Control Environment

Internal Audit Structure

Considered a vital pillar of governance and business sustainability, the company’s Control Environment needs to be designed efficiently to avoid any conflict of interest amongst stakeholders, and protect the company from possible leaks, fraudulent acts or breach of policies & procedures, laws or codes.

The control environment work undertaken by the Consulting team includes, revising and designing the structure of the Control and Audit functions required for the organization, being; the (a) Internal Audit department structure and reporting line, (b) the establishment and activation of the Audit Committee, (c) recommendations regarding the independence and level of qualification of the External Auditor.  Finally the Consulting team orients and delivers an Internal Audit register and report to the appointed Internal Audit Manager, ensuring their capacity building on how to use it.

Risk Management and Risk Mitigation

Another vital pillar of governance and sustainability is Risk Management. Though Risk Management was thought to be more important for Financial Institutions, however with the increased awareness on how risk mitigation supports business continuity and sustainability, many sectors started to consider building their capabilities in this area. LOGIC Consulting devised a risk register that covers the different risk clusters (financial, market, people, operational etc.) which embeds a risk calculator. The outcome is migrated to a Risk Map and statistical analysis. The Consulting team works with the nominated Risk Officer to build their level of awareness and understanding of the topic, adopting a capacity building approach, where a pilot department is run with the subject individual to identify the existing department risks, their mitigation plans, owners, success factor and time to review.