Internal Audit & Process Reviews

Internal Audit

Nexdigm's Internal Audit team, comprising multidisciplinary professionals supports organizations with globally accepted internal audit methodologies and standards. We provide independent advice supported by data analytics, with a focus on aligning the internal audit mission with enterprise objectives.

We act as the third line of defense and provide an objective view on whether key risks are being effectively managed by the first and second lines of defense.

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

We assist management in implementing industry best practices to develop strong internal controls. Our approach is comprehensive yet cost-effective, ensuring that internal controls related to financial reporting comply with regulatory requirements under the Sarbanes-Oxley Act, and Companies Act requirements for Internal Financial Controls (IFC) or Internal Controls over Financial Reporting.

Enterprise Risk Management (ERM)

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

• Integrating risk management with strategy and performance
• Managing downside risk and identifying upside opportunities
• Creating a 'risk aware' culture across the organization
• Bridging departmental silos and developing Centers of Excellence (CoE)
• Leveraging the expertise of highly skilled professionals

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

• Governance Review

  We help organizations improve the value and efficiency of corporate governance and compliance processes, including reporting to internal and external stakeholders. This is done through corporate governance audits and the design of a governance framework that focuses on entity-level controls, board oversight of management, risk management responsibility, and sound remuneration practices.

• Regulatory Compliance Review

  Our statutory compliance services include a detailed review of statutory and regulatory compliances based on agreed-upon procedures to assess the internal control design of an organization. The objective is to identify the strengths and weaknesses of the internal control system in terms of compliance. This is followed by a clear way forward. Our statutory compliance review includes alignment with regulatory requirements from Virtual Assets Regulatory Authority (VARA), Dubai Financial Services Authority (DFSA), Financial Services Regulatory Authority (FSRA) and Capital Markets Authority (CMA).

• 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.

• Quality Assurance

  We help businesses assess the effectiveness of the Internal Audit function through quality assurance and improvement programs. Our goal is to provide a transparent evaluation of the Internal Audit (IA) department while benchmarking it against 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.

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
• Delegation of Authority (DoA)
• KPI and Targets for Departments