Risk Assessments

Risk Assessments
About Client
  • Client one of the leading manufacturer's of automotive components with a turnover of INR 6064.625 Mn. With over 7 factories in India and 6 overseas offices, also having alliances with most prestigious companies. They cater to the automobile requirements of major OEM players such as Maruti, Hero Honda, etc. in India.
  • Client was in the need to:
  • Assess the risks associated with achievement of Long Term and Short Term objectives.
  • Suggest controls for mitigating the risks identified to achieve the objectives.
  • Whether their processes are correct and inline the best practices
  • Implement a Risk Management model into the various processes of the organization.
Our Scope
  • Performed Entity Level Risk Assessment for identifying the high risk processes and to prepare an audit plan.
  • For the identified processes a Process Level Risk Assessment was conducted and high risk sub processes and the control lapses were discerned.
  • Controls required for mitigating / scheming these risks were suggested
  • Completeness, Accuracy and adequacy of the system related risks were also identified and analyzed for checking the accuracy of the MIS reports generated.
  • Reviewed the effectiveness and efficiency of the resources used to optimize cost (both direct and indirect) and time available.
  • To bring risk awareness among the employees engaged in the Organisation.
Benefits for Client
  • The risks related to each of the processes were identified and controls were placed with minimal / no cost
  • Various process gaps were identified and summarized with the cause of such gaps and best practices which can be adopted by the Organisation were suggested to minimize these gaps. Including SOD & Access Controls was also reviewed and corrected.
  • Various control issues in SAP were sorted out
  • Reduction in inventory was the major benefit
  • Initiatives were taken to reduce the administrative delays, lead time for developing a product through standardization
  • Co-ordination between the departments were strengthened by sharing the responsibilities to achieve a particular task
  • Reduction in utilization of resources for ENVA & NVA activities thereby increasing the productive time
  • Organizational climatic survey was conducted to identify the optimal organizational climate
  • Reasonable Assurance was given to the Management that the risk exposure in the various processes has lessened.
  • Reliability of MIS Reports generated from system was ensured for making business decisions.