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GOVERNANCE, RISK MANAGEMENT AND COMPLIANCE

As to achieve the objectives of the entity in question, keeping principal values like integrity and transparency intact, we at TRC extend our services in the Governance, Risk Management and Compliance services which are three related facets assuring the entities with the reliability to achieve its objectives, correspondingly addressing the uncertainty and associated actions with integrity.

Governance Risk and Compliance (GRC) is an effort which is interdisciplinary and requires an assorted set of skills, broadly aiming to synchronize information and activity across governance, and compliance to drive the operations of an entity efficiently, enabling effective information sharing, reporting in the right perspective and avoiding inefficient processes or the various compliance risks, or governance or parts thereof. We utilize proven, trusted, and tested solutions to manage the compliance risks and give tailored solutions which best fits the captioned entity’s profile.

WHAT IS GOVERNANCE, RISK MANAGEMENT AND COMPLIANCE?

Well, Just as the name suggests, Governance, Risk Management and Compliance is a broad term and includes three critical areas:

  • Overall Approach of Managing the affairs of an entity precisely called as Governance
  • Identification and Analysis of Risks along with preparing a remedial response, which is clubbed under the Risk Management, and
  • Confirmation with the requisite requirements and standards outlined as Compliance

TYPES OF SERVICES TRC OFFERS UNDER GRC SERVICES

Critically, we have much to offer with our GRC services, however, to summarize it in a few words, we club ‘GRC’ into four significant areas – Internal Audit, Internal and Financial Controls, Internal Controls over Financial Reporting and Sarbanes Oxley Compliance.

INTERNAL AUDIT SERVICES

Under GRC Solutions, Internal audit services offer assurance with an objective that is precisely designed to add value and improve an entity’s operations. As to accomplish the strategic goals of the entity, we bring forward a systematic, disciplined approach in evaluating and enhancing the effectiveness of risk management, control, and governance processes.

INTERNAL FINANCIAL CONTROLS COMPLIANCE

The Companies Act, 2013, which as amended from time to time, has set new levels of standards for corporate governance thereby emphasizing and focusing on the importance of a robust internal controls environment more effectively and intensely by mandating the ‘Internal Financial Controls,’, Subsequently, by casting particular duties on the Audit Committee, Management, Board, as well as the Auditors by prioritizing on two levels, i.e., Entity level and Process levels.

IFC Compliance ensures that all financial controls are operating effectively by ensuring that all the financial assertions are being adhered to. It enables shareholders to get reasonable assurance on the following:

  • Company’s Policies are Being Adhered To
  • Safeguard of Assets
  • Accuracy, Completeness and Timely Recording of Financial Data
  • Controls To Ensure Prevention of Frauds Or Errors

TRC focusses on delivering IFC Compliance services which can benefit the clients potentially by enhancing the governance framework, defining clear accountability, maintaining transparency, enabling automation of controls, standardizing simplification of processes and mitigating of risks by offering better control to plug leakages/potential frauds

INTERNAL CONTROL OVER FINANCIAL REPORTING (ICFR)

The objective of the ICFR audit is to ensure reasonable assurance on effective operations of key Financial Controls. ICFR auditor helps in evaluating existing processes designing and implementing effective ICFR, test operating effectiveness of the controls to mitigate financial risks.

As defined by COSO, ICFR falls under common internal control framework, which is structured as below:

  • Control environment
  • Risk Assessment
  • Control Activities
  • Information and Communication to Management
  • Monitoring of controls

SOX COMPLIANCE

The Sarbanes Oxley Act was passed in 2002 by the United State Congress to ensure that the public is protected from fraudulent activity or practices carried out by Public Limited Companies. SOX applies to all Public Company in the United States and its wholly-owned subsidiaries / Foreign Companies that are also public companies.

Section 404 of the Sarbanes Oxley Act requires Management to issue a separate report stating effective operations of Financial controls.

SOX Audit is bifurcated into three broad categories:

  • Design effectiveness review
  • Operation Effectiveness review / Test of Control
  • Gap Remediation

STANDARD OPERATING PROCEDURE

Standard Operating Procedure or SOP is needed to streamline entities processes as it enables a person to understand the complexities of the process in a step by step manner. It also helps in creating workflow of the organization in a simplified way.

We at TRC offer our services to draft SOPs for any process from scratch or revamp the same, thereby benchmarking them with best practices. We evaluate the as-is process and map them to improved scenarios with better process controls to strengthen the processes.

CUSTOMIZED AUDITS

At TRC, our priority is to fulfil our client’s needs. We provide customized solutions for any Division, Department, Business Process by enabling root cause analysis, optimization of resources and or any other specific requirements. Reporting structure for tailor-made audits is drawn basis client requirement to provide adequate dashboards that help the management with decision making.

HOW TRC's GRC SOLUTIONS HELP YOUR COMPANY?

TRC Corporate Consulting supports you to turn dynamic business risks into growth prospects, that are sustainable and offer long-term gains. By restructuring or tailoring the architecture, focus, and capabilities of the conventional compliance risk management frameworks, we challenge the traditional methodology of governance, compliance, and risk management services.

The result TRC works in partnership with you to develop and implement, governance, compliance, and risk management projects to attain competitive lead, a superior brand image and profitable financial returns. Be our valued partner for any GRC requirements and unlock the full potential of your business. For any questions, please feel free to get in touch with our team!.