6th November 2012
HB&O is helping clients reduce their exposure to risk and add significant value to their businesses and organisations thanks to its Risk Assurance Service.
Launched in September 2011, the service is aimed at businesses and organisations across all sectors, including charities, and helps them to strengthen their internal controls and compliance.
The department is headed by David Kendall, an FCCA with a wealth of experience in risk and control focused roles at both Big 4 accounting firms and corporate environments.
Projects completed by the team this year include:
- Preparation and implementation of a risk and control framework within a large international charity leading a consortium of several investors;
- An investigation into a suspected fraud that resulted in the identification and full recovery of an amount in excess of £250,000;
- A business-wide internal audit review within an international distribution business that was preparing for sale, including risk profiling and re-configuration of all core business processes.
The service has a number of benefits, including:
- Protecting the assets, values, and – most importantly – the reputation of the organisation;
- Promoting consistency and across all aspects of the organisation;
- Demonstrating assurance to investors and donors;
- Providing assurance to directors and trustees that the organisation is operating within their defined boundaries;
- Supporting recovery of assets and any prosecution in the event of fraud against the organisation;
- Ensuring that internal processes and controls are adequately robust to support growing organisations with increasingly complex needs;
- Providing feedback on how a client’s processes compare against the leading businesses in the industry, and then passing this valuable information on the client;
- Enabling organisations to demonstrate effective internal control within all key processes, which is particularly useful for when they are undergoing a due diligence review.
The service has received an enthusiastic response from HB&O’s clients for the benefits it has brought them, including Cord, an international charity that works to bring lasting peace in partnership with people in conflict, or post-conflict situations.
Chief executive Brian Wakley said the control framework HB&O had helped put in place was a “great piece of work”, which had “helped us enormously to manage a complex process with multiple partners, from large international organisations to small national partners.
“The framework has clarified roles for our staff and helped them to lead and explain the requirements for the accountability process.”
MGI members who feel that their clients would benefit from HB&O’s Risk Assurance Service should contact HB&O on 01926 422 292 for further information.