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You need more than a risk consultant. You need a risk consultant who knows your industry. Auditteam offers industry specialization. For us, it means we know what to look for. The red flags. The pitfalls. Most importantly, the opportunities. We can hit the ground running with vertical skills, talent, and experience. That's what it takes to manage, minimize, or leverage risk. Auditteam consultants are known for their industry expertise and credentials. In essence, we provide a recipe for rapid results:
1. Financial Services, SME & Real Estate
2. Government, Education & Non-Profit
3. Other |
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Financial services and real estate organizations face significant risks and exciting rewards during this period of significant economic and regulatory change. Auditteam draws on deep industry expertise to assist financial services and real estate organizations in addressing many of their biggest concerns, including technology deployment, financial and risk management, regulatory compliance and customer satisfaction.
The financial services industry is complex and is composed of a variety of businesses, including commercial and retail banking, investment banking, asset management, and insurance. Financial services companies may offer a broad range of services or may focus on a particular niche. Among the most regulated of industries, financial services companies are continually dealing with the challenge of complying with a wide and expanding body of laws and regulations, including privacy and data protection laws, anti-money-laundering requirements, capital requirements, corporate governance and consumer protection laws. Other challenges facing the industry include consolidation and convergence, globalization, technology advances and threats, fraud detection and prevention, and sophisticated and increasingly demanding customers.
At Auditteam, our industry experts understand the challenges faced by financial services companies. Our solutions are designed to help financial services companies turn these challenges into advantages.
- Small and Medium Sized Businesses
Small and medium sized businesses are the fastest growing sector of most economies around the world. These businesses face many similar risks to larger businesses, however the relative impact of each risk has the potential to devastate a successful small business in virtually an instant.
While your company is focusing on growth, aiming for higher productivity and introducing greater efficiencies through process change and re-engineering, reducing losses and costs by having effective business risk management practices is also critical to your success.
The risks you face can change quickly, often through environmental or operational factors such as:
- regulation and compliance
- new economy risks
- pressures to increase staff retention
- business re-engineering
- employee relations
- pressures for cost efficiencies
- sudden economic shifts
Understanding these risks is vital in protecting your business. However, small and medium sized business owners or managers usually don’t have the time or expertise in house to deal with them.
In recognition of the importance that emerging businesses play in the Australian economy we have established Auditteam SMEs RM, a national risk and insurance practice with services dedicated to this sector.
Auditteam SMEs RM gives you access to a range of risk and insurance solutions that can be tailored to your meet your needs and make your business more successful.
Risk Management Issues for Small and Medium Enterprises - Risk management is becoming an increasingly important business issue for SMEs (small and medium enterprises). Larger enterprises have generally accepted the strategic importance of effective risk management and set up risk management functions. SMEs have lagged behind, partly due to economic reasons and cost/benefit analyses; it is difficult to justify the full-time employment of risk management professionals within SMEs, especially the smaller SMEs. However, potential help is at hand, via specialist risk management software tools and selected commercial insurance brokers. It remains to be seen whether the commercial insurance brokers that choose diversify into risk management services will meet the increasing expectations of their SME clients.
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Government, education and non-profit institutions generally have unique legal and regulatory risks to manage as compared with for-profit enterprises, but they face many of the same operational, process and technology risks and challenges. Auditteam assists governmental and non-profit institutions with the full range of risks associated with the multiplicity of their constituencies.
The Governmental sector is vast and complex. State and local governmental units must offer a variety of services and answer to a number of constituents. In recent years, these organizations, particularly at the state and local level, have had to respond to very challenging budgetary constraints. At the same time that tax receipts have declined, the demand for selected services has increased. This has called for an enhanced need for efficiencies. Another area of concern has been that of security. Public safety issues have gained heightened attention. Legislation has resulted in the capability for governmental units to increase regulatory efforts, while at the same time there is a concern for satisfactorily addressing matters pertaining to civil liberties. Protection of private, confidential information is very important.
At Auditteam, our industry experts understand the challenges faced by governmental organizations. We have expertise to assist in making certain that technology risk projects are successfully completed. We can help in the development of business continuity plans, test for vulnerability of systems regarding intrusions by either an internal or external source, assist with system selection, ERP controls design and implementation. We can help manage risk related to large-scale projects or optimize the use of IT assets.
Our solutions are designed to help governmental units turn these challenges into advantages.
The Non-profit Associational industry has faced a barrage of crucial events and unprecedented changes in recent years. This group includes a very broad, diverse organizational base - ranging from those focused on educational matters to professional peer groups to political advocacy. Overall, recent years have seen a decline in associational memberships and a shrinking pool of volunteer leaders. At the same time, there has been an increase in regulatory requirements, for example in the area of political contributions. In addition negative publicity resulting from high-profile organizational scandals has not helped with regard to the public image of associations. These factors, along with the current business atmosphere, have ushered in an era of greater demand for corporate governance and accountability from non-profit organizations.
The result has created heightened awareness surrounding a strong system of internal control and assurance provided to constituents that funds are used in an efficient, effective, appropriate manner.
There is extreme pressure and scrutiny relative to disbursements and careful use of administrative funds. As an example, travel and entertainment expenses have been just one area receiving close examination. Consequently, associations must demonstrate strong stewardship and fiscal responsibility practices. There has been a move to become creative in generating new revenue sources while not jeopardizing the organizations’ favorable tax status. Additionally, while the Sarbanes-Oxley Act of 2002 does not apply directly to non-profit organizations, there is no doubt that pressure is being exerted for these organizations to adopt the measures described in the legislation.
At Auditteam, our industry experts understand the challenges faced by Associational Organizations. Our solutions are designed to help them turn these challenges into advantages.
The Educational Institutions industry is complex and is comprised of many different components. Universities must offer a variety of services in addition to providing on-going learning and research activities. The supporting activities include housing, dining, transportation, safety and security, retail operations, healthcare, along with many other support activities. In some cases the services are provided directly by university personnel and in others an outside vendor is contracted to deliver a specific service. In any case, the demands placed upon the administration are significant. Educational institutions have many stakeholders, all of which have a strong interest in making certain that quality services are delivered at a reasonable cost.
Constituents include students and family members, faculty, Board members, governmental bodies, accreditation units, alumni, and others. Universities are continually dealing with the challenge of complying with a wide and expanding body of laws and regulations, including privacy and data protection laws, tax regulations, corporate governance and consumer protection laws, to name but a few. Other challenges facing the industry include pressure to contain costs in an environment in which state and local government bodies are coping with budget restrictions, technology advances and the related vulnerabilities, and increasingly demanding customers.
Additionally, the revenue stream for these organizations has gained increased attention. Some universities have continued to increase tuition and fees at a rate that some constituents consider to be unreasonable. Competition for grant funding has also become more intense and efficient grant operations in the education arena has become imperative.
At Auditteam , our industry experts understand the challenges faced by Educational organizations. Our solutions are designed to help Educational institutions turn these challenges into advantages.
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