Risk, Compliance and Control Review


All businesses need to be aware of the risks and compliance issues that are facing them. They may be boring and tedious, but lack of attention to them can stop a business dead in its tracks.

It’s also true that as businesses get larger and more complex they start to face higher levels of control risk. Control risk is the risk that errors can be made or frauds can occur that lead to losses, due to inadequate control procedures. And normally the driver is the number of people involved in running the business. When the business is small the owner can directly control just about everything that goes on. As the business gets bigger more of that control and authority has to be delegated. The problem is that as a director and/or shareholder you are still responsible for what the business does and financial consequences hit you directly. So you want processes and procedures that control the business in a way that gives you confidence it is being run in the way you want, but at the same time don’t burden the business and make it inefficient.

This is an area that seems to make Finance Directors and their teams pretty unpopular with other folk in the business. No-one likes to be restricted by standard procedures and authorisation controls. But you know in reality that good controls lead to a smooth running business. If you want an analogy: A train runs on the same old boring gauge track, with standard points settings and specifications, within set timetables, according to rigidly enforced signals and controls. If it didn’t it wouldn’t get very far.

What We Aim to Achieve With You


  • To get a clear understanding of the risks and compliance issues facing the business;
  • To decide appropriate actions required to mitigate risks and ensure compliance with regulation and legislation;
  • To put in place controls that make the business run more smoothly and give business owners and directors assurance that their profits and cash are protected;

How Do We Do That?


  • We take the business through a structured review of risks, compliance issues and control procedures. We do this once a year in detail, and generate an agreed action plan from it.
  • We may work with an external audit advisor (with your agreement) to assist with the review if necessary.
  • We review feedback from your auditors.
  • We always put in place financial review controls and advise you and your internal finance and accounts team on how these should be carried out.
  • We advise on an ad hoc basis when control risks are identified.

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