Risk Advisory Services

Business Restructuring and Bankruptcy Services

A key aspect of sound organizational governance is building an effective risk management strategy.

Risk management focuses on how organizations can achieve their business objectives despite the risks they face. Companies need to address risks in all facets of the organization, weighing both opportunities and threats as management deploys resources to achieve enterprise goals.

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

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. Get to know Ray Lee, Mike Hostinsky or Durran Dunn and schedule a consultation.

Our Risk Advisory Services team members have proven experience as:

  • Technology advisors
  • Consultants
  • Practitioners
  • Auditors

We draw on this collective expertise to provide you with insightful advice to support your organization and its strategic, operational, and technology initiatives.

Business Risk Consulting

Your organization needs its financial and operational processes to function efficiently and effectively. This requires strong internal controls. Effective internal controls will:

  • Promote integrity within business processes
  • Deter fraud
  • Minimize errors
  • Pass regulatory scrutiny

Our Risk Advisory Services professionals can help your organization design or assess internal controls based on the results of a risk-based evaluation of (1) the entire organization, or (2) a specific business function.

Some of the solutions we offer are:

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

Drawing on our collective experience as 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 mitigation strategies to improve business outcomes.

Internal Audit

Organizations must be aware of the risks that could impede their ability to achieve their strategic objectives. Performing internal audits of your business practices can be a great way to address those risks. Bennett Thrasher’s Risk Advisory Services team can provide support to your organization’s internal audit function. Some of the solutions we offer are:

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

Our specialists support your enterprise by identifying risks and developing risk-mitigating solutions that promote efficiency and effectiveness.

Internal Control & Process Evaluations

We assess the effectiveness of your business and technology controls and processes and provide recommendations to improve performance.

Vendor Risk Managment

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

Compliance Initiatives

Our specialists evaluate whether your organization is in alignment with and adheres to contractual, regulatory, or other compliance obligations.

We have the following service capabilities to support your internal audit function:

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

SOC Reporting

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
  • Assures customers and prospects that your organization secures and protects its data and reduces time spent responding to security questionnaires. 
  • Addresses current and prospective contractual obligations
  • Demonstrates effective internal controls to stakeholders

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

We can perform the following examinations and assessments

SOC 1 Examination

A SOC 1 report is a
restricted use report that evaluates the effectiveness of internal controls over financial reporting. Your customers and their auditors will find value in a SOC 1 report by better understanding how internal controls impact key financial processes.

SOC 2 Examination

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. It also evaluates how controls help maintain the confidentiality and privacy of the information processed by these systems.

SOC 3 Examination

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. We perform SOC readiness assessments to help you prepare for a future SOC examination. We design our assessments to codify existing internal control activities, identify preliminary gaps in the design of control activities, and provide remediation recommendations.

The timeframe to undergo a SOC examination depends on the type of examination, the scope and time period covered by the report, and your organization’s internal control structure. At the completion of a SOC examination, 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 also include a gap analysis that:

  • Offers related process improvement recommendations
  • Illustrates a framework of defined controls
  • Identifies potential control gaps
  • Suggests remediation strategies for control gaps

Technology Risk Consulting

Businesses face technology-specific challenges in pursuit of their strategic initiatives. The strongest organizations know how to manage these 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, which include risks related to:

  • Governance
  • Policy
  • Security
  • Monitoring
  • Compliance

We help you respond to these risks in ways that promote enterprise-wide success. You can trust our team to help you navigate the complex issues facing your business, including:

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

Business Risk Consulting

Your organization needs its financial and operational processes to function efficiently and effectively. This requires strong internal controls. Effective internal controls will:

  • Promote integrity within business processes
  • Deter fraud
  • Minimize errors
  • Pass regulatory scrutiny

Our Risk Advisory Services professionals can help your organization design or assess internal controls based on the results of a risk-based evaluation of (1) the entire organization, or (2) a specific business function.

Some of the solutions we offer are:

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

Drawing on our collective experience as 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 mitigation strategies to improve business outcomes.

Internal Audit

Organizations must be aware of the risks that could impede their ability to achieve their strategic objectives. Performing internal audits of your business practices can be a great way to address those risks. Bennett Thrasher’s Risk Advisory Services team can provide support to your organization’s internal audit function. Some of the solutions we offer are:

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

Our specialists support your enterprise by identifying risks and developing risk-mitigating solutions that promote efficiency and effectiveness.

Internal Control & Process Evaluations

We assess the effectiveness of your business and technology controls and processes and provide recommendations to improve performance.

Vendor Risk Managment

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

Compliance Initiatives

Our specialists evaluate whether your organization is in alignment with and adheres to contractual, regulatory, or other compliance obligations.

We have the following service capabilities to support your internal audit function:

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

SOC Reporting

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
  • Assures customers and prospects that your organization secures and protects its data and reduces time spent responding to security questionnaires. 
  • Addresses current and prospective contractual obligations
  • Demonstrates effective internal controls to stakeholders

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

We can perform the following examinations and assessments

SOC 1 Examination

A SOC 1 report is a
restricted use report that evaluates the effectiveness of internal controls over financial reporting. Your customers and their auditors will find value in a SOC 1 report by better understanding how internal controls impact key financial processes.

SOC 2 Examination

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. It also evaluates how controls help maintain the confidentiality and privacy of the information processed by these systems.

SOC 3 Examination

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. We perform SOC readiness assessments to help you prepare for a future SOC examination. We design our assessments to codify existing internal control activities, identify preliminary gaps in the design of control activities, and provide remediation recommendations.

The timeframe to undergo a SOC examination depends on the type of examination, the scope and time period covered by the report, and your organization’s internal control structure. At the completion of a SOC examination, 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 also include a gap analysis that:

  • Offers related process improvement recommendations
  • Illustrates a framework of defined controls
  • Identifies potential control gaps
  • Suggests remediation strategies for control gaps

Technology Risk Consulting

Businesses face technology-specific challenges in pursuit of their strategic initiatives. The strongest organizations know how to manage these 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, which include risks related to:

  • Governance
  • Policy
  • Security
  • Monitoring
  • Compliance

We help you respond to these risks in ways that promote enterprise-wide success. You can trust our team to help you navigate the complex issues facing your business, including:

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

Trusted by Many

“The transfer pricing audit ended after the German tax authorities reviewed our Local File. It might have been the best money I have ever spent.” – Feedback from Finance Director of Irish Multinational in Healthcare Industry following a transfer pricing audit in Germany
“Ben and his staff have been fantastic. They have been very professional and extremely patient as we navigate through our transaction and the planning process.”

CFO of U.S.-based subsidiary of a Swiss Multinational in the Technology Industry

“We are incredibly grateful for the partnership, support and collaboration of you and your team…Your professionalism and collaboration truly made the difference for the Company, our teams and our leaders.”

Chief Compliance Officer for a Statewide Health Care Organization

“As always, we very much appreciate your hard work and the hard work of the entire BT team.”

SVP & Chief Compliance Officer of a Global Distribution Company

“In the past, I have used two of the top four national accounting firms for advice. I have found Jeff Call’s firm Bennett Thrasher, the most responsive, always available and very, very helpful. Once I’m not around, I’m certain my state trustee will continue to rely on Jeff’s firm.”

Guy Millner, Chairman Assurance, America, Corporation, Atlanta

“Bennett Thrasher provided exceptional second mile audit services for Trilith Studios. Their team was thorough, knowledgeable, demonstrated a high level of attention to detail and provided clear communication throughout the entire process. We highly appreciated their collaboration and the professional service they provided throughout the entire audit process.”

Ginny Hernandez, Trilith Studios

“Just when you have self-assessed your company to possibly be the worst client ever, the Staff at Bennett Thrasher make you feel like you are their most important and beloved client. That ability is an attribute you don’t see in many accounting firms.”

Dennis W. Jackson, EVP-Finance, M3, LLC

Bennett Thrasher Advisory Services Team

45+ years of tax, audit & advisory solutions

Contact our team