Corporate Governance and Risk Management

Corporate governance is about helping organizations achieve their goals. An effective corporate governance framework will enable your organization to balance the needs of stakeholders while accelerating the attainment of the organization's goals and objectives.

Efficient and value-added processes for risk management and internal control are critical and these areas are often in need of revitalization. As risk management becomes more central in standards (e.g., COSO frameworks and ISO-standards), there is an improved need for coordinating risk management procedures between functions, areas, projects etc. We experience that those organizations that have managed to use risk management as a decision-making tool are better equipped to prioritize scarce resources and ensure achievement of goals.

How we can help
Connection between strategy and actions
Transcendent Group can assist you in establishing and maintaining a clear connection between the organization’s strategy, goals and objectives and the everyday actions that are performed, communicated, and monitored.

Revitalizing your risk management and internal control frameworks
Our experience allows us to quickly identify the most important areas of improvement to your current frameworks and processes for risk management and internal control and to make pragmatic recommendations for remediation.

Services provided
We provide a wide range of services within corporate governance and risk management to clients within all industries and sectors. Setting up an efficient and value-adding risk management and internal control structure for our clients includes support in design, review, or implementation of:

  • Policy and corporate governance structure
  • Enterprise Risk Management processes and framework, including harmonization with the COSO-ERM framework or ISO 31000.
  • Internal control frameworks, including risk assessment processes, control assurance, key controls, self-assessments as well as monitoring, testing, and reporting procedures.

Other services include:

  • Setting up efficient monitoring and reporting structures, including dashboards and Key Performance Indicators (KPIs)
  • Process mapping
  • Performing risk analyses/risk workshops (enterprise, process, or organizational level or in a specific area such as fraud & anti-corruption)
  • Performing maturity assessments of internal control frameworks or risk management processes
  • Assessing IPO readiness and designing and/or implementing recommendations

Track record
IPO readiness
A client preparing for an IPO reached out to us in need of support to implement an internal control framework shaped in accordance with stakeholder’s expectations, applicable regulations and the organization’s size and maturity level. By setting up a well-designed yet pragmatic framework for the client they could focus on their other IPO-readiness tasks. As a result, the client was not only compliant from a legal and stakeholder perspective, but also had greater internal control and excelled in maturity level.

Restructuring governance model
A mid-sized client which had experienced rapid growth in recent years required an expert review of their governance model, including risk management and internal control. This resulted in Transcendent Group creating a “management framework” a fit-for-purpose governance model with a much clearer overview of the group, its activities, its approach to risk management and internal control, including interactive links to more detailed documents, to minimize the maintenance required.

Review of risk management processes
A government agency had an ambitious risk management approach but experienced difficulties aligning all requirements. Several things needed to be taken under consideration: 3 or 4 different ISO-standards, common practices for project management (with both internal and external project managers), requirements stipulated by the government, annual strategy, and planning processes, as well as GRC-system limitations to mention a few. After a review and assessment based on the COSO framework and experience from several organizations, we managed to challenge current procedures, bring concrete improvement areas on management’s table and by that initiating a change process for more efficient and value-added risk management and corporate governance.

Global and local contact

Do you want to know more? Get in contact with the global contact person, or reach out to your local contact.

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