Internal Audit & Process Reviews

Internal Audit

Nexdigm's Internal Audit team comprising of multidisciplinary professionals assists organizations with globally accepted internal audit methodologies and standards. We specialize in rendering independent advice aided by data analytics, focusing on aligning the internal audit mission with enterprise objectives.

We are the third line of defense that can be entrusted to showcase a precise reflection of whether crucial risks are being efficiently managed by the first and second lines of defense.

Sarbanes-Oxley and Internal Financial Controls (SOX/IFC)

We assist an organization’s management in implementing industry best practices to develop concrete inbuilt controls. Our approaches follow a comprehensive yet cost-effective trajectory to ensure that an entity’s internal controls related to financial reporting comply with all aspects of regulatory requirements under the Sarbanes-Oxley Act, Companies Act (Internal Financial Controls or Internal Controls over Financial Reporting).

Enterprise Risk Management (ERM)

A robust ERM program is vital for the sustainable long-term growth of an organization. Our ERM strategy comprises of -

• Integration of risk management with strategy and performance
• Effective management of uncertainty (downside risk) and associated opportunities (upside risk)
• Creation of a ‘risk‐aware’ culture across the organization
• Bridging departmental silos and developing Centers of Excellence (CoE)
• Drawing on the expertise of highly-skilled professionals

Our other On-Demand Services include (but are not limited to):

• Governance Review
  We help organizations enhance the value and efficiency of corporate governance and compliance processes, including effective reporting to internal and external stakeholders. This is done by conducting corporate governance audits and designing a governance framework that focuses on key aspects such as evaluation of entity-level controls, strengthening board oversight of management, positioning risk management as a critical responsibility of the board, encouraging sound remuneration practices to balance risk, etc.
• Regulatory Compliance Review
  Our statutory compliance services include a broad review of statutory and regulatory compliances as per agreed-upon procedures to test the internal control design of an organization. The idea is to ensure compliance with various statutes to reveal the strengths and weaknesses in the internal control system in terms of compliance. This is followed by a clear plan on how to move forward.
• Anti-Money Laundering (AML) Review
  Our AML compliance review services aim at assisting businesses in achieving a higher level of regulatory compliance while adopting the best customer acceptance policy and driving its implementation. We aim to define the most relevant guidelines to prevent the organization from intentional and unintentional threats with requisite anti-money laundering policies and practices.
• Companies Auditor Report Order (CARO) Compliance Support
  With our rich experience of more than 60 years in assurance services, we assist an organization’s management in evaluating the reasonability of CARO compliance and provide specific recommendations for leveling up regulatory compliance.
• Quality Assurance
  We help businesses assess the positioning and operational effectiveness of the Internal Audit function through quality assurance and improvement programs. The aim is to provide a transparent evaluation of the Internal Audit (IA) department while benchmarking best practices and enabling the use of modern audit techniques. Based on the assessment results, we also support in designing training programs to handhold and train the IA team of the organization to scale up to industry standards.

Process Reviews

Our integrated and advanced business process reviews provide end-to-end solutions that consistently deliver value to our clients in today's competitive and globalized environment. Our approach involves analysis and design of the workflow as well as related procedures within an organization to re-engineer processes through People, Process, and Technology (PPT) solutions.

Standard Operating Procedures (SOP)

SOPs are essential for maintaining compliance with processes for consistency in an organization's operations. We assist organizations in drafting SOPs and capturing step-by-step instructions at each stage. The purpose is to communicate the objectives of a process/function, improve employee productivity, and speed up employee decision-making. Alongside training and implementation support, we also help organizations link SOPs with KPAs (Key Performance Areas) and KRAs (Key Result Areas) to improve overall performance.

Enterprise Resource Planning (ERP) Implementation Support

Our unique ERP solutions enable organizations to streamline operational processes and information flow in the enterprise, with strategic evaluation for a smooth and hassle-free implementation of relevant ERP systems.

Third-Party Risk Assessment

Increasing dependence on third-party relationships has heightened the risk profile of businesses and exposed organizations to a host of severe risk and compliance issues. We work with clients to manage their outsourcing risk by extending support in defining minimum standards for outsourcing. We leverage technology in conducting risk assessment reviews of third-parties to evaluate financial, legal, regulatory, operational, and reputational risks.

Customized GRC Advisory Projects

Our specialist teams have the expertise to find innovative solutions to unique problems of a business and provide specific aid that an organization’s management might require. These span across various functions, including Board Advisory, Functional Consultancy, Risk Intelligence Mapping, Techno-financial Reviews, Benchmarking Surveys, etc.