Risk Assurances

Risk Management is assist in ensuring that the organisation remains agile and resilient to changes in the ecosystem. The organisation will develop or adopt a
risk framework which will help in the risk governance function. The Internal Audit pg. 8 function has to conduct annual reviews of the risk management function for effectiveness. Where because of volume of work, complexity of the engagement, or seeking objectivity and independence, external consultants may be engaged to undertake the audit of the Risk management function, independently or together with the inhouse internal audit function. HLB Lesotho will provide such as service, and it may also conduct quality assurance to Internal Auditors or train the Internal Auditors on conducting Risk Management Audits. We also provide advisory on a number of risk management issues such as cyber risks etc.

Operations Audit Organisations have to be lean on their resources, which means removing waste in its business processes (achieving efficiency) without sacrificing effectiveness. There are a number of inefficiencies that may be caused by complacency (being used to what the organisation has always been doing), poor process design, poor alignment of processes to strategy and structure. The inefficiencies may be classified as:

  • Mura – Unevenness, inconsistencies in business operations, creating gaps and fluctuations in production. The operations audit is meant to identify such and ensure that processes are made even through developing end to end standard operating procedures
  • Muri – This refers to overloading certain processes and possibly creating unnecessary redundancies. The operations audit is meant to identify such so as to ensure that appropriate resources are provided in overstretched areas.
  • Muda – This refers to waste, and waiting thus losing production/ operations time. Operations audit assesses such waste improves so that it may be reduced to increase productivity.

Operations Audit is necessary where the value chain is inefficient and value is not created, or aligning processes to strategy. The Auditor may propose Continuous Improvement (Kaizen) to create the efficiency, or propose Business Processes change (improvement, design or reengineering).

We assist in conducting operational audits and advising the company on implementing Continuous Improvement Programme, Business Process change, Business Process outsourcing, and Technology adoption, following our opinion on the status of organisations’ operational effectiveness and efficiency.

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