Risk Advisory

Risk management framework design, implementation, independent assessment, control mitigation evaluation and assurance.

Risk management simply means integrating the culture, systems and processes of a business to identify and manage risk. It can help make decisions, support business objectives and prevent loss, damage or harm to the business.

BDO’s risk management framework design and advisory service can help you meet your risk management obligations and accountabilities. We can give you confidence that you are managing risks effectively and efficiently, and help you to:

  • Develop and implement formal risk management strategies, frameworks, policies and processes (including Risk Appetite Statements)
  • Identify key enterprise-wide and operational risks
  • Evaluate existing risk control strategies and develop agreed high level action plans for residual risk mitigation
  • Develop management tools to document, register, monitor and report risks identified in risk management frameworks and processes
  • Board and Risk Committee oversight, assurance and advice

Some highly publicised corporate failures in recent years have bought risk firmly to the attention of business owners and senior managers. But where do you start in understanding how to manage threats to your business?

Risk management is a discipline that has been evolving over the past decade, and BDO has extensive experience in helping to identify, assess and manage risk in projects and everyday operations. We work with you to develop or enhance your organisation’s approach to risk management to the point where it's successfully embedded into the ‘modus operandi’ of your organisation. 

Our services include:

  • Develop a risk framework that is fit for purpose
  • Identify risk through workshops and interviews
  • Assess the appropriate response
  • Conduct risk training
  • Advise on issues around communication and culture
  • Develop risk management tools for specific needs

High corporate governance standards are vital for managing risk, workplace behaviours and ethical decision making. Expectations are high among regulators, financiers, shareholders and other stakeholders. But there's no ‘one size fits all’ approach. Developing an appropriate corporate governance model and practices requires an individual approach. We can help advise on corporate governance arrangements that are tailored to the needs of your organisation.

Our governance services include:

  • Assess current governance practices
  • Develop Board and Committee charters, delegations and policies
  • Evaluate Board and Committee performance
  • Performance evaluation
  • Develop governance training
  • Provide strategic governance advice to Boards and CEO’s.

Speak to a BDO adviser about how you can manage risk and set a framework for future growth through your governance model.

Information technology risk is ever increasing. As businesses rely on automated processes, embedded system controls and outsourced technology solutions like the Cloud, the risk that something will threaten the security of your systems and data is real. BDO conducts reviews to assess the scope and magnitude of your information technology risks, and can advise on solutions to mitigate the risks identified. 

Our technology risks services include:

  • Assess risks in your control environment
  • Assess risks with outsourced information technology service
  • Provide advice on how overall system design (strategy, organisation structure, governance, policies and procedures) to protect against risks
  • Offer tailoring on new structures and procedures

Fraud risks to business are on the increase. They are also gaining in complexity as systems and processes evolve, and parts of operations are outsourced to specialist providers. Findings from the BDO Not-for-Profit Fraud Survey suggest that asset losses can be significant. Yet often the risk consideration is reactive rather than pre-emptive. When your organisation is under threat, you need to act swiftly to deal with issues. BDO's Forensic Services professionals can help you resolve high-risk matters before that escalate. 

We can help you investigate issues involving:

  • Fraud and corruption
  • Accounting irregularities 
  • Litigation resolution
  • Data recovery
  • Compliance issues

BDO can formally consider, document and provide advice to help mitigate your fraud risks. Contact us to find out how.

How will casacading risks impact your business in 2024?

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