In today’s world, managing risk is a key success factor.
How do you manage risk?
Sometimes an outside perspective can truly add value to your own internal risk management strategy. Dean Dorton offers risk advisory expertise with the flexibility to provide services customized to meet your specific needs. Our risk advisory services combine in-depth industry experience, a collaborative, risk-based approach and flexible options—all designed to minimize risk without stifling legitimate growth opportunities. Our aim with any risk advisory engagement is to bring value to your organization.
Internal audit now has a more strategic role
No longer limited to focusing on processes and controls surrounding financial reporting, internal audit creates value by identifying organization-wide risks, leveraging synergies, monitoring and improving early warning of new risks and improving processes and efficiency. Dean Dorton will work with you to evaluate your current internal control environment and develop strategies to strengthen it to help reduce risks of fraud or material error, maximize operational effectiveness and identify opportunities to maximize profits.
Our experienced team can help to start an internal audit function, make improvements that increase the value of your current function or develop a world-class internal audit department. We will help you define internal audit’s strategic role within the organization. In many cases, the complex business environment demands that internal audit expand its activities, elevating its role to strategic partner in activities related to governance, risk and compliance, to improve risk identification and quickly identify threats.
Our objective advice and guidance can make it easier to achieve the desired results more quickly and give you a high degree of confidence in success. We use current best practices and a risk-based methodology based on the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework to gain the highest level of implementation efficiency and provide a solid foundation for your internal audit function.
Dean Dorton’s Internal Audit Services
Our internal audit services cover a variety of ways to mitigate risk.
Enterprise Risk Management Services
An effective Enterprise Risk Management (ERM) program identifies and quantifies all risks—not just compliance-related risks—and establishes formal, end-to-end risk management processes. Because ERM covers a wider spectrum of risk, a robust ERM program allows you not only to mitigate or avoid losses, but also to facilitate critical decision-making by evaluating uncertain events that could positively affect your business. ERM will also help you identify emerging risks more quickly and improve the capabilities of the risk management system to handle them. Our ERM teams assist you in adopting an enterprise-wide approach to analyzing and prioritizing risks and aligning them with your strategic goals. ERM services include:
- ERM implementation
- Governance and corporate culture
- Board of directors evaluation or training
- Facilitated risk assessment
Internal Audit Co-Sourcing
Many organizations rely on Dean Dorton’s resources when they are just starting an internal audit function, when they cannot complete their audit plan with current staff or when considering long-term solutions. Many organizations large enough to have an internal audit department are often not large enough to employ a full-time IT audit resource and rely on Dean Dorton for their internal IT audit staff.
Advantages to co-sourcing or outsourcing include:
- Gaining access to hundreds of subject matter experts, rather than the skill set of the few internal auditors in the internal audit department
- Leveraging the expertise of auditors which can more easily be matched to the tasks being performed
- Flexibility to respond to business risks and ad-hoc issues much quicker than an internal audit department and with more relevant experience and expertise
- Accessing best practices and the ability to benchmark the organization to its industry
- The breadth and depth of our skilled internal IT audit professionals cannot be matched; utilizing our IT professionals makes your business more efficient, ensures objectivity, and allows you to focus on your core functions
The value of partnering with Dean Dorton normally outweighs the cost. We will provide the right resources and level of support for you to achieve your internal audit goals in the most cost-effective manner.
- Dean Dorton professionals will perform all the activities of your internal audit function with the oversight of your appointed executive. Our methodology allows us to integrate our tools and identify improvement opportunities and best practices to provide high-quality, cost-effective operations.
- You and Dean Dorton will jointly decide on the best internal audit structure and will co-develop your risk assessment and process methodology.
- When there is an immediate need to fill a position, complete a special project, fill a knowledge gap or provide on-site training, Dean Dorton will provide the resources you need for the time period required.
We know that “one size does not fit all” so we tailor our risk assessment process to meet your needs. Typically, a risk assessment includes:
- Identifying risks that could significantly impact financial results and operations
- Categorizing and prioritize risks
- Identifying controls, processes, activities that mitigate risks
- Summarizing results of risk assessments, validate with management
Dean Dorton has collaborated with public companies on many engagements requiring compliance with Section 404 of the Sarbanes-Oxley Act of 2002 (SOX 404). We assist public companies, helping them create and implement compliance programs and processes or improving existing ones. We customize our services to meet your organization’s needs and work with your external auditor to ensure your program complies with all SOX 404 or J-SOX regulations.
We have the experience and knowledge needed for annual compliance plan development, risk assessments, internal controls documentation assistance, a readiness assessment or a fully-outsourced compliance solution.
Send us your name, email, and phone, and a Dean Dorton representative will contact you.
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