Risk & Supplier Audits
We audit your risk controls and your suppliers.
We investigate the efficacy of your risk management process. We support your organisation to identify, verify, record, measure, analyse and report the range of risks that you may be facing, both internally and externally. This could be as simple as a review of your documentation or as complex as analysing all risks faced by your organisation in all its programs and activities over the course of a year.
Risk audit goes further than managing risk, as it ensures you are correctly managing your risk. We examine and document the efficacy of your risk responses when it comes to dealing with known risks, including their root causes.
Companies need suppliers to provide key functions, goods, and services to thrive. When the supply chain is diverse, organisations benefit even more..
Why Risk & Supplier Audits?
The eternal presence of risk is the reason that your organisation needs to utilise risk audits. The goal of the audit is to ensure that each process is accomplishing what it’s supposed to be. Anything a business does carries risk. You must keep close tabs on, and introduce governance measures to greatly mitigate those risks. Ensuring your risk controls are effective is not as simple, as that level of oversight is not often able to be done internally. However, you ultimately may be held responsible, both legally and reputationally, for the mistakes within the effectiveness of your risk process.
The Value Propositions
Become proactive instead of reactive.
Your organisation will become proactive rather than being purely reactive, preventing the undesired effects and promoting continual improvements. Prevention setup is automatic when a management system is risk-based.
Business objectives rather than just controls.
Risk based audit builds upon an approach which is more focused on the areas of the highest risk to the organisation, utilising a different starting point, of business objectives rather than controls.
Every organisation is different with their SOP’s, attitude to risk, process, and language. Risk auditors adapt to the idea of structure, process, and language of the organisation in order to implement a risk based internal audit.
Your organisation will have a reduction of risk.
Outsourcing and globalisation have become a new and significant factor in business risk. They add new and emerging measures of risk, often accompanied by complex extended supply chains, quality, safety, reputation, and the like. A vendor risk assessment process effectively audits the supply chain so a business can identify each specific risk, introduce additional mitigation measures and then significantly reduce these risks, to avoid potential costly fallout.
Better contractor management and business relationships with suppliers.
Your organisation can gain ground when costs are reduced, contractor management is streamlined, brand reputation is protected, and long-term profitability is achieved. This is easier done when supplier prequalification and supplier audits are efficiently performed. Maintaining quality relationships with your suppliers is critical. Often, having a third party do the supplier quality audits for you, allows you to keep your focus where it belongs - improving and growing a cross-benefit business relationship.
Supplier risk can’t be eliminated, only managed.
Because supplier risk is inherent, you accept some risk every time you hire a new vendor. No matter what you do, that risk cannot be eliminated. However it can be managed. The key is identifying and mitigating vendor risk before threats turn into crises. His is where supplier risk assessments come into play.
Supplier risk is the risk inherent to any third-party relationship, potentially threatening the contracting company’s assets or profits.
How We Do It
The risk committee and board of directors are responsible for ensuring that risk audits are performed at an appropriate frequency, as defined in the risk management plan. Risk audits may be included during routine review meetings - or the team may choose to hold separate risk audit meetings. The format for the audit and its objectives should be clearly defined before the audit is conducted. We work with both your risk committee and board of directors to either provide an external risk audit, or support the internal audit team.
We are a specialised risk management consultancy implementing the latest technologies and best practices for businesses to manage their risks, build their business resilience and accelerate their growth.
The Vision of Eagle Edge is to be the catalyst for risk transformation, resilience creation and growth acceleration of our client's enterprise value. We turn risks into opportunities.
At the end of the day, we are dealing with the important subject of quality assurance. With the set of audit criteria, audit decision provides assurance on the degree of conformance. When you display your ISO 9001 certificate, your consumer gains an instant strong impression of strength and quality, and that you are working in accordance with the set standards of ISO 9001.
Improved system of internal control.
If your organisation’s risk management framework is not strong or doesn’t even exist, your management is not ready for a risk based internal audit. Moreover, it gives the impression that the internal control is poor and not working actively. Internal auditors promote good risk management practice to improve the system of internal control.
Closer alignment with your compliance standards.
Your business is under pressure to maintain compliance. It can be a complex challenge to ensure each supplier (and each worker) qualifies – and the stakes are high. However, potential costs, disruptions, and damages can be avoided when a company is proactive in its approach to compliance.