Does your organization have a Risk-Based thinking culture? Are you testing the ‘right’ controls? Is your SOX 404 or NI 52-109 program efficient as well as effective?

As business environments are constantly evolving, and systems and technology are developing at a frenetic pace to keep up with it, Risk-Based thinking has become essential to organizations at every level. It has to, however, be a comprehensive and thorough approach flowing from the highest levels of the organization to be able to maximize the advantages. It inculcates a culture of watchfulness in identifying and addressing the risks and opportunities.

At BizXL, we participate in providing an efficient and a cost-effective Enterprise Risk Management System. We conduct a detailed assessment of risks, roles, and controls to meet the regulatory requirements of SOX 404 or NI 52-109, Basel II, Basel III. We specialize in the design and testing of internal controls as per the “Top-Down Risk-Based Approach” in an ERP environment such as SAP, Oracle.

Overview

The continuously changing business models are affected by investor activism, fraud, increased regulatory framework, complex relationships with suppliers and customers, and the emerging social media. Enterprise Resource Planning (ERP) system surfaces as a single version of the truth. These changes are compelling every business to review and fortify their internal controls program. The CEO/CFO annual certification of the financial statements under SOX program has become an integral part of the annual reports. At BizXL Solutions, we can support your organization in the identification, impact assessment, governance, monitoring and reporting of enterprise risk, and in the design optimization and testing of Internal Controls to comply with regulatory requirements.

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Internal Control over Financial Reporting (ICOFR) (SOX 404 or NI 52-109)

SOX 404 or NI 52-109 requires the CEOs and CFOs to certify the accuracy of the company’s financial statements as well as the effectiveness of the financial and disclosure controls.

As a CEO or a CFO of a company listed on the US capital markets (SOX 404) or Canadian capital markets (NI 52-109), you are responsible for the successful completion of Internal Controls testing and reporting. Developing an effective and efficient design and testing Internal Controls to comply with the regulatory requirements can be a preoccupation. At BizXL Solutions, we will be a trusted partner in your journey to achieve an optimized and effective risk management system, and in obtaining successful certifications.

  • Our Value Proposition Model (SOX): We support the SOX journey of our clients to ensure adequate compliance and value creation through the deployment of robust internal controls. Our model is based on the proven “Top-down risk-based approach” mantra, which ensures that the right-sized smart internal controls are in place. We identify the gaps and build a solid SOX program to optimize resources and costs. We assist in the design of an SOX roadmap leading to the path of SOX nirvana implying–SOX internal control continuum maturity.

Internal Controls Optimization in an ERP environment

Businesses must create and maintain an optimal mix of internal controls to successfully mitigate business risks and improve the effectiveness of their ERP system. Identifying the correct controls enables organizations to effectively manage risks, reduce costs, protect revenue, secure assets, and support compliance obligations. At BizXL Solutions, we specialize in the review and optimization of the key controls required using a risk-based approach. The final solution is discussed and agreed upon with the external and internal auditors. Efficient reduction of the number of controls will enable your business to redeploy valuable surplus resources to other mission-critical objectives.

COSO 2017 – Framework Update

COSO published an update to their 2004 risk management framework in September 2017, called the “Enterprise Risk Management–Integrating with Strategy and Performance”.The newly emerging risks and the changing complexity of existing risks have warranted better risk reporting structures.

Every company that is subject to SOX compliance is required to adopt the new COSO updates. At BizXL Solutions, we collaborate with you to draw a roadmap for this project and ensure that the newly updated framework is fully implemented.

Operations Audit

The core processes of any organization are undoubtedly critical in creating and delivering value to clients. Just as important are the regular and systematic reviews of these processes to ensure that they are effective, efficient, and economical.

At BizXL, we assist our clients in developing effective controls to reduce costs, manage risks, and comply with regulatory requirements. We bring in our expertise in process design and optimization to create additional value for your customers, shareholders, and employees.

Compliance Audit

Corporate governance mandates compliance to all regulations, and in particular, industry-specific ones such as Basel, HIPPA, EHSA, FATCA, FCPA, PCI, and such. Companies spend significant resources to include functions such as that of a Chief Risk Officer to ensure compliance and reassure regulators, customers, employees, and investors. The compliance requires robust knowledge of the regulation and industry-specific exposures to risk.

At BizXL Solutions, we can deliver an excellent compliance audit program through our domain expertise in compliance management in various industries such as financial services, healthcare, and technology.