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Risk is inevitable within business environments. Taking and managing risk is part of what organisations must do to create profits and shareholder value. However, recent market studies have discovered that many organisations neither manage risk well nor fully understand the risks they are taking.
Risk Management
can be seen in relation to the organisational response of companies to the challenge posed by dramatic changes of the economic and social impacts of natural hazards. Furthermore, Risk Management also involves evaluation of business strategy risks and the achievement of best practices. Nowadays, the impact of IT risks such as government regulations and outsourcing have forced organisations to rethink their risk strategies.
Regulatory compliance
refers to systems or departments at corporations and public agencies to ensure that personnel are aware of and take steps to comply with relevant laws and regulations.
Government Policies & Future:
- Intention of adopting either compliance policy
- Modification of either policy to local standards, yet keeping the core similar
- Increased pressure on corporate businesses to follow compliance standards
- Compliance standards a "must" in event a business considers international exposure and expansion
FirstApex offers "assistance" to firms in achieving compliances. We work in tandem with firms to ensure senior management can spend more time tending their business. We lend a hand in performing "routine" activities necessary for achieving compliance. We compare best practices of compliance regulatory acts and measure them against current company processes, providing assistance where necessary to close the GAP.
FirstApex offers SunSystems Advisory Services and Compliance Advisory Services [Sarbanes Oxley (USA based) and Financial Services Authority (UK and Far East)].
FirstApex Services details:
- International Consolidations, Corporate and Board Room MIS
- Multi-Company Consolidations (including TRIANGULATION for EURO)
- Boardroom Business Analytics and Reporting
- Business Rules
- Extraction of Management Information for Regional and Head Offices
- Detailed Analysis of Data & Transactions
- International Support and Localization
- Flexible Multi-Currency Conversions
- Free-Form Interface with other Business Systems
- Compliance Advisories for Sarbanes-Oxley, FSA, Patriot, HIPPA.
- Sarbanes-Oxley, FSA, Patriot and HIPPA Study and Advisory
- Assist in Business / Information / Process / Documentation Flow Reviews and Improvements
- Assist in Conducting Risk Assessments and Implementation of Risk Mitigation Strategies
- Help in Internal Controls Enabling
- Help in Policy Monitoring, Security Auditing and Compliance Management
- Consulting & Business Process Improvement
About Sarbanes-Oxley Act of 2002:
Sarbanes-Oxley Act of 2002 is also known as the Public Company Accounting Reform and Investor Protection Act of 2002 and is commonly called "SOX" or "SarbOx". It's a United States federal law passed in response to a number of major corporate and accounting scandals involving prominent companies in the United States.
- The legislation is wide ranging and establishes new or enhanced standards for all U.S. public company Boards, Management, and public accounting firms
- The Act contains 11 titles, or sections, ranging from additional Corporate Board responsibilities to criminal penalties, and requires the Securities and Exchange Commission (SEC) to implement rulings on requirements to comply with the new law
It prevents, Lack of transparency, Lack of trust, Ambiguity, Fraud, Intention for misappropriation at all levels and Executive management immunity from corporate matters.
Benefits of FA relationship:
- Domain knowledge (Finance, Regulations, Information Technology and Insurance)
- ASPAC presence (regional ASPAC offices)
- Well versed with multiple geographical rules and regulations
- Custom made, COTS, ERP and Compliance as single offering
- Additional Services from a single vendor
- Internationally recognized lines of business
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