Corporate Governance, Internal Controls

  • EFFECTIVE INTERNAL CONTROLS ENVIRONMENT
    • risk-control matrices
      • implementation
      • management
      • transformation

ORGANISATION

  • Global Engineering PLC (PE-backed) €8b, 50kFTEs
    • MENA region €400m revenue, 2500 FTEs,

project SCOPE

  • after years of limited scope, the requirement of Full Scope RCM (Internal controls system) had to be fulfilled for all 8 legal entities in the Region + regional HQ (MENA)

project GEOGRAPHY

Middle East and North Africa – MENA:
UAE (Dubai, Abu Dhabi) SAUDI ARABIA, QATAR, KUWAIT EGYPT, BAHRAIN, JORDAN, TUNESIA

FINDINGS

  • Poor corporate governance culture
  • non standardized and weak internal control systems
  • lack of control risk management:
    • documentation
    • testing
    • analysis

CHALLENGES

  • roject Complexity (8 entities)
  • Project parallel to significant transformation of the Regiona and SG&A optimization (Segregation of duty issues)
  • Lack of knowledge and understanding by both staff and management
  • Resistance to Change
  • Limited staff resources
  • Limited Time,

ACTIONS

  • planning (incl. roadmap)
  • involvement of top management
  • dedicated team established
  • close communication with Global ICM (internal controls) department
  • weekly progress meetings
  • redefinition of the processes
  • building controls repository
  • controls consolidation and standardization
  • more reliance on automatic controls (IT controls)

DELIVERABLES

  1. RCM implemented & assessed – efficient
    • RCM properly implemented without material discrepancies and delays (certified by IA)
  2. RCM transformed into process
    • Project transformed onto standardised RCM process, ensuring sustainability of the regulatory compliance
  3. RCM extended awareness
    • All staff including directors have been trained for RCM and dramatically strenghten their risk awareness,
  4. Efficient ICM dep’t (Internal Controls)
    • Well functioning and efficient ICM department, smoothly managing RCM process, but also used to permanent improvement of controls environment

EXPERTISE APPLIED

Risk Managment

  • risk identification and evaluation
  • promoting risk approach culture

Audit & Assurance

  • audit procedures (sampling, sampling, testing, walk-through, documentation, investigation)
  • IT audit procedures (general IT controls)

Internal controls & processes

  • internal controls (design, implementation, monitoring)
  • frameworks standards (PCAOB, COSO, COBIT)
  • SOX/RCM (Risk Controls Matrix): implementation, management, transition
  • business process: (assessment, streamlining, simplification, permanent monitoring)
  • process documentation (narratives, workflows, walkthroughs, testing): O2C, P2P, R2R, others

Project management

  • proper process planning
  • roadmaps preparation and execution
  • efficient resources allocation

DOWNLOAD FILE

Corp Governance – Internal Controls & RCMs (pdf) – less than 1MB

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