Ensuring Business continuity
The global business landscape is constantly evolving. Over the past decade, the risks that companies face have changed a lot. There is a constant transformation in the financial and reporting environment, resulting in significant challenges for management, boards and audit committees. They have had to identify and manage more “strategic” risks – those that could spell the end for a company if it succumbs or things like a sharp decline in demand for core products, or a failure to identify asset price bubbles that will leave an organisation with a destructive amount of debt.
Resultantly, this has changed the way audit teams must provide assurance to take these kinds of risks into account and counter measures to circumvent. But the needs of board members, senior managers and front line managers have also changed, and diverged in many cases, and audit teams must now make sure they balance their focus on strategic risks.
What is the Synthesis approach?
First, we find efficiencies the inefficiencies in their traditional work using data analytics. We move from retrospective reviews of static processes to reviews of processes in flux. Given the greater interconnectedness and complexity of risks, auditors must also adapt their risk assessments to draw the connecting relationships between risks and their causes.
At Synthesis, we have a legacy of assisting companies in Assurance. Our team of experts provide strategic advice across: