVER YOUR RISKS

Strategic Insights for Superior Outcomes

In today’s ever changing business landscape, organizations must be aware of the associated risks impacting their ability to achieve strategic objectives. Internal audit activities can help identify and assess risks tailored to your organizational priorities and implement strategies to address them. Bennett Thrasher’s Risk Advisory Services team can provide support to your organization’s internal audit function in critical key areas.

SOLUTIONS:

Internal Audit Support

As your outsourced or co-sourced internal audit partner, we provide comprehensive or supplemental support to your team, resulting in an objective, skilled, and results-driven internal audit function.

Organization-wide Risk Assessments

Our internal audit specialists conduct a comprehensive risk assessment to identify and prioritize risks, and to develop a targeted internal audit plan.

Risk Mitigation Strategies

Support the functioning of an efficient and effective business environment for your enterprise by proactively identifying relevant risks and risk-mitigating solutions.

Internal Control & Process Evaluations

Business and technology controls and processes are evaluated and enhanced through detailed assessments.

Vendor Risk Managment

Evaluate third-party operational, technical, and financial processes and internal controls as part of a comprehensive risk evaluation approach.

Compliance Initiatives

Evaluate organizational alignment with and operational adherence to contractual, regulatory, or other compliance obligations.

SERVICE CAPABILITIES TO SUPPORT YOUR INTERNAL AUDIT FUNCTION:

  • Cybersecurity and enterprise-wide risk assessments
  • Sarbanes-Oxley (SOX) compliance
  • Staff augmentation
  • Controls rationalization & optimization
  • IT and operational audits
  • Internal control evaluations
  • Contract compliance audits
  • Forensics
  • Automation
ELEVATE YOUR STRATEGY

Promoting Trust Between Business Partners

SOC reports are issued by an independent auditor to provide assurance over the design and/or operating effectiveness of internal controls at a service organization. Undergoing a SOC examination demonstrates the integrity of your business operations and technology environment to key business partners. Providing a SOC report to customers and prospects can reduce time spent responding to security questionnaires, address current and prospective contractual obligations, and demonstrate effective internal controls to internal and external stakeholders.

Bennett Thrasher’s Risk Advisory Services team offers reporting options that address both financial and non-financial oriented internal controls and can help you determine the right SOC report for your organization’s needs.

SOLUTIONS:

SOC 1

A SOC 1 report evaluates the effectiveness of internal controls over financial reporting. Your customers and their financial statement auditors will find value in a SOC 1 report based on the insights provided on internal controls impacting their key financial
processes.

SOC 2

A SOC 2 report is a restricted use report that evaluates the effectiveness of controls relevant to security, availability, and processing integrity of the systems used to process your customers’ data and the confidentiality and privacy of the information processed by these systems.

SOC 3

A SOC 3 report is a general use report that evaluates the effectiveness of controls relevant to security, availability, processing integrity, confidentiality or privacy at a service organization. A SOC 3 report is only available in combination with a SOC 2 examination.

SOC Readiness Assessment

These assessments are uniquely tailored to the needs and industry of your company and are performed to assist in preparations for a future SOC examination. Assessments are designed to codify existing internal control activities, identify preliminary gaps in the design of control activities, and provide related remediation recommendations.

 

The timeframe to undergo a SOC examination is dependent upon the type of examination to be completed, the scope and time period covered by the report, and your organization’s internal control structure. At the completion of SOC 1 and SOC 2 examinations, you will receive a written report expressing an opinion over whether your organization’s internal controls were suitably designed and/or operating effectively either as of a specified date (Type 1) or throughout the reporting period (Type 2).

SOC Readiness Assessment deliverables include a gap analysis illustrating a framework of defined controls, identified potential control gaps and related remediation considerations, and other recommendations for process improvement.

FIND YOUR SOC SOLUTION

Identify, Assess, Mitigate – Managing Risks and Planning for the Future

Technology has become a key enabler of a company’s strategic business initiatives. Accordingly, the challenges that organizations face in the achievement of their objectives include a number of technology-specific risks. The best organizations effectively manage these technology risks so that IT can continue to support the goals of the enterprise.

Bennett Thrasher’s Risk Advisory Services team assists you in better understanding the technology risks that are relevant to your organization, including those related to governance, policy, security, monitoring, and compliance. We help you develop strategies to respond to these risks in ways that promote enterprise-wide success. You can trust our experienced team to help you navigate the complex issues facing your business, including industry-specific challenges and applicable regulations. We support you in developing an approach to guide sound execution of strategy and effective application of technology to meet your needs.

SOLUTIONS:

  • IT & Cybersecurity Risk Assessments
  • IT & Cybersecurity Controls Design, Implementatoin, and Monitoring
  • Policy & Procedure Development
  • Cloud Infrastructure
  • Cybersecurity Awareness Training & Reporting
  • Virtual CISO & CIO Services
  • Business Continuity & Disaster Recovery
  • Robotic Process Automation

Bennett Thrasher offers experienced resources to assist you in each engagement. Our multi-faceted Risk Advisory Services team members have proven experience in conducting technology and cybersecurity risk assessments, policy and procedure development, and technology internal controls design, implementation, and monitoring. We draw on our collective expertise as technology advisors, consultants, practitioners, and auditors, as well as past members of management of public and private companies, to provide you with insightful advice rooted in experience. Our deep capabilities allow us to provide you with advisory expertise specific to the objectives of your technology engagements.

IDENTIFY YOUR TECHNOLOGY RISKS

Team Leaders

Bennett Thrasher believes in serving our clients by building trust through insight and involvement.

If you’re looking for a partner to help you address risks across multiple facets of your organization, we can help. Contact Mike Hostinsky or Ray Lee to schedule a consultation.

CONTACT US
MIKE HOSTINSKY
Partner

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RAY LEE
Partner

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